Multiple fiscal calendars can be used for the plan

Description

Different regions, business units, or new acquisitions within an organization may operate on distinct fiscal calendars. The ability of the CPM software to handle multiple fiscal calendars for planning, allows organizations to accurately track, manage, and compare financial data across various jurisdictions or business segments, side by side.

Example Use Case

Scenario: An international corporation, with operations in multiple countries, uses CPM software for its planning functions. The fiscal calendars in these countries differ, with the US operating on a calendar year (January - December), Canada on a fiscal year (July - June), and Mexico on a fiscal year (April - March).

Solution: The CPM software should allow the simultaneous use of multiple fiscal calendars. This means that the corporation can plan its US operations using the calendar year, its Canadian operations using the Canadian fiscal year, and its Mexican operations using the Mexican fiscal year. The software then harmonizes this data in the reports, allowing a comprehensive and cohesive view of the corporation's global operations.

Considerations

Despite using multiple fiscal calendars, it is crucial that the data aligns and makes sense when consolidated into a single report. Doing so may involve a mapping process during implementation and may need updating as the business evolves. What happens when the Canadian sub shifts to the US calendar? What happens to the historical data? These are all questions that should be investigated.

This functionality is also useful for certain types of grants that are on the fiscal calendar of the grantor, while the grantee operates a different calendar.

Questions to Ask a Vendor

• Support for Multiple Calendars: Does your solution support the simultaneous use of more than one fiscal calendar in the planning process?
• Roll-Up: How does your system consolidate data from different fiscal calendars into a single report?
• Adaptability: How easily can fiscal calendars be adjusted in the future?
• Consulting Requirements: Can non-technical end-users update fiscal calendars, or does it require specialized technical support?