Financial Consolidation Software

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How could a system help?

Financial Consolidation software helps simplify and speed up the entire consolidation process. The software provides clear set up dialogue boxes so that company structures, elimination rules etc are easily defined. With data imported direct from the finance system as much of the eliminations can be processed automatically by the consolidation tool.

Historically financial consolidation software used to be only used by very large multinational groups, who could afford the specialist software and IT resource.

The Corporate Planner financial Consolidation application is for all groups providing an affordable, out of the box, certified consolidation application that can be set up by the accountants. The application can be hosted on premise or in the CP Cloud.

 

Financial Consolidation Work Flow

Users of CP – Consolidation are taken through the financial consolidation process step by step.  The workflow is divided into various sections from creation of companies the elimination process and reporting.

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Freely Definable Structure

CP – Consolidation provides clear visual structures of group structures. Multiple groups and subgroups can be depicted. The financial consolidation progress for each reporting period is visually displayed on each company. Each consolidation period (and scenario) the group structure can be altered for new acquisitions / sales / ownership changes.

Company chart of accounts are freely definable.  In addition there are many editable template structures for IFRS and local GAAP reporting. Users of CP Finance can also use the structures already established as part of the integrated financial planning process.

Group Structures

Financial Consolidation Process

After import of each companies financial statements the financial consolidation steps are carried out. At each stage of the consolidation manual adjustments can be made if required. After each consolidation steps have been carried out intermediate financial statements are automatically prepared. The consolidation steps are:

  Unify Currencies
  Creation of Aggregated financial statements
  Elimination of inter-company investments
  Elimination of inter-company liabilities
  Eliminating inter-company profit / losses
  Calculation of deferred taxes

Financial Consolidation Solution
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Out of the Box financial consolidation reports

CP – Consolidation is a complete out of the box financial consolidation tool.  There is a complete set of standard report templates included as part of application.  This ensures rapid implementation.

  • Consolidated Balance Sheet and Consolidated Profit and Loss Account Consolidated Cash Flow Statement
  • Reconciliations on all levels
  • Complete lists of postings
  • Statements of Changes in Fixed Assets and in Equity, Analysis of Provisions, any additional analyses
  • Statistical Details
  • Participating Interests
  • Notes to the Consolidated Financial Statement
  • Segment Reports
  • Development of Minority Interests

All Reports are exportable to Microsoft Excel, Microsoft Word, PDF

Financial Consolidation Solution
Financial Consolidation standard reports

Detailed Company and Segment Reports

The required components of a consolidated financial statement include the Statement of Changes in Fixed Assets and the Statement of Changes in Equity, which are of course provided in CP – Consolidation. Apart from these, however, any number of additional analysis structures can be displayed, so you have an extensive customized reporting system at your disposal. Statistical details, such as staff numbers or lease liabilities, can also be defined for the reporting to be complete.

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Capital market-oriented parent companies are required to produce a segment report as a supplementary component of the annual financial statement. In CP Consolidation, segment reporting and statutory consolidation are both processed in one step. To comply with IFRS specifications, segment consolidation takes place on two levels, separated into an intra-segment consolidation and an inter-segment reconciliation.

Scenario as well as Statutory financial consolidation

CP – Consolidation not only produces the statutory financial consolidated returns but it can be used for many more internal reporting purposes.

Prepare company consolidation simulations, changes in group structure companies purchase, sales etc.

Prepare budget and forecast consolidated figures.  Lenders and shareholders require more detailed consolidated figures.  Not only actual consolidated financial statements can be produced but budget and forecast results can also be generated and compared.  Import plan data or use the complete link to CP-Finance the integrated financial planning application ensures rapid consolidation of budget and forecast data all prepared within the single solution.

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Complete Corporate Performance Management Solution

CP – Consolidation can be used as a standalone application. In addition CP – Consolidation can be used as part of a wider corporate performance management solution. It directly links with the other Corporate Planner applications, CP – Finance for integrated financial planning and CP – Operative Controlling – for all operational corporate performance management needs.

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"We've been using Corporate Planner for more than twenty years. The solution is ideal in that it enables us to visualize new and increasing demands again and again. We greatly appreciate this flexibility and the ongoing development of the Corporate Planning software."
Senior Financial Controller
Digades
“With Corporate Planner, reports are created and sent automatically, and we can now run dynamic analyses.”
Peter Erbeznik, Head of Commercial IT
Moser Holding
“The Corporate Planning solution simplifies and speeds up our work enormously.”
Daniel Bohnke, Head of Corporate Performance Management
DRK
“Data evaluations that would have previously been produced just once or maybe twice a year can now be retrieved at any time.”
Claudia Scholz, Head of Administration
GWO
“The software is easier to handle than other solutions, and the display of the results is much more clearly arranged.”
Stefan Keining, Commercial Director
Franz Ziener
“We have created a transparent platform that has been well accepted by the staff, as all 250 users are now talking about the same figures. This has provided us with a faster flow of information and improved our understanding of the costs.”
Danny Claussen, Head of Controlling
HKL Baumaschinen
“Corporate Planner is perfect in helping us monitor and improve our reporting processes.”
Thomas Diezmann, Managing Director
Episerver

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If you're looking for a budgeting, planning, forecasting, and reporting process book your demo with us today!

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