Reduce the time and cost to complete a close – make it easy to meet global reporting requirements like IFRS and GAAP.
We recommend Oracle Hyperion Financial Management / FCCF, Infor d/EPM or IBM Cognos Controller for financial consolidation.
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 d/EPM functionality
Ask for English version
Selected IBM Cognos Controller functionality
Ask for English version
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
