With the help of automation for bookings, depreciation and indirect share changes, you can create consolidated financial statements faster and more efficiently!
Consolidation
Consolidation is distinguished between legal consolidation and management consolidation. In both cases, the representation of the group is focused, while management consolidation concentrates on management structure and the legal consolidation valid accounting standards like IAS/IFRS.
The elimination of all intragroup and business transactions at each balance sheet date is required. In legal consolidation, 100% traceability through individual movements is also necessary.
If a new company is added to a group, it is referred to as the initial consolidation. When a company is sold, it is referred to as a deconsolidation.
Consolidated financial statements - faster and more efficiently!
The software for legal consolidation should be simple and comprehensible and should have integrated a pioneering process for the consolidated financial statements. The Group structures and participations are individually mapped and integrated into the process.
The automation of bookings, depreciation and indirect share changes is very helpful and comprehensive plausibility checks, directly at the import of the data, help to maintain consistent data. Further plausibility checks ensure that no mistakes sneak into equity, shareholdings and profits.
Often we have experienced companies using excel for the legal consolidation process. To a certain extent, this is not a problem. From a certain company size and complexity, however, we recommend to upgrade to professional software. With a software for legal consolidation, data errors can be avoided, and complex group and investment structures can be processed safely for financial consolidation.