Financial Consolidation

Reduce the time and cost to complete a close – make it easy to meet global reporting requirements like IFRS and GAAP.

We recommend Oracle Cloud EPM Platform / Oracle Hyperion Financial Management, Infor EPM, CCH Tagetik or IBM Cognos Controller for financial consolidation.

Key Benefits:

• Guide and monitor the close from start to finish.
• Take advantage of best practice, out-of-the-box functionality for quick deployments, including dynamic calculations, with limited need for customization—cash flow, balance sheet, income statement, rollovers, call-to-actions, and more being automatically calculated
• Leverage a strong compliance framework including auditing, segregation of duties, and transparent calculations.
• Leverage multi-GAAP driven applications with full currency support, intercompany eliminations, equity eliminations, adjustments, and detailed data tracking.
• Flexible Workflow and Process Management that provides enterprise level collaboration with dynamic, data-driven approval orchestration.
• Ensure audit compliance for tasks like Journal Adjustment with enforced segregation of duties.
• Deploy a fully secure cloud-based application with role and data access rights
• Connect to virtually any source ERP applications such as Financials, as well as EPM applications such as Planning and Budgeting, and Enterprise Performance Reporting.
• Provide tight Microsoft Office integration for offline analysis and reporting.
• Integrate easily with Enterprise Performance Reporting Cloud for narrative reporting process such as monthly, quarterly, and annual performance reports.

Consolidation Specific Features:

• Intercompany Eliminations – Includes default intercompany eliminations
• Journals with workflow – Includes journal capabilities with configurable workflow
• Currency Translation – Default currency translation uses PVA method for flow activities and VAL method for balance activities
• Built in Foreign Exchange/Currency Translation Adjustment Calculations – Automatic calculation of foreign exchange on opening balance and movements for each balance sheet account along with automated currency translation adjustment calculation.
• Automated Cash Flow Reporting –The movement dimension provides automated cash flow reporting through hierarchies and system calculations that require no further rules.
• Multi-GAAP Reporting – Prebuilt functionality includes reporting for local GAAP and IFRS with the ability to add additional GAAPs for reporting.
• Detailed Data Source Tracking – Using a dimension for tracking sources of data including data management, journals, intercompany eliminations and manual input.

Oracle examples

Infor example

Selected Infor EPM functionality
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Selected IBM Cognos Controller functionality
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Selected CCH Tagetik functionality
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If you need more information on Financial Consolidation; or if would like to arrange a consultation, please feel free to email info@cogit.pl  or call us on +48 22 496 60 00