FINANCIAL CONSOLIDATION
Gain time, control, and confidence in the consolidation process.
In many organizations, financial statement consolidation is seen as a tedious "necessary evil." We believe it doesn't have to be. With advanced tools such as IBM Cognos Controller, we help companies turn financial consolidation into a shared asset that the consolidation department, management board, subsidiaries, and external auditors can all rely on and use effectively.
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IBM Cognos Controller
A predefined model for both statutory and management consolidation.
Data presentation and visualization as XLS spreadsheets or Business Intelligence reports.
High automation and flexibility thanks to built-in consolidation chart-of-accounts schemes and options for integrating individual financial statements.
A flexible model that supports consolidation across multiple group-structure variants in real time.
Built-in automation for allocating equity adjustments, currency translation, and eliminating intercompany transactions.
A repeatable consolidation process, run in real time.
5 quick steps of the consolidation process
Process time: 25 min.
Load/update exchange rates
Prepare/import standalone company data
Complete required data on changes/movements
Enter manual adjustments (where applicable) at the company/group level
Run the consolidation process
(including: currency translation, elimination of intercompany transactions, inventory margin adjustments, elimination of investments, aggregation)
Key benefits
We implemented a statutory and management reporting workflow from subsidiaries
- Intercompany transaction integrity — headquarters oversees the process but does not correct entries itself
- Complete, consistent data packages from subsidiaries arrive within 3-5 days of period close
- Subsidiaries receive a financial reporting package built on the Group Chart of Accounts
Systematic record-keeping and automation drive the consolidation process
- A parameterized Group Chart of Accounts — a documented system open to a wider team to operate
- An Investment Register — we simulate the consolidated result on an ongoing basis as group structure changes
- Automated consolidation adjustments — we generate consolidated data in minutes
As part of consolidation, we collect and report management data
- HR headcount data
- other off-balance-sheet data, e.g. sales by segment, KPIs per company in the group
- Automated consolidation adjustments — we generate consolidated data in minutes
We have over 200 ready-made consolidation reports
We provide predefined and ad-hoc reporting for a smoother audit
WHAT OUR CLIENTS SAY
“In many organizations, financial consolidation is seen as a "necessary evil." At Inter Cars Group, it's different. A successful IBM Cognos Controller implementation has turned our financial consolidation process into a shared asset.”
The system is used effectively by the consolidation department, group management, subsidiaries, and external auditors alike. Running the consolidation process on the system every month, we have gained more time, more peace of mind, and the statutory and management information we need.
Magdalena Chojecka
Director of Financial Reporting and Consolidation, INTER CARS S.A.
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