Creating your budgets and forecasts is a good start, but to consolidate them to a group level can be a complex process, especially when using Spreadsheets. The ability to flex assumptions and input variables for Scenario Planning and Sensitivity analysis at the individual company level, and then consolidate the results at the click of a button to understand the impact at a group level, is an essential part of a decent consolidation system.
Bold Shore has extensive experience in creating Consolidation Solutions for large organisations, and understands the complexity and technical requirements of group accounting.
Consolidation Models
Our Consolidation Solutions are capable of taking into account every part of your consolidation process, including:
Inter-company eliminations
Tax overlays
Treasury overlays
Chart of Account mappings and conversions
Group, Company and Transaction currency conversions
JV cutbacks and proportionate consolidations
Equity accounting transactions
Consolidation Results
A comprehensive set of results to your specific requirements will be generated by the Consolidation Solution, and can be reported on directly or interfaced to your ERP or BI solution:
Validation rules to ensure accuracy and completeness of consolidated plan results
Full Trial Balance in Group Currency
Full Cash Flow Forecast in Group Currency
View escalated or unescalated results
Variance analysis between plan versions and actuals
Benefits
Independent
Reduced reliance on spreadsheets for consolidation purposes, which have no central version control and limited audit trail are generally unsupported and hence prone error, and have inefficient integration with underlying planning systems
Agile
Being non-transactional, period-end based systems, a decent solution will deliver results during very short time frames
Ability to make changes to planning modules at short notice so as to prevent users from reverting back to spreadsheets
Integrated
Full integration with ERP systems
Complete set of master data to plan on (COA, Org structure)
Bridge the gap between Operational Planning systems and Financial Planning systems in order to ‘cash-up’ the business