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:
ANALYSIS & UNDERSTANDING
Understanding an organisation is central too tailoring a solution to fit their reporting needs. We aim to make best use of their data and finance teams to achieve a controlled and automated financial reporting process.
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 time. 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
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 also adhere to the same audit and system controls.
Existing Process Review
The identification of pain-points in the existing solution and process, is key to defining transformational goals.
The goals identified may have a wider impact and actually drive improvements in source systems, for example better data quality.
Multiple Requirements
Our assessment and design caters 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 will design a solution that balances efficiency with data priorities and process requirements.
Source Systems & Data
Key to any Finance Transformation initiative is maximizing the automation opportunity, with manual processing is not only inefficient but also prone to errors.
Analysis of the Accounting or G/L system landscape is the first-step towards realising 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 each input step is key to ensuring that remediation is actioned at the right moment, rather than later in the process necessitating the repetition of multiple steps.
Calculations
Calculations should always be deployed in-line with the standard system functionality, 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 the 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 of pain-points in the existing solution and process, is key to defining transformational goals.
The goals identified may have a wider impact and actually drive improvements in source systems, for example better data quality.
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 be 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 ensures that the process is efficient and can be well understood 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, not just during key deployment activities. Visibility and involvement in Requirements and Design is central to the user community being 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, they will be involved in the project, be an accomplished trainer and have a finance background.
Data Migration
Data is all about detail, understanding the target consolidation solution and how data is built-up within it.
Key system calculations drive your migration approach, for example:
- Opening balances
- Translation – P&L, Balance Sheet, Investment, Capital & Reserves
- Consolidation – Eliminations, Goodwill, Pre-Acq Reserves & Non-Controlling Interest, depending on the level of automation.
Go-Live Support
Hit the ground running with your new system.
Ensuring all initial support queries are answered and resolved promptly is key to a positive user experience.
The project delivery team are ideally paced to ensure triage and response is right first time.
Our Consolidation & Financial Reporting Services
Consolidation & Financial Reporting
We support true statutory financial reporting requirements, including GAAP, IFRS, Multi-GAAP and local statutory requirements.
Balance Sheet detail to automate Cash Flow
Control, Risk & Auditability
Deliver confidence in external and management reporting with high-performing and true statutory compliant consolidation functionality – without compromising the delivery of operationally relevant management reporting.
Intelligent Consolidation
Other Financial Processes
Intercompany
Our Consolidation & Financial Reporting Technology
