Moving beyond spreadsheets: A smarter approach to multi entity reporting

CFOs should expect real-time, reliable group reporting, moving beyond spreadsheets is a critical step toward achieving it.

Moving beyond spreadsheets: A smarter approach to multi entity reporting

As organisations expand across multiple entities, financial reporting complexity increases significantly. Despite this, many finance teams continue to rely on exporting data from Xero or MYOB into Excel to manually consolidate results. This approach introduces inefficiencies, increases the risk of error and limits the ability to produce timely, reliable results.

When talking to our clients we often find that spreadsheet-based consolidation often becomes a constraint on growth for them. Reporting cycles are delayed, intercompany transactions and differences often cause further investigation and further delay timelines and visibility across the group is fragmented. This can make it difficult for CFOs and leadership teams to access real-time, error free information to enable them to make proactive instead of reactive decisions. 

A more sustainable approach is to leverage the broader Xero add-on ecosystem.

For Multi-entity Reconciliation, Mayday supports the management of intercompany transactions by automating their recording and reconciliation, helping ensure balances between entities remain aligned in real time. Mayday’s features include Bank Reconciliation across the group, intercompany accounts reconciliation (including Accounts Payable & Accounts Receivable Balances), Automated Revenue Deferral, Prepayments automation and the ability to automate intercompany and interdepartmental charges.

For consolidation and reporting, Syft Analytics, an application owned by Xero, enables finance teams to produce consolidated financial information directly from Xero data. It supports report packs, multi-entity reporting and allows for consolidation adjustments without the need to extract and maintain data in external spreadsheets. Other key features include AI Insights & Analysis, Cashflow Forecasting and Dashboards & Scorecards to offer real-time visualisations of Business Performance.

From a governance perspective, moving away from manual consolidation reduces reliance on key individuals, improves auditability and strengthens confidence in reported results. 

From an operational standpoint, connecting all entities to a single, centralised data source reduces friction in accessing timely, meaningful insights. This enables businesses to measure performance more accurately and plan for the future more effectively.

For businesses operating multiple Xero entities or using MYOB with manual consolidation processes, this represents an opportunity to reassess existing reporting frameworks. Adopting integrated, cloud-based tools enables finance teams to shift their focus from data preparation to analysis, supporting more informed and timely decision making as the business grows.
 

What is PKF Digital?

PKF Digital is a specialised service within PKF, designed to help businesses navigate the complexities of technology and transformation. Our digital team works with leading platforms such as Oracle NetSuite, Microsoft Business Central, and Xero Plus applications to deliver integrated, future-ready solutions.