Consolidation of financial statements
The regulators, shareholders and the capital market in general are becoming increasingly strict in terms of the requirements for the timing of delivery and the quality of financial reporting. Current standards make the process of report generation extremely time consuming.
Despite this, a well-written financial analysis system is an important tool for improving the efficiency of the company. The solution of Business-Qlik for Finance simplifies the problems faced by the CEOs and financial departments of any company.
You should consider implementing the system of financial statement consolidation, if your are experiencing the following in your business:
- collection of data from multiple sources is time - consuming or impossible;
- it is difficult to provide the necessary level of control and personal responsibility;
- work on the transformation and consolidation of reporting is extremely high;
- difficulty in ensuring the transparency of the path from the source data to the consolidated financial statements and updating the results in the case of altering the original data;
- failure to comply with the requirements of the process of reporting (SOX);
- high work load on the employees of the parent company creates a slow-down in the business process, leading to a tightening of terms and the non-normalized work load of employees in the reporting period;
- it is necessary to bear the high costs of the audit of financial statements;
- there is always the risk of delayed reporting.
With the system of financial statement consolidation you can:
- reduce the cost of the preparation of the consolidated financial statements and audit costs;
- reduce the time of closing the period and the preparation of financial statements;
- increase the investment attractiveness of the company.