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CONSOLIDATION & FINANCIAL REPORTING

Our solution will change the way your team works

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IT’S NOT JUST ABOUT THE TECHNOLOGY, IT’S WHAT YOU DO WITH IT

The process of selecting a technology solution is often well-governed and involves a deep consideration of each system’s capabilities and strengths.

Here at Decision Inc. we believe it’s how you deploy a system that is the key to a successful Financial Reporting solution.  Our approach involves three key areas:

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ANALYSIS & UNDERSTANDING

Understanding an organisation is central to tailoring a solution to fit their reporting needs and how to make best use of their data and finance teams to achieve a controlled and automated financial reporting process.

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PROCESS & CONFIGURATION

Our tried and tested approach is tailored to reporting requirements and ensures that key data checks and balances are handled by the right teams, in the right order at the right moments.  All processes are facilitated by standard system configuration and supported by coherent and comprehensive in-system reports and inputs.

MANAGING CHANGE

Managing Change is one of the most important and under considered aspect of a project.  Our group accounting experience means that we understand the data as well as the technology.  We are ideally placed to facilitate key change activities such as Communication, Training, Data Migration and Go-Live Support.

Streamlined Financial Consolidation

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Reduced Time & Effort to Report

Improved Confidence in the Financial Results

Visibility & Auditability of all Your Data

ANALYSIS & UNDERSTANDING

The Reporting Requirements of each organisation have much commonality but also have elements which are unique.

More than a P&L and Balance Sheet

Financial Statements are more than just primary statements and financial notes, they include much more analysis and insight in the pages that precede the P&L.

Whether it’s a waterfall analysis or key divisional segmentation, a well-designed Financial Reporting solution should support the reported data and adhere to same audit and system controls.

Existing Process Review

The identification pain-point in the existing solution and process, is key for define transformational goals. 

Some goals identified may have a wider impact and drive improvements of data in source systems.

Multiple Requirements

Assessing and designing for multiple requirements. Whether it be:

  • Merging of management and statutory reporting into a single combined process
  • Dual-GAAP such as IFRS & US or IFRS & CIPFA
  • Shareholder & Regulatory Reporting

We can design for it and balance the efficiency with data priorities and process requirements.

Source Systems & Data

Key to any Finance Transformation initiative is maximizing the automation opportunity, with manual processing not just be in-efficient but also prone to errors.

Analysis of the Accounting or G/L system landscape is the first-step towards realizing an integrated Financial Reporting solution.

PROCESS & CONFIGURATION

Designing good process is one thing, but you also require the system configuration to support that process. 

Getting Data In

Inbound data should be automated where possible using the most robust technique available.

Where data-automation is not possible controlled input processes should be used, either via a system Input Form or the system Journal Monitor.

In-Process Review

System Input Forms and Review Reports allow for in-process review.  Timely review after input steps is key for ensuring that remediation is actioned at the right moment, rather than later in the process necessitated repetition of multiple steps.

Calculations

Calculations should always be deployed in-line with the standard functions of the system where possible. 

In-Process calculations should execute on input: 

  • P&L to the Balance Sheet
  • Other Input form validations.

Translation calculations to consider: 

  • YTD or periodic
  • Cumulative Translation Adjustments
  • Simulation using other rates
  • Historic Cost Accounting.

Consolidation calculations should be deployed to match the Consolidation requirements of the organisation, including the scoping of groups, the currency requirements and accounts requiring automated elimination.

Other Calculations to meet reporting requirements such as 

  • Opening balances
  • KPI ratios 
  • Cashflow
  • Like-for-Like

Existing Process Review

The identification pain-point in the existing solution and process, is key for define transformational goals. 

Some goals identified may have a wider impact and drive improvements of data in source systems.

Intercompany Matching

Not to be confused with Intercompany Elimination, Intercompany Matching allows all users to self-service match in the system.  This should be done in advance of submission dates, to ensure those unmatched differences can resolved.

Matching Reports support Group and Local users alike and facilitate all or specific intercompany account-pairs review.  Report layout in list form for enhanced usability.

Getting Data Out

The real reason for building the system is getting data out.  Focus on the Data Output requirements is key to ensuring a comprehensive system design and that the data needs are met.

Using the appropriate techniques for reporting on data ensure that process is efficient and can be handled and evolved by finance teams.

MANAGING CHANGE

Good Change Management is the difference between a smooth system deployment and a bumpy one.

Communication

Communication is important throughout a project and not just during key deployment activities.  Visibility and involvement with Requirements and Design is central activities for the user community to feel engaged. 

A key communications goal is to build awareness of the solution for all user groups and highlight key periods where project activities are required.

Training

User experience is underpinned by a comprehensive training program.  We recommend training is undertaken by an experienced team member who is involved in the project, is an accomplished trainer and and has a finance background