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Financial Reporting & Consolidation Practice

 

"The mission of our Financial Reporting & Consolidation practice is to assist CFOs and their financial department in all aspects of their Financial Reporting & Consolidation by delivering expert consultancy services."

- Frank Lehouck, Partner Business Analytics

Our consultants have extensive technical experience implementing the principle software packages on the market, but more importantly the team also has a deep business knowledge of financial requirements and real life experience with the processes that the software is intended to support.

Consolidation reporting practice

Our team of consolidation experts assist you in various aspects of the consolidation process :

  • Grown beyond an Excel-serviced consolidation ?
  • Targeting a first setup of the consolidation or planning to move to a consolidation software ?
  • Integrating a new accounting standard into your existing consolidation solution ?
  • Merging both business and operational aspects with the legal considerations for consolidation into a fluid reporting process ?
  • Managing or simulating complex transactions in the consolidation scope?

Our dedicated experts go beyond the regular software implementation knowledge and bring real life experience on board to tackle your challenges. As an example, a Senior consultant may be able to build a cash flow statement, but our experts are able to design the cash flow statement’s mapping in accordance with international accounting standards and ensure that cash flow statement balances with the cash & cash equivalents on the balance sheet. Finally they can then direct you, the customer, on how to perform adjustments so that the cash flow statement displays only cash movements.

How element61 can support your consolidation process or team

  • Identifying potential optimisations for improving the reporting process or the organisation of your consolidation cycle,  
  • Supporting the requirements gathering or software selection phases for consolidation and group reporting projects,
  • Implementing consolidation and reporting software solutions,-
  • Training on a broad variety of consolidation topics, complemented with practical how-to guides to embed and handle these within your software solution
  • Hands-on support insourcing in your consolidation cycle to cover peak periods
  • Financial reporting support service desk covering go-live and post go live support

Some functional various area of expertise for statutory consolidation include

  • Elimination of intercompany reciprocal transactions, in terms of organisation and execution
  • Intercompany matching and the identification of currency differences versus true differences
  • Currency conversion and reconciliation of calculated currency translation difference (CTA)
  • Elimination of investments in subsidiaries
  • Segmentation
  • Changes of consolidation methods or - percentages
  • Calculation of equity method entities
  • Calculation of non-controlling interests
  • Setup of the consolidated cash flow
  • Disclosure management and electronic submission of financials via XBRL  

"Vital to our approach is that all of our experts combine these consolidation specific competences with the necessary software implementation skills to not only understand the business complexity but also offer you an outcome in terms of setting up the software solution in a best fit way for your organisation and reporting needs."

- Bjorn Van Damme, Partner Business Analytics

The software solutions where we make the difference for our customers

  • SAP BFC / BO Finance / Cartesis 
  • SAP FIM & Extended Analytics
  • SAP Intercompany / ICS
  • SAP BPC / OutlookSoft
  • SAP Disclosure Management
  • IBM Cognos Controller / Consolidator
  • IBM TM1 FAP
  • IBM Cognos Disclosure Management
  • Tagetik (consolidation and disclosure management)
  • Anaplan 

Contact us to learn more on how we could assist you in your financial reporting & consolidation challlenges & projects.