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Financial consolidation

What we offer?

We carry out comprehensive automation of financial consolidation processes for capital groups of any structure and financial reporting standards (IFRS, US GAAP, local standards), followed by their integration with reporting, planning, budgeting, and forecasting processes.

We use the Financial Consolidation Model provided with the Jedox package, which is part of the Microsoft data ecosystem.

For whom? Who needs us?

Our clients turn to us when:

  • Financial consolidation based solely on Excel files is no longer sustainable and requires an unacceptable level of involvement.
  • They are expected to significantly shorten the time required for statutory and management reporting at the consolidated level.
  • They aim to integrate financial consolidation with planning, budgeting, forecasting, ongoing reporting, and data analysis processes within a single ‘source of truth’.

Benefits What benefits
will we bring to the company?

We guarantee that working with us to organize and automate your financial consolidation will bring a number of tangible benefits.

  • Fast and automated processes for data collection, exclusion calculations, and consolidation adjustments significantly reduce the time required to prepare consolidated financial statements.

  • High configurability ensures compliance with all financial reporting standards, whether they are international, local, or industry-specific.

  • At every stage of the consolidation process, full transparency is maintained regarding the processed data as well as the calculations of eliminations and consolidation adjustments, enabling auditors to quickly and efficiently trace the origin of the results.

  • High ease and flexibility in preparing consolidated reports for any purpose.

  • Automatic generation of consolidated income statements, balance sheets, and cash flow statements based on budgeted and forecasted data.

Our strengths Why us?

There are several reasons why you should choose us:

01/

Deep understanding of financial consolidation principles

We are experts in financial reporting requirements, which naturally allows us to quickly take on the role of a partner and 'right hand' to the CFO and chief accountant.

02/

We provide many solution options

We always present several ways to solve a given issue, leaving plenty of room for flexibility and choice.

03/

Result orientation

We are strongly results-oriented, not focused on counting hours worked. We work quickly, proactively seek potential solutions, and, if needed, support less experienced members of your team by explaining the principles of consolidation and what is expected of them.

The effects of our work How will automated financial consolidation work?

For financial consolidation automation, we use the Jedox model developed in cooperation with a Big Four firm. This way, German technology and precision are combined with rigorous methodology and best practices in finance.

Once launched in a live production environment, the entire setup creates a crystal-clear, consistent, flexible, and fully controllable process consisting of several stages:

01/

Administration of the capital group structure and consolidation rules

  • Defining the group structure and operating segments, including subsidiaries, joint ventures, and associates.
  • Determining direct and indirect ownership shares.”
  • Selecting the consolidation method, including full consolidation, proportional consolidation, or the equity method.
  • Managing consolidation versions for the purposes of planning, scenario creation, internal and external reporting.
02/

Data collection and validation

  • Automated data import from ERP systems, Jedox, and other sources.
  • Import of exchange rates (opening, closing, average, or others).
  • Import of batch data using Excel templates.
  • Configurable workflow for collecting data from users.
  • Rules for validating the correctness of batch data.
03/

Preparing data for consolidation

  • Entering necessary manual and automated postings at both the individual entity and group level.
  • Entering necessary manual and automated postings at both the individual entity and group level.
  • Currency translations and recognition of exchange rate differences

Contact Contact with us.