How element61 can help you servicing your group reporting team
With markets focussing on international development, business environments are changing rapidly, becoming increasingly complex. Mergers and acquisitions occur every day and companies seek funds to finance their expansion to ensure their future.
Globalisation is forcing companies to re-think their organisational structure and to develop new competences in-house.
These pressures are resulting in more and more companies being confronted with consolidation issues.
While financial (or management) consolidation starts off as a, not even that complicated, accounting technique, properly designing and implementing your consolidation process, requires sufficient insight into both the group reporting requirements and the group structure as well as how (business) activities are arranged throughout the group itself.
Safeguarding the group reporting process, allows you to cope with future changes of the group-structure, of the group-reporting as well as of the people involved, in a swift, efficient and correct manner.
So, how can we help?
element61 is a multidisciplinary team of experts with leading expertise in both organizing the business analytics strategy of your company as well as supporting you with the execution of the strategy or even in dealing with the day-to-day activities around it.
Installing a consolidation process throughout the group cannot be done overnight but will require a certain lead-time to get a grip on. Outsourcing of the consolidation process on a temporary basis may offer you the required flexibility to properly define and install an internal solution.
- Assistance on a temporary basis
Your group is expanding, doubling in size, but you don’t have the required competences or sufficient resources in–house to meet the challenges imposed, we can service you with on site temporary replacement or support.
- Advice with specific transactions or events
Various challenges such as the setting up of a first consolidation, changes in the scope of the consolidation (business combination, de-consolidation or sub-consolidation), developing or optimizing a reporting package or a group accounting manual are only some of the topics where we can offer our expertise to facilitate you to overcome the challenge.
- Guidance with preparing an implementation
Defining the group chart of accounts, integrating the framework to come to an automated consolidated cash flow statement into the reporting definition or consolidation software setup, setting out the design for a proper equity reconciliation report are a few of the challenges you will be confronted with when preparing for the implementation of a reporting or consolidation software.
Independent of the technology platform, you will be required to safeguard the desired reporting outcome, process functionality and data integrity, which is our day to day activity and is embedded in our DNA.
- Training and coaching
Did you engage new staff at HQ or affiliate level requiring basic introduction or advanced knowledge transfer around any aspect of the consolidation domain? Are you confronted with a specific knowledge gap when acquiring a new subgroup, changing the ultimate holding company or engaging with a new standard of IFRS? Our expertise is available through standard or customized training material and coaching interventions.