Financial consolidation

Time is money

Most professional financial analysts want to limit the time required for data collection and verification, in exchange for time for business analysis. With a considerable number of strict regulations and reporting deadlines – it seems impossible. Support for management reporting process and obligatory reporting statements in companies which have complex or decentralized structure is a highly encumbering and time-consuming process.

Consolidation in BI systems

The process of consolidation based on the Comarch Business Intelligence solution provides for:

• Polish Accounting Standards
• IFRS – International Financial Reporting Standards
• GAAP
• and others

Comarch BI solution allows to carry out the financial consolidation processes using popular methods of capital consolidation:

• full method,
• pro-rata method,
• equity method.

Functionality

This solution is used mainly by financial and accounting departments. It is possible to feed current data into the system or to introduce corrections without the need of IT department intervention. This enables the financial managers a faster access to the reports and coordination of works on the financial consolidation process.

Primary supported issues:

• Conversion into currencies
• Elimination of intercompany transactions
• Elimination of unrealized profits
• Posting of accruals and prepayments
• Calculation of company value and elimination of investments value 

Consolidated financial statements available in the the system include:

• introduction to consolidated financial statements
• consolidated balance sheet
• consolidated profit and loss account
• consolidated cash flow statement
• list of changes to the consolidated equity capital
• additional information and explanations for the consolidated financial statement
• and others

Read more: Financial consolidation