Deloitte Consolidation & Close is an out of the box, rapid, and fixed scope service to transform the financial close, consolidation and reporting processes within your organisation.

It is based upon our experience of transforming financial close, consolidation and reporting processes for some of the biggest companies.

Deloitte Consolidation & Close is pre-configured to enable you to meet global reporting requirements and gives you greater visibility into your data collection, consolidation and reporting activities.

Deloitte Consolidation & Close has the following features:

• Currency translations and foreign exchange adjustments calculations
• Intercompany matching and eliminations
• Predefined dimensions with built-in financial intelligence and consolidation logic
• Journal adjustments with approval workflow
• Support for multi Generally Accepted Accounting Principles (GAAP)
• Financial key performance indicator and ratio analysis
• Cash flow reporting
• Supplemental data collection schedules
• Close calendar with task management and workflow

Gather more information about Consolidation & Close in the brochure: Consolidation and Reporting – Managed Services

Our Enterprise Performance Management (EPM) practice makes sure you have the right information at the right time, to help you enhance your ability to manage your business. Enterprise Performance Management surrounds your digital core and covers four areas which you can explore below.

• Close & Consolidation
• Finance Analytics
• Management Information
• Profitability & Cost Management
• Planning, Budgeting & Forecasting

Our transformation programmes are tailor made, business led and technology enabled. We deliver projects across geographic and organisational boundaries with ease and have hands on implementation expertise with different technology vendors.

Our MAD service offering stands at the intersection of technology and data. Through technology and supported by data, we help our clients digitally transform their organization with innovative and pragmatic solutions focusing on the areas below:

• Modelling & BI – Modelling touches ‘all things Excel’, from a finance business plan through a inventory forecasting model or a sustainability reporting process. Our Business Insights experts take data visualization to the next level with the design and development of meaningful metrics and dashboards at any level or location in the organization. Note that a tailored solution might include other software from the MS Office suite such as Power Query or Power Automate in order to maximize value for each client.
• Data Analytics – We use data to support our clients making data driven decisions and continuously improve their processes. Using historical data, we build solutions such as capacity simulation, maintenance planning, what-if scenario analysis, planning and routing optimization. With advanced data analytical techniques, such as predictive analytics, we help our clients to reach operational excellence.

Our team exists of technology experts combined with a broad community of enthusiasts creating synergies between technical skills and industry and business expertise. We are constantly on the lookout to innovate ourselves, identifying and learning new solutions to deliver the best value to our clients.

The MAD team within Risk Advisory is proud to announce their annual four-day technology sprint, "The Power Bi Hackathon", where participants tackle real data challenges provided by clients.

Curious to read more, click here.

Controllership can be viewed as a growth engine for a company as it enables profitable, controlled expansion with an ever-evolving workforce. Controllerships that are truly "in the green" are addressing today's challenges head-on. They realize that:

• Data is the nutrition needed to feed the organization as financial information becomes centralized and harmonized
• Automated routine processes free up human capacity to focus on more value-added work
• Deploying talent to focus on analytics can unlock business value

The digital controllership function harnesses technological capabilities in the market. This helps enable controllership to continuously improve its traditional focus on proficient accounting and reporting operations and effective regulatory
compliance. It also allows controllership to provide insightful and strategic support from finance to the business.

Deloitte's Center for Controllership program provides resources and solutions to help you stay on top of your organization's accounting and financial reporting activities; keep up with emerging regulatory guidance, industry, and business developments; and counsel the chief financial officer and finance organization.

Sigma
 

Sigma Conso – Prophix: Consolidation & Reporting is a software solution for financial consolidation that helps companies streamline their financial reporting process.

It’s a comprehensive solution for consolidation and reporting that enables businesses to easily manage the process of integrating financial statements of multiple entities within the group scope, into a single set of consolidated financial statements.

The software offers a range of features to support the entire process:

• From data collection via data entry or data loads with standard embedded data validation points,
• Over automated journal entries including intercompany matching and eliminations, foreign currency translations, and other financial adjustments like equity and financial investment eliminations,
• To financial analysis and reporting.

With Sigma Conso, companies can reduce the risk of errors and improve the accuracy and timeliness of their financial reporting. 

Fluence
 

Fluence Technologies: Fluence is an out-of-the box cloud solution software for financial consolidation. It’s quick to roll out and easy for finance teams to manage and own. Fluence has a range of features to support the entire process:.

• Intuitive workflow automation: drag-and-drop with pre-built tasks types, data loads and Slack for enhanced collaboration
• Excel interface: keep using the software known to you and your finance team, powered by a single source of truth
• Data Transparency: Streamline your auditing with one-click, record-to-report audit trails on every number you see
• Consolidation Models: built-in intercompany eliminations, account reconciliation, cash flow management and more
• Reporting: use Word, PowerPoint, Excel and Power BI for financial and management reporting

On top of its consolidation solution Fluence also offers solutions regarding disclosure management, account reconciliation and financial close management.

As companies grow, Fluence is able to grow with them and is ready to account for all different subsidiaries, Regions and Data Sources. Fluence is owned and managed by the finance team allowing them to close their financial periods faster and more accurate.

Workiva
 

Workiva is a cloud native platform that simplifies the complexities of reporting and compliance.

Workiva can

• Connect data directly to where its stored
• Transform custom data sets and calculations in seconds
• Report formatted data in a consistent, rapid and repeatable way
• Automate data and tasks so you should no longer manually adjust or perform these

Deloitte and Workiva enable CFOs, controllers, and finance and compliance professionals to reduce risk, drive operational efficiency, and expand business growth with a collaborative reporting platform that is automated, auditable, and repeatable.

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About our alliance

• Together, the Deloitte and Workiva alliance can help clients with financial digital transformation to achieve reporting and compliance functionalities that are automated, auditable, and repeatable.
• Create end-to-end visibility into critical reports and mitigate risk for c-level stakeholders like chief financial officers, chief risk officers, chief compliance officers, controllers, and others.

Our services

To improve the Workiva reporting automation platform, we provide services, including: template setup, Wdata design and setup, Wdesk configuration and linking, enterprise resource planning (ERP) and source system connectivity; end-state presentation and reporting design and setup, risk and controls design, end-user training and change management support.

These services can be provided around different types of reports that can be built within the Workiva platform, including:

• Global statutory reporting (GSR): Improve global transparency and control by building statutory reporting requirements within the Workiva platform. Deloitte can create entity-specific template setup, redesign statutory reporting process, provide local guidance support, and set up multi-ERP connectivity through Wdata.
• Environmental, social, and governance (ESG) reporting: Improve the ESG reporting collection and collaboration process with Workiva. Deloitte can redesign ESG report, enhance internal and external data collection, increase connectivity through Wdata, set up report, and refine the end-state presentation design.
• Integrated risk reporting: Deloitte can help improving control and centralization while linking with other areas of the Workiva platform. We can redesign and rationalize controls, and configure SOX, audit analytics and management, ERM, and IT compliance within Workiva, as well as support outsourced internal audit (IA) test.
• Tax and transfer pricing (TP) reporting: Improve tax processes by utilizing Workiva to support tax and TP aligned with financial and other reporting. Deloitte can build or update tax and TP processes, implement Workiva, and support additional connectivity with upstream and downstream systems.
• Management reporting: Align management reporting in a centralized Workiva platform to improve data quality, report output, and collaboration. This can include flash reporting, KPI reporting, board reporting, and business unit reporting among others. Deloitte can support management reporting development, rationalization, and configuration within Workiva, as well as other related controls.
• SEC and financial reporting: Public and private organizations can benefit from utilizing Workiva for SEC and other financial reports, including statement of cash flows. They can also leverage Workiva to fulfill eXtensible Business Reporting Language (XBRL) tagging requirements. Deloitte can support the initial design, setup, and post-go-live requirements.
• Capital markets reporting: Private organizations preparing for an initial public offer (IPO) or special purpose acquisition company (SPAC) can benefit from setting up initial financial statements and disclosures within Workiva to get ready for this change. Deloitte can support initial statement setup and design within Workiva as well as an outsourced reporting preparation.
• Federal, state, and local reporting: Deloitte can build and configure government-specific reporting within the Workiva platform while supporting related controls to make the process more efficient.
• Financial services reporting: Financial services organizations can find benefit using Workiva to improve control and collaboration for a variety of industry-specific reports, including CCAR and BCBS 239. Deloitte can create or redesign reporting, support regulatory guidance, and build reports within the Workiva platform.
• Insurance including insurance statutory reporting: Improve insurance processes with Workiva. Deloitte can provide process design and Workiva setup services, and regulatory guidance around a variety of insurance reports within the Workiva platform, including insurance statutory reporting, LDTI, IFRS 17, and more.
• Custom reporting: Many organizations require custom reporting that may not exist currently within the Workiva platform. Collaborating with Deloitte helps organizations design requirements and build custom reports based on their unique needs.

During a digital transition, one compliance violation can have a domino effect on business. Working under the stress to check innumerable regulatory frameworks is daunting. Learn how the Deloitte-Workiva alliance can help you leverage technology to have better visibility and make informed decisions.

Pigment

To thrive amongst disruption and surprises, organizations must prioritize agility. The key to becoming more agile lies in enhancing the business' planning process to prepare for various scenarios. This is where the EPM tool Pigment proves its significant value, designed to streamline the planning process.   

Through our partnership with Pigment, we enable companies to spend more time analyzing data instead of preparing it to be able to make accurate and data-driven decisions. 

Prepare for anything: integrated planning

Pigment is a business planning platform that brings together people, data, and processes to be able to plan and execute strategies to drive growth, adapt to change, and future-proof day-to-day activities.   

As an easy-to-use platform, Pigment allows business leaders to collaborate with other departments on strategic plans, build scenarios and forecasts, report on performance, and adapt to change with reactivity – all using the same source of underlying data. Pigment's powerful modeling engine and intuitive user interface empower large organizations to plan faster and make data-driven decisions with ease. 

Pigment distinguishes itself in the market through three key attributes: 

• Integrations 
  Native integrations and generic APIs mean real-time visibility of performance across the entire business, using all available data. Pigment allows teams from HR, finance, supply chain, sales or even CSRD to have a single source of truth for all their planning needs. 
• Intuition 
  EPM tools are generally not considered to be user-friendly. However, Pigment is designed for ease of use, enabling users to quickly access insights and take action without delays. 
• Adaptable 
  The flexibility of the platform and its ability to perform near-instant scenario analysis ensure that you’re ready for any eventuality.  

Pigment AI 

Pigment AI is a series of features integrated at a deep level within Pigment to accelerate the work that users conduct every day. Trained on a vast volume of contextual data and planning best practice, it amplifies the power of Pigment: enabling more users to conduct more complex planning tasks, faster.