Consolidation and Reporting
Selected topics from our financial consolidation offering:
We have the practice to recommend and implement financial consolidation solutions, such as:
Contact our Consolidation Team Directly:
- +48 22 496 60 00
As the complexity of organizations increases (structures, dispersion), financial consolidation becomes an increasingly labor-intensive challenge. Organizations face a range of issues, from maintenance and control issues to a significant reliance on the IT department (extracting data from multiple transaction systems, the need to standardize data, etc.).
In many cases, this makes it impossible for people responsible for this process to focus on efficiency issues, and their activity is limited to constant monitoring of quality and reporting of results, without the possibility of in-depth analysis of data.
The answer to these challenges are specialized solutions supporting financial consolidation, which perfectly support the processes of entering, collecting and reporting both managerial and statutory financial data in companies and holdings with a complex or dispersed structure. Consolidation of data from all areas takes place automatically in the system. Consolidated data may be viewed from various perspectives, e.g. legal, geographical, operational or by product.
Financial consolidation systems are based on our partners’ technologies:
Fundamental operations such as elimination or conversion of data from subsidiaries can be defined permanently and be valid for any specified time. On the other hand, the need for occasional data modification is ensured by the change log which gives the possibility of correcting any data. The system stores the initial data, the corrections and the full history of changes, thus enabling reporting on the source data and the corrected ones. The solutions make it possible to take advantage of the variety of data input and at the same time ensure uniformity of their presentation in various accounting standards, currencies, and data formats.
Consolidation is performed according to Polish standards, IFRS, Sarbanes-Oxley, US GAAP, Canadian GAAP, UK GAAP, FASB and other.
During data consolidation the system enables necessary transformations, corrections and eliminations of data (e.g. intercompany eliminations, calculations of minority shares). The module also allows users to make corrections in the reports. These corrections are immediately visible for other people working in the system. Thanks to the “financial intelligence” functionality of the application, uniformity of report presentation in various standards of subsidiaries is ensured.
When consolidating data, the system enables automatic eliminations, intercompany reconciliation. The system generates any reports of adjustments, reconciliations and comparisons for all types of adjustments (both manually entered and automatically generated).The solutions support consolidation and reporting of financial data coming from various sources.