Anaplan BEGAAP Starter Kit: A Ready-to-Use Solution for Streamlined Consolidation and Accurate Reporting
The element61 BEGAAP Starter Kit on Anaplan is an out-of-the-box solution designed for efficient and accurate financial consolidation and reporting. It integrates best practices and comes packed with ready-to-use, customized content.
Key Features
- Comprehensive reporting in accordance with Belgian GAAP standards
Stay fully aligned with Belgian GAAP regulations with pre-configured templates and automated checks that ensure accuracy in financial statements and reporting. A customizable alternative account structure is provided for the Management P&L. - Easy Implementation
Designed for smooth integration, the BEGAAP Starter Kit is user-friendly and ready to use, reducing setup time and effort. - Automated Consolidation and Financial Reporting
Generate compliant financial statements effortlessly, minimizing manual work while enhancing precision and consistency. Predefined Workflows and Homepages for the Consolidator and Local Users drive the consolidation process. - Standardized Chart of Accounts
Leverage a predefined and structured chart of accounts tailored to BEGAAP, ensuring consistency and traceability of the consolidated figures. - Data Integration
The element61 CPM Acceleration Kit allows to integrate with local accounting systems, enabling a smooth connection of Anaplan FC with your existing financial systems.
What’s in the Box
Based on our best practices, we have predefined a consolidation model that includes all the essential components needed for a high-performing consolidation solution.
At the core of our solution is a standardized Group Chart of Accounts based on Belgian GAAP standards, which is the basis to produce statutory consolidated figures. The Group Chart of Accounts that is in place, serves as the foundation for various automated processes. These include automated eliminations and adjustments, foreign currency translation, and the carry-forward of opening balances.
Regarding the automated elimination entries, the following rules are pre-configured, all linked to our group chart of accounts:
- Intercompany eliminations for short- and long-term balance sheet accounts,
- Eliminations of intercompany transactions for profit and loss accounts,
- Elimination of investments in subsidiaries along with their corresponding equity, Allocation between group and minority interests for net income, cumulative translation adjustments and consolidation reserves,
- Elimination of intra-group dividends,
- Consolidation according to the proportional or equity method.
All rules are linked to the appropriate dimension members in the model and specific intermediate accounts are included in the GCOA.
In parallel with the intercompany elimination rules, a set of matching rules is pre-configured. This allows for the early identification of intercompany differences during the closing process for both local and consolidation users. below screenshot displays the Out-of-the-Box Intercompany Matching report
Next to the typical elimination entries, our solution includes a comprehensive set of rules to ensure accurate currency translation in line with financial consolidation standards. Currency conversion at closing rate and year-to-date average rate is included, as well as translation at historical rate along with recognizing cumulative translation adjustments. Dedicated accounts are defined to capture cumulative translation adjustments, allowing for proper tracking of consolidation reserves. Furthermore, our setup provides an automatic roll-forward to a new reporting period.
What if I want a different view on the consolidated outcome
Our out-of-the-box solution is standardized yet fully customizable. At the core of our application is the Chart of Accounts, ensuring compliance with Belgian GAAP standards. Additionally, an alternate hierarchy provides a different perspective on the profit and loss statement. It allows to present financial data from multiple perspectives, such as a management reporting view versus a statutory reporting view. This second account structure is highly flexible, allowing for easy modifications and the creation of additional rollups.
Additionally, analytical dimensions (e.g., profit center, segment, or business unit) can be added to refine your analysis and gain deeper insights into specific areas of your business. This flexibility ensures that the consolidated financial data aligns with your reporting needs.
What if I plan to incorporate a bottom-up consolidation process
Our Starter Kit includes pre-defined Homepages and Workflows designed to streamline the consolidation process for both key users at the corporate level and local teams. On a dedicated Homepage for Local Users, all tasks, schedules, and reports are provided, enabling users to upload, input, adjust, validate and review their locally reported data. At the Group level, key users have access to all tasks required for consolidating and analysing data, which are listed on the Consolidation Homepage. The animation below illustrates the use of homepages and workflows: local users can access our custom Balance Sheet Movement schedule from the Local User Homepage.
How can I analyse my consolidated data
The Belgian GAAP Starter Kit comes with a set of group analysis reports that provide a clear view of the consolidated outcome and allow you to slice and dice through the produced consolidated figures.
We have customized various consolidated financials reports, including contribution reports by entity, by audit, and by period. Additionally, the Equity Roll Forward Report helps reconcile the group's consolidated equity, while the Balance Sheet Movement reports track changes in other long-term balance sheet accounts. All of these customized reports feature drill-down functionality, allowing users to easily view how aggregated amounts are composed.
All of our reports can be accessed via the web or analysed using the Anaplan XL Excel add-in. Through the add-in, users can also create their own reports for ad hoc analysis.
In the BEGAAP Starter Kit, we have also developed a consolidated annual accounts report that presents the consolidated figures in the required format for submission in Belgium.
To summarize, the picture below gives an overview of the pre-defined content that is available out-of-the-box in our Starter Kit.
Why Choose the BEGAAP Starter Kit
Our Belgian GAAP Starter Kit offers a complete consolidation solution, designed for efficient statutory consolidation and packed with pre-defined content based on our best practices. It features a ready-to-use consolidation setup and provides all necessary input schedules and group reports to produce accurate consolidated figures. The Starter Kit is future-proof, with a flexible setup that can be customized to meet your needs, and pre-defined workflows that enable seamless rollout to local users in growing organizations.
For more information or a one-to-one demo, contact us.