Consolidation

Financial consolidation is the answer to one of the greatest challenges in meeting business financial close requirements for both statutory and management reporting processes.

Consolidation

Merges all operating data (from different sets of books and ERP systems) into a single set of financial statements; in compliance with industry standards, principles and regulations; so that stakeholders can view the group financial information. Current challenges for financial reporters:

  • Spreadsheets are often error prone which makes it difficult for financial reporters to audit and link back to the relevant general ledger; resulting in the loss of integrity and source of account balances from all the different general ledgers.
  • The large quantity of industry standards; along on-going regulatory initiatives such as the move to International Financial Reporting Standards (IFRS) as the reporting standard format and the pace of regulatory change; make it difficult for financial reporters to ensure that all statements comply with the proper accounting standards required.
  • Struggling to meet deadlines as the parent company becomes more and more dependent on one or two consolidation “super users” to consolidate manually
  • Persistent high audit fees.

Do you need to:

  • integrate data from multiple transactional (ERP) systems
  • with multiple currencies,
  • transition to new international financial reporting standards,
  • improve the transparency and regulatory compliance procedures,
  • eliminate Intercompany transactions (sales, services, transfers) in the parent financial statement
  • increase the accuracy of financial reporting

all in a shortened amount of time?

Codec-dss offers a number of packaged software solutions for group financial consolidation and reporting, all of which provide built-in best-practice processes to help customers meet the strictest of reporting and compliance requirements.