The current legislation has strict requirements for the timing of preparation and the quality of financial statements. It is especially important for CFOs of large groups who receive information from a large number of companies, different systems and in incompatible formats.
This challenge requires a special solution which would help collect data from different sources, check their quality, transform and consolidate financial reports, and trace the history of final reports preparation.
Purpose: transformation and consolidation of financial statements.
- Consolidation of financial statements
- Transformation of financial statements in compliance with IFRS (GAAP)
- Reduced time and cost of financial statements preparation
- Improved financial reporting
- Analytical capabilities
The system enables financial statements preparation and analysis of different aspects: reporting items, companies, currencies, periods, versions, geographical regions, products, etc. Besides the standard analytical breakdowns, creation of up to four user categories is possible.
- Powerful computing capabilities
The most necessary algorithms are included in the standard functionality: calculation of effective interest (including cross ownership cases), reconciliation of the intercompany settlements (RIS) exclusion of RIS, conversion into the reporting currency, if necessary it is possible to set up custom algorithms for calculation of transformational and consolidation adjustments, reporting items, etc.
- Flexible consolidation options
Consolidation may be realized at several levels and for different entities. Any consolidation technique can be realized (full or proportional consolidation, equity method, etc.).
- Control of reporting process
The system provides an environment for management of the reporting process: flexible capabilities of tracking and alignment of data at any stage, reviews of input data and final reports, use of registers for making manual adjustments, and audit trail of reporting data (each figure).
- Communication environment
Reporting process becomes more comprehensible with the capability of inputting instructions and comments, as well as sending notifications both automatically generated by the system or customized by the user.
- Simple multiuser interface
The system’s interface is intuitively comprehensive to any employee. Use of a simple interface and multiuser operating regime in an integrated informational environment ensures a focus on analysis of financial statements rather than technical issues.
- Centralized application architecture
All the information is stored in a centralized database which is accessible from any place in the world due to the utilization of the “thin client” technology. All users can see real-time information after it has been input in the system. At the same time the system provides an opportunity to work offline with subsequent simple synchronization of modified data.
- Data security
Secure data access is ensured by the distribution of user privileges according to their roles and by configuring the rights of access to different analytical dimensions (directories) or particular reports, folders and other objects.
- Integration with multiple data sources
The system enables to import data from nearly any informational source. If necessary, reports and data entry forms may be opened with Excel, and the data input this way may be imported into the system.