Flawless and automatic financial consolidation

Financial consolidation of accounts can be a complex task with several manual processes. On the other hand, if you have the right solution in place, consolidation can be done with much greater automation across different accounting systems and the like.

Financial consolidation
Amgros arbejder med budgettering i InfoSuite
Egetæpper bruger InfoSuite Business Intelligence
Haribo bruger InfoSuite Business Intelligence

Make impact with consolidated data

InfoSuite is a dedicated BI- and budgeting tool with an integrated solution for consolidation, which automates and simplifies all tasks connected to the consolidation of financial statements and budgets.

Thus, you can easily activate your consolidated data for budgeting, forecasting and planning via InfoSuites dedicated budgeting tool.  

Read more about InfoSuite as a complete solution for financial planning and analysis here. 

Step by Step
How we automate your financial consolidation

1.

Setup and reconciliation of reports

Initially, we set up the reporting per. company, so that the individual reports embrace your wishes and needs at both company and group level.

We can either take your existing reports as a starting point, use the standard reports in InfoSuite’s templates or tailor new reports to your exact needs.

2.

Mapping of group structure

Once the individual reporting is in place, we clarify the group structure. Here we look at ownership interests, relationships between the companies and which data flows have already been established across the companies.

In this way, we establish a group chart of accounts where data from all your companies can be consolidated.

3.

Currency management and eliminations

If you have companies in several countries, we set up rules for currency management. Here we determine the company currency and group currency as well as the book exchange rate, average exchange rate and budget exchange rate.

Then we set up relevant eliminations. It can i.a. involve bookkeeping codes, equity, posting levels and automatic handling of Intercompany trading.

4.

Final reconciliation

Finally, we make a final check and reconciliation of the group reporting to ensure that everything plays flawlessly.

At the same time, we make an overview of eliminations, so that the whole process is fully documented. This means you can always go back and see how InfoSuite has consolidated your companies’ data. After this, the solution is ready to use.

Gather all group data in one platform

Consolidating financial data across different accounts and companies can be a time-consuming task, due to the different financial systems, chart of accounts and other things that needs to be addressed.

InfoSuite integrates with all data sources and can consolidate data from the different ERP systems of your companies – including NAV, AX Economics and Business Central. This will provide you with a complete a complete overview of the financial performance of your companies.

 

InfoSuite consolidates all financial data in a data warehouse

Would you like to know more?

Feel free to make contact to us or one of our local implementation partners.

You find the contact details here. 

Or download the demo of our budgeting tool if you would like to try InfoSuite.