Accurate group reporting, fast closing and complete financial control
BOARD Financial Consolidation enables companies to perform both legal and management consolidation within a single, integrated Business Intelligence and Corporate Performance Management environment providing a deep insight into both financial and operational results.
BOARD Financial Consolidation addresses the challenges that multi-entity organizations face today with intercompany reconciliations, consolidation adjustments and group reporting. Turn-key functionality merges data from different locations and across multiple general ledgers, performing multi-currency conversions and eliminating time consuming and non compliant spreadsheet based processes. A Workflow Control Panel makes it easy to monitor and manage the consolidation process across the whole enterprise, highlighting the operations status and certifying internal controls.
BOARD Financial Consolidation is the industry's only BI/CPM solution that combines powerful, out of the box capabilities with the flexibility of the Toolkit Approach, delivering the unparalleled ability to customize and adapt the Financial Consolidation process to your changing business requirements.
Key features
Legal and management multi-level consolidation of complex group structures:
- Currency conversion with exchange rate difference calculation
- Investments (Holding company) / Equity (Subsidiaries)
- Intercompany transactions (receivables/payables, expenses/revenues)
- Dividends and tax credit on dividends elimination
- Mark up on inventory
- Intercompany (IC) profits on assets disposals
- Write off / revaluation on investments
- Consolidation difference allocation (goodwill / badwill)
- Minority interest calculation
Other key features include:
- Creation and comparison of unlimited scenarios (Actual, Budget, Forecast, etc.)
- Multiple and customizable closing periods (Year, Quarter, Month, etc.)
- Journal entries at company and group level
- Multilanguage
Key benefits
Reduced close-cycle time
BOARD Financial Consolidation allows the finance team to easily coordinate activities and tasks across multiple units, helping companies to reduce closing and reporting cycles without weakening regulatory compliance controls.
- Guided process with workflow (SOX)
- Centralized management
- Data accuracy and reliability
- Task and deadline alerts
Complete financial control
Thanks to the complete audit trail, the validation cycles and the role based security BOARD Financial Consolidation makes the consolidation process fully traceable and auditable, providing consistent and accurate financial information.
- Audit trail
- Validation cycles
- Cell level unlimited annotations
- Full visibility of subsidiary contribution
- Role based security
Automated group reporting
BOARD Financial Consolidation provides a comprehensive set of out of the box management and statutory reports. The native Business Intelligence functionality makes it simple to create ad hoc analyses combining financial and non-financial results, for a deeper insight into business performance.
- Profit & Loss, Balance Sheet, Cash Flow
- Notes to the financial statements
- Segment reporting
- Local GAAP and IAS/IFRS
- Adjustment journals
In-depth analysis
Being part of an integrated framework for Performance Management and Business Intelligence, BOARD Financial Consolidation not only provides a single and consistent enterprise view of a firm's financial position, but it also enables users to analyze the same set of consolidated financial information from multiple and changing perspectives.
- What-if scenario management (Consolidation area, Actual data in budget exchange rate, Forecasting rule)
- Ad-hoc query and reporting
- Multidimensional analyses
- Drill-down, drill-through, drill-anywhere
- Fast creation of indices, dashboards and KPIs
Five steps to financial consolidation
1. General settings and assumptions
In this step the user defines the key structure and settings of the application.
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2. Workflow management
The user selects and enables working scenarios and periods then assigns the due dates to users in subsidiaries.
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3. Local data collection
The users from subsidiaries and other consolidated companies submit their financial data.
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4. Consolidation
The user verifies the intercompany matching reports, runs the consolidation process and makes manual adjustments if required.
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5. Group validation, locking and reporting
The user validates the consolidation statements, adds annotations and other non-financial information, produces the statutory reports and the Notes to the Financial Statements booklet and locks the scenario.
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When technology makes it simple
BOARD Financial Consolidation has been entirely built utilizing the programming-free Toolkit Approach, a visual modeling technique based on the drag and drop of data aware components. This revolutionary approach eliminates the need for high levels of technical expertise and substantially reduces the complexity and costs associated with implementing, customizing and maintaining the application.
Furthermore, Financial Consolidation is seamlessly integrated in the BOARD BI and CPM framework, exploiting comprehensive information management capabilities which ensure effortless data collection from disparate sources, extended reporting functionality, ad hoc queries, analysis and the easy creation of KPIs, indices and personalized dashboards.
Inherently integrated Business Intelligence and Performance Management environment
- Single version of the truth
- Data traceability across the performance management processes
- Information consistency and reliability
End users are not required to have technical skills
- Fast implementation
- Easy customization
- Quickly adapt to changing business processes
And many more:
- Fully customizable multidimensional reporting, analysis and scenario management
- Built-in ETL for effortless data collection from multiple sources (ERP, DWH, transaction systems, etc)
- High potential for growth and extensions
