Whitepaper. GL Consolidation. Published on: August 2011 Author: Sivasankar. Hexaware Technologies. All rights reserved.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Whitepaper. GL Consolidation. Published on: August 2011 Author: Sivasankar. Hexaware Technologies. All rights reserved. www.hexaware."

Transcription

1 Published on: August 2011 Author: Sivasankar Hexaware Technologies. All rights reserved.

2 Table of Contents 1. General Ledger Consolidation - Making The Right Moves 2. Problem Statement / Concerns 3. Solutions / Approaches 4. Summary Hexaware Technologies. All rights reserved. 2

3 General Ledger Consolidation - Making The Right Moves General ledger consolidation is the period-end process of combining the financial results of separate subsidiaries with the parent company to form a single, combined statement of financial results. General ledger consolidation is a planned termination of accounting ledger activity. The consolidation can be done for business divisions/activities, accounting subsidiary ledgers and time periods (monthly, quarterly, and annual). Today s companies face a vast range of complex financial reporting and consolidation requirements, and ever-increasing scrutiny by internal/external stakeholders. The general ledger is the core of the company s financial records. The general ledger constitutes the center of the accounting book keeping in a business enterprise. Every transaction flows through the general ledger. These records remain as a permanent track of the history of all financial transactions of the company. Problem Statement / Concerns The Consolidation process As an organization grows, there is an increase in the difficulty of its financial consolidation and reporting processes. The business enterprises must deal with multiple currencies, various accounting standards, and a host of reporting and compliance regulations, including International Financial Reporting Standards (IFRS), integration of new business units into the financial reporting chain and electronic filing of financial statements in Extended Business Reporting Language (XBRL) format. Through all this, the business enterprise must balance the need for precise financial reporting and corporate governance with the needs for timeliness in meeting reporting deadlines. The objectives, challenges while implementing a process for general ledger consolidation includes: Data control: The data in the general ledger extract is sensitive and confidential in nature. Therefore there should be control on access to parts of GL data, by the finance executives. Intercompany transactions: The finance team should have the ability to match and treat inter-company transaction and resulting balances. Adjustment entries: The closing journal entries may form a major part of the consolidating activity. Therefore there should be a facility to pass additional journal entries on the general ledger data. Configuring rules dynamically: The analyst in the finance team should be able to configure rules dynamically, which can be run to calculate financial metrics. Support for multi-currency: The consolidation activities would include applying various translation methods for merging results in multiple operating currencies. For many finance executives, consolidating month end financial and operating results remain a difficult and time consuming task. Often as a result of merger and acquisition activity, the finance team faces the daunting task of consolidating data from multiple source general ledgers using spreadsheets. Such source data are difficult to maintain and audit. The lack of standardization and control in the tedious monthly close process means more avenues for material mis-statement. Hexaware Technologies. All rights reserved. 3

4 Solutions / Approaches The financial reporting requirements in general ledger consolidation come from a variety of sources and can be very complex. Regulatory scrutiny has never been higher-especially as a result of the Sarbanes-Oxley Act (SOX) in the United States and International Financial Reporting Standards in Europe. There are various approaches and software packages, which can help companies, automate the consolidation and reporting cycle. Today, many business enterprises are resorting to financial consolidation software that provide audit trails and permanent storage of consolidated results. Such data is available for access by internal and external stakeholders. The use of technology in general ledger consolidation provides a control mechanism ensuring appropriate statutory and management reporting. There is a growing trend among business enterprises to make usage of technology, as part of their internal control evaluations, resulting in better confidence levels with external auditors. The financial consolidation tools bring together trail balances and other information from multiple general ledgers, ERP systems and other transaction systems. The actual results from one or many transaction ledger would be typically loaded into a consolidation application. Many consolidation applications support an electronic publishing standard such as XBRL. Some of the features given by consolidation engines are statutory and management reporting, complex currency translations, intercompany transaction accounting, minority interest, audit trails, journal entry adjustments, supporting electronic publishing standards etc. Table below describes the core activities of a consolidation process and how the functionality can be achieved with ease by using a Business Intelligence based Consolidation Engine. Activities Without BI Tool With BI Tool Modeling for shift in shareholding pattern during the accounting period Computation of pre/post acquisition profits Treatment, elimination of intercompany transactions Accounting for investments in subsidiaries Maintain different types of entities like parent, holding company, subsidiary, group, business combination etc Disclosure of minority interests Modeling journal entries for consolidation Analyze impact of impairment of assets Adjustments for difference in closing periods Maintain different translation rate methods Maintain details of foreign currency conversions Accounting for dividends declared within the group Executed for each GAAP requirement Manually maintain different sets of books with control balances Updated separately during the consolidation activity Manual computation Data collection and updating manually Manual computation and adjustment Manual computation and adjustment Manual computation and adjustment Directly picked through data integration tools Handled through 'Rules' written by the analyst Handled by default consolidation model Handled by 'Rules' for multiple GAAP requirements Creation of multiple chart of accounts Separate account created with specific 'Rules' Handled through specific journal tasks 'Rules' written by the analyst Handled by default consolidation model Handled by currency dimension Usage of Rate/Plug accounts Handled through 'Rules' written by the analyst Hexaware Technologies. All rights reserved. 4

5 The business intelligence consolidation & reporting applications are used by finance teams in midsize-to-large publicly traded corporations to structure and automate the monthly or quarterly aggregation of historical results. These applications embed rules, procedures, and techniques with an accompanying methodology, fulfilling specific statutory/legal reporting requirements associated with the period-end financial close. Such standards include the local GAAP and the IFRS. The consolidation applications enable setting up of configuration, which results in automatic matching of inter-company transactions. The business user would be able to generate a customized report on the list of inter-company transactions for elimination. Financial consolidation tools enable highly efficient collection and consolidation of data from diverse sources. They offer process management for tight control of the review/approval workflow, data validation, currency translation to support multiple local currencies and automatic elimination of inter-company transactions. The business enterprises use consolidation tools to draft budgets for a specified period. This is enabled by using the scenario dimension available in most of the consolidation tools. The rules configured by analysts can be modified for a specified line item in a budget estimate. Such flexibility enables the finance team to better manage the budget drafting process. Some of the tools available in the market are Cognos Controller and Hyperion Financial Management. Sample screenshot of the Hyperion Financial Management Consolidation platform By implementing such solutions in a phased approach, companies are able to integrate data from disparate general ledgers, and produce a consolidated balance sheet and statement of operations. This results in improvement of the closing process and reduction of risks. Business enterprises would need to achieve closure of books, with the support of a powerful financial consolidation system, in order to reap the benefits of quick access to information. They would have more time for value-added analysis, improved control systems and quality, reduction in associated costs; strengthen investor relations and faster reporting /statutory compliance. Summary The financial consolidation, reporting and analysis applications provides the finance team speed, processing power, agility, and breadth of analysis needed to complete financial consolidation and reporting cycles faster. With the help of consolidation engines, the finance team can gain full process control and data transparency, allowing the team to simulate unlimited scenarios that address all of performance management reporting requirement. Hexaware Technologies. All rights reserved. 5

6 Reinventing Your BI Landscape To learn more, visit Address 1095 Cranbury South River Road, Suite 10, Jamesburg, NJ Main: Fax: Disclaimer Contents of this whitepaper are the exclusive property of Hexaware Technologies and may not be reproduced in any form without the prior written consent of Hexaware Technologies. Hexaware Technologies. All rights reserved. 6

Essentials of Financial Consolidation Applications. A white paper prepared by PROPHIX Software October 2010

Essentials of Financial Consolidation Applications. A white paper prepared by PROPHIX Software October 2010 A white paper prepared by PROPHIX Software October 2010 Table of Contents Executive Summary... 3 Overview of Financial Consolidation... 3 What is the purpose of Financial Consolidation?...4 Assessing Financial

More information

Streamline Financial Consolidation and Reporting for a Faster Close

Streamline Financial Consolidation and Reporting for a Faster Close SAP Brief SAP s for Enterprise Performance Management SAP Financial Consolidation Objectives Streamline Financial Consolidation and Reporting for a Faster Close Balancing speed and accuracy in financial

More information

Essentials of financial consolidation applications

Essentials of financial consolidation applications Essentials of financial A white paper prepared by Software 2012 Table of contents Executive summary...3 Overview of financial...3 What is the purpose of financial?...4 Assessing financial solutions...5

More information

INDUSTRY OUTLOOK APRIL 2013. Enterprise Performance Management

INDUSTRY OUTLOOK APRIL 2013. Enterprise Performance Management INDUSTRY OUTLOOK APRIL 2013 Enterprise Performance Management Chief financial officers must address a growing list of modern business imperatives, and EPM can help. Business today is moving at light speed.

More information

Oracle Hyperion Financial Management

Oracle Hyperion Financial Management Oracle Hyperion Financial Management Oracle Hyperion Financial Management is a financial consolidation and reporting application built with advanced Web technology and designed to be used and maintained

More information

IBM Cognos 8 Controller Financial consolidation, reporting and analytics drive performance and compliance

IBM Cognos 8 Controller Financial consolidation, reporting and analytics drive performance and compliance Data Sheet IBM Cognos 8 Controller Financial consolidation, reporting and analytics drive performance and compliance Overview Highlights: Provides all financial and management consolidation capabilities

More information

Financial close, consolidation, and reporting Leveraging process alignment and Oracle Hyperion EPM Tools

Financial close, consolidation, and reporting Leveraging process alignment and Oracle Hyperion EPM Tools Financial close, consolidation, and reporting Leveraging process alignment and Oracle Hyperion EPM Tools Deloitte Consulting LLP 11 Today s finance organizations face multiple priorities that include the

More information

Outperform Financial Objectives and Enable Regulatory Compliance

Outperform Financial Objectives and Enable Regulatory Compliance SAP Brief Analytics s from SAP SAP s for Enterprise Performance Management Objectives Outperform Financial Objectives and Enable Regulatory Compliance Drive better decisions and streamline the close-to-disclose

More information

IBM Cognos Controller

IBM Cognos Controller IBM Cognos Controller Accurate, auditable close, consolidation and reporting in a solution managed by the office of finance Highlights Provides all close, consolidation and reporting capabilities Automates

More information

The Fast Close: Are We There Yet? An Oracle White Paper Updated July 2008

The Fast Close: Are We There Yet? An Oracle White Paper Updated July 2008 The Fast Close: Are We There Yet? An Oracle White Paper Updated July 2008 The Fast Close: Are We There Yet? Companies that are able to close their books quickly and deliver more-timely information to external

More information

Asen Computer Associates

Asen Computer Associates Performance Driven by Data Enterprise Performance Management Applications Oracle s Hyperion Financial Management Disclaimer This document is intended to provide general information about enterprise performance

More information

Losing Control: Controls, Risks, Governance, and Stewardship of Enterprise Data

Losing Control: Controls, Risks, Governance, and Stewardship of Enterprise Data Losing Control: Controls, Risks, Governance, and Stewardship of Enterprise Data an eprentise white paper tel: 407.290.6952 toll-free: 1.888.943.5363 web: www.eprentise.com Author: Helene Abrams Published:

More information

IMPROVING AUDIT READINESS BY MANAGING YOUR DYNAMICS ERP

IMPROVING AUDIT READINESS BY MANAGING YOUR DYNAMICS ERP IMPROVING AUDIT READINESS BY MANAGING YOUR DYNAMICS ERP Building Sustainable Control Accountability Contents 1 EXECUTIVE SUMMARY... 1 2 MANAGING YOUR DYNAMICS ERP SYSTEM: AUDIT READINESS... 1 2.1 Common

More information

Financial Consolidation and Reporting Solutions: Adding Value to Enterprise Resource Planning Systems. An Oracle White Paper Updated July 2008

Financial Consolidation and Reporting Solutions: Adding Value to Enterprise Resource Planning Systems. An Oracle White Paper Updated July 2008 Financial Consolidation and Reporting Solutions: Adding Value to Enterprise Resource Planning Systems An Oracle White Paper Updated July 2008 Financial Consolidation and Reporting Solutions: Adding Value

More information

To receive 1.0 CPE credit for this Webinar, participants must:

To receive 1.0 CPE credit for this Webinar, participants must: Automating and Simplifying your External Reporting by Integrating XBRL Ken Pavell & Steve Sheekey Thursday, June 20, 2013 General Information Share the webinar Ask a question Votes (polling questions)

More information

Managing the Multi-Company Corporation

Managing the Multi-Company Corporation Managing the Multi-Company Corporation A White Paper for Today s Growing Businesses 1 Managing the Multi-Company Corporation Executive Summary Managing the books in any company is increasingly challenging

More information

Financial Consolidation, Reporting, and Analysis Solutions for Government. An Oracle White Paper Updated July 2008

Financial Consolidation, Reporting, and Analysis Solutions for Government. An Oracle White Paper Updated July 2008 Financial Consolidation, Reporting, and Analysis Solutions for Government An Oracle White Paper Updated July 2008 Financial Consolidation, Reporting, and Analysis Solutions for Government Executive Overview...

More information

See your business in a new way.

See your business in a new way. Sage 300 ERP Multicompany and International Operations Management Brochure See your business in a new way. Realize the future of your business today. See your business in a new way. Realize the future

More information

IBM Cognos Controller

IBM Cognos Controller IBM Cognos Controller Full financial close management in a solution managed by the office of finance Highlights Addresses your extended financial close process close, consolidate, report and file Delivers

More information

Streamlined Planning and Consolidation for Finance Teams in Any Organization

Streamlined Planning and Consolidation for Finance Teams in Any Organization SAP Solution in Detail SAP Solutions for Enterprise Performance Management, Version for the Microsoft Platform Streamlined Planning and Consolidation for Finance Teams in Any Organization Table of Contents

More information

Microsoft Axapta Financial Management consists of several individually packaged offerings: Microsoft Axapta Financials I and Financials II

Microsoft Axapta Financial Management consists of several individually packaged offerings: Microsoft Axapta Financials I and Financials II Microsoft Business Solutions Axapta Financial Management helps you effectively increase your business while maintaining control over your financial management processes. Key Benefits: Helps you increase

More information

Streamlined Planning and Consolidation for Finance Teams Running SAP Software

Streamlined Planning and Consolidation for Finance Teams Running SAP Software SAP Solution in Detail SAP Solutions for Enterprise Performance Management, Version for SAP NetWeaver Streamlined Planning and Consolidation for Finance Teams Running SAP Software 2 SAP Solution in Detail

More information

Successful strategy flows from accurate, timely and collaborative knowledge.

Successful strategy flows from accurate, timely and collaborative knowledge. Successful strategy flows from accurate, timely and collaborative knowledge. In today s globally complex, rapidly changing, Internet-linked business environment, the processes associated with financial

More information

Tagetik 4 Enabled By Microsoft SharePoint

Tagetik 4 Enabled By Microsoft SharePoint Tagetik 4 Enabled By Microsoft SharePoint Collaborative Performance Management in business EXECUTIVE SUMMARY Tagetik 4 Enabled by Microsoft SharePoint is a unified platform for: + Performance Management

More information

Whitepaper. Legacy System Consolidation Strategy for the Insurance Sector. Published on: October 2011 Sanjay Rao

Whitepaper. Legacy System Consolidation Strategy for the Insurance Sector. Published on: October 2011 Sanjay Rao Legacy System Consolidation Strategy for the Insurance Sector Published on: October 2011 Sanjay Rao Hexaware Technologies. All rights reserved. Table of Contents 1 Introduction 2 Evolution of disparate

More information

Financial Consolidation and Reporting Applications

Financial Consolidation and Reporting Applications Financial Consolidation and Reporting Applications Adding Value to Enterprise Resource Planning Systems An Oracle White Paper April 2014 Table of Contents Executive Overview... 3 Introduction... 4 Financial

More information

Infor CloudSuite Business

Infor CloudSuite Business Business Achieve a next-generation business strategy in the cloud Whether you re providing services or moving inventory in your home-town, across the country or around the world with Infor CloudSuite Business,

More information

Whitepaper Data Governance Roadmap for IT Executives Valeh Nazemoff

Whitepaper Data Governance Roadmap for IT Executives Valeh Nazemoff Whitepaper Data Governance Roadmap for IT Executives Valeh Nazemoff The Challenge IT Executives are challenged with issues around data, compliancy, regulation and making confident decisions on their business

More information

Enterprise Performance Management for Midsize Companies and Workgroups. An Oracle White Paper Updated July 2008

Enterprise Performance Management for Midsize Companies and Workgroups. An Oracle White Paper Updated July 2008 Enterprise Performance Management for Midsize Companies and Workgroups An Oracle White Paper Updated July 2008 Enterprise Performance Management for Midsize Companies and Workgroups This white paper will

More information

SAP BUSINESSOBJECTS FINANCIAL CONSOLIDATION 7.5 STARTER KIT FOR US GAAP SP1

SAP BUSINESSOBJECTS FINANCIAL CONSOLIDATION 7.5 STARTER KIT FOR US GAAP SP1 SAP BUSINESSOBJECTS FINANCIAL CONSOLIDATION 7.5 STARTER KIT FOR US GAAP SP1 Simplified Configuration Description 2010-04-28 1 Copyright 2009 SAP BusinessObjects. All rights reserved. SAP BusinessObjects

More information

White Paper March 2009. Consolidation automation Advancing compliance and performance management

White Paper March 2009. Consolidation automation Advancing compliance and performance management White Paper March 2009 Consolidation automation Advancing compliance and performance management 2 Contents 3 Business problems 3 Business drivers Consolidation: At the core of compliance and performance

More information

<Insert Picture Here> The role of BI in your ERP and Performance Management Initiatives

<Insert Picture Here> The role of BI in your ERP and Performance Management Initiatives The role of BI in your ERP and Performance Management Initiatives Isabel Schuler-Calise, Principal Sales Consultant isabel.schuler-calise@oracle.com Zürich, 17. November 2011 The

More information

PEOPLESOFT GENERAL LEDGER

PEOPLESOFT GENERAL LEDGER PEOPLESOFT GENERAL LEDGER Oracle s PeopleSoft General Ledger is a comprehensive financial management solution that offers a fully-automated close and consolidation solution for legal KEY FEATURES Compliance

More information

Balance Sheet Integrity The Utopian Close: Creating a low risk, highly effective financial close

Balance Sheet Integrity The Utopian Close: Creating a low risk, highly effective financial close Balance Sheet Integrity The Utopian Close: Creating a low risk, highly effective financial close Balance Sheet Integrity: The Utopian Close creating a low risk, highly effective financial close 1 Executive

More information

mysap ERP FINANCIALS SOLUTION OVERVIEW

mysap ERP FINANCIALS SOLUTION OVERVIEW mysap ERP FINANCIALS SOLUTION OVERVIEW EFFECTIVE FINANCIAL MANAGEMENT ... IS KEY TO BUSINESS SUCCESS mysap ERP FINANCIALS YOUR BUSINESS, YOUR FUTURE, YOUR SUCCESS mysap ERP is the world s most complete

More information

Integrated global treasury management

Integrated global treasury management FusionBanking KTP Software overview Integrated global treasury management Unifying treasury operations to optimise cashflow We needed to put in place a global solution to manage cash positions resulting

More information

Enterprise Risk Management

Enterprise Risk Management Enterprise Risk Management Enterprise Risk Management Understand and manage your enterprise risk to strike the optimal dynamic balance between minimizing exposures and maximizing opportunities. Today s

More information

Choose an ERP partner that knows exactly how special, and that knows Microsoft Dynamics NAV by heart.

Choose an ERP partner that knows exactly how special, and that knows Microsoft Dynamics NAV by heart. I F Y O U H A V E A S M A L L O R M I D S I Z E M A N U F A C T U R I N G B U S I N E S S Y O U A R E V E R Y S P E C I A L. Choose an ERP partner that knows exactly how special, and that knows Microsoft

More information

Portfolio Company Performance Analysis and Reporting Automation

Portfolio Company Performance Analysis and Reporting Automation Portfolio Company Performance Analysis and Reporting Automation Providing transparent and accurate performance data to investors, partners and auditors is becoming increasingly important, if not critical

More information

Oracle Hyperion Strategic Finance

Oracle Hyperion Strategic Finance Oracle Hyperion Strategic Finance Oracle Hyperion Strategic Finance is a feature rich financial forecasting and modeling solution with on-the-fly scenario analysis and modeling capabilities. It helps users

More information

Improve Business Efficiency by Automating Intercompany Transactions

Improve Business Efficiency by Automating Intercompany Transactions SAP Brief SAP s for Small Businesses and Midsize Companies SAP Business One Objectives Improve Business Efficiency by Automating Intercompany Transactions Streamlined intercompany transactions and integration

More information

Creno Fagdager Einar Broch

Creno Fagdager Einar Broch Creno Fagdager Einar Broch September 18/19, 2012 Lawson merge with Infor Infor Announces Equity Investment and Financing ATLANTA - Apr 05, 2012 Infor today announced an equity investment from Golden Gate

More information

Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR)

Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) 30th SESSION 6-8 November 2013 Room XVIII, Palais des Nations, Geneva Thursday, 7 November 2013

More information

How AltaLinkimproved its Financial Reporting Process with SAP Disclosure Management with SAP Business Planning and Consolidation

How AltaLinkimproved its Financial Reporting Process with SAP Disclosure Management with SAP Business Planning and Consolidation Orange County Convention Center Orlando, Florida June 3-5, 2014 How AltaLinkimproved its Financial Reporting Process with SAP Disclosure Management with SAP Business Planning and Consolidation Kelly Rodgers

More information

QAD ENTERPRISE APPLICATIONS

QAD ENTERPRISE APPLICATIONS IS BUILT FOR MANUFACTURERS, BUILT FOR YOU Effective manufacturers depend on their enterprise resource planning (ERP) solution to streamline business operations and to scale and adapt as their business

More information

Preparing U.S. Companies for the Transition to IFRS: A Guide for JD Edwards Customers. An Oracle White Paper Updated June 2010

Preparing U.S. Companies for the Transition to IFRS: A Guide for JD Edwards Customers. An Oracle White Paper Updated June 2010 Preparing U.S. Companies for the Transition to IFRS: A Guide for JD Edwards Customers An Oracle White Paper Updated June 2010 Preparing U.S. Companies for the Transition to IFRS: A Guide for JD Edwards

More information

SAP ERP FINANCIALS ENABLING FINANCIAL EXCELLENCE. SAP Solution Overview SAP Business Suite

SAP ERP FINANCIALS ENABLING FINANCIAL EXCELLENCE. SAP Solution Overview SAP Business Suite SAP Solution Overview SAP Business Suite SAP ERP FINANCIALS ENABLING FINANCIAL EXCELLENCE ESSENTIAL ENTERPRISE BUSINESS STRATEGY PROVIDING A SOLID FOUNDATION FOR ENTERPRISE FINANCIAL MANAGEMENT 2 Even

More information

An Oracle White Paper February 2013. Oracle Hyperion Tax Provision

An Oracle White Paper February 2013. Oracle Hyperion Tax Provision An Oracle White Paper February 2013 Oracle Hyperion Tax Provision Introduction... 1 Why is Tax Data Such a Problem?... 3 The Problem with Stand-alone Tax Provision Tools... 4 Connection to the book data...

More information

Consolidation Accounting

Consolidation Accounting Consolidation Accounting Indian GAAP Sailesh Patel (CA) Topics to be discussed: Why consolidation Consolidation Requirement Definition of subsidiary, associate, joint venture Exclusion from consolidation

More information

InforCloudSuite. Business. Overview INFOR CLOUDSUITE BUSINESS 1

InforCloudSuite. Business. Overview INFOR CLOUDSUITE BUSINESS 1 InforCloudSuite Business Overview INFOR CLOUDSUITE BUSINESS 1 What if... You could implement a highly flexible ERP solution that was built to manage all of your business needs, from financials and human

More information

NetSuite Essentials. Course Description. Key Objectives

NetSuite Essentials. Course Description. Key Objectives NetSuite Essentials Key Objectives How do I: Configure NetSuite to meet business requirements? Determine user roles and permissions? Customize the user interface to align with business needs? Plan for

More information

Understanding the Financial Audit Trail

Understanding the Financial Audit Trail Understanding the Financial Audit Trail Contents Page BI Success Versus Failure Pg 3 Manual Processes Pg 4 Question the Correct Answer Pg 5 The Audit Trail Pg 6 Data Analysis Pg 7 A Different Data Model

More information

Management & Business Intelligence Overview

Management & Business Intelligence Overview Infor10 Corporate Performance Management, Expense Infor10 Corporate Performance Management, Expense Management & Business Intelligence Overview Todays Agenda Common Business Challenges Corporate Performance

More information

Sarbanes-Oxley: Beyond. Using compliance requirements to boost business performance. An RIS White Paper Sponsored by:

Sarbanes-Oxley: Beyond. Using compliance requirements to boost business performance. An RIS White Paper Sponsored by: Beyond Sarbanes-Oxley: Using compliance requirements to boost business performance The business regulatory environment in the United States has changed. Public companies have new obligations to report

More information

Turn Your Business Vision into Reality with Microsoft Dynamics NAV

Turn Your Business Vision into Reality with Microsoft Dynamics NAV Turn Your Business Vision into Reality with Microsoft Dynamics NAV You have worked hard to build a vision for your business. With Microsoft Dynamics NAV, you can turn that vision into reality with a solution

More information

Webinar: Chart of Accounts Alignment through Information Governance

Webinar: Chart of Accounts Alignment through Information Governance Webinar: Chart of Accounts Alignment through Information Governance Huron Presenters: Todd Weinstein Alex Vlaisavljevic August 28, 2014 Objectives & Agenda Webinar Objectives: Agenda Discuss the importance

More information

Exact Synergy Enterprise Financial Consolidation Implementation Manual

Exact Synergy Enterprise Financial Consolidation Implementation Manual Exact Synergy Enterprise Financial Consolidation Implementation Manual Exact Synergy Enterprise Financial Consolidation Implementation Manual EXACT SYNERGY ENTERPRISE FINANCIAL CONSOLIDATION IMPLEMENTATION

More information

Infopoint Financial Control System (FCS)

Infopoint Financial Control System (FCS) Infopoint Financial Control System (FCS) November 2010 Copyright 2010 Infor. All rights reserved. All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

More information

December 2010 Advisory Services

December 2010 Advisory Services December 2010 Advisory Services Achieving more timely, accurate and transparent reporting Smart, efficient close-to-report cycles create a foundation for evaluating performance, supporting business decisions

More information

Oracle Hyperion Financial Data Quality Management Enterprise Edition

Oracle Hyperion Financial Data Quality Management Enterprise Edition Oracle Hyperion Financial Data Quality Management Enterprise Edition Finance organizations need to enhance the quality of internal controls and reporting processes. To meet these goals, you need a source-to-report

More information

IN ENERGY. Essentials Guide. Common Problems. www.sapphiresystems.com

IN ENERGY. Essentials Guide. Common Problems. www.sapphiresystems.com Essentials Guide FAST FORWARD IN ENERGY Common Problems Whether your organisation is a large, multi-national oil and gas company, or a local independent producer, your business is at the mercy of a volatile

More information

Intercompany and Intracompany in R12 A deep dive

Intercompany and Intracompany in R12 A deep dive Intercompany and Intracompany in R12 A deep dive Thomas J. Simkiss, Jr., JD, CPA BizTech Lee Briggs BizTech Introduction Legal Entities can play an important role in your company management and business

More information

Streamline the Financial Close

Streamline the Financial Close INDUSTRY OUTLOOK APRIL 2013 Streamline the Financial Close Businesses turn to corporate performance management suites to speed the financial close while supporting both cost optimization and growth objectives.

More information

CONVERTING TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS FREQUENTLY ASKED QUESTIONS REGARDING IFRS AND SAP

CONVERTING TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS FREQUENTLY ASKED QUESTIONS REGARDING IFRS AND SAP Frequently Asked Questions SAP ERP Financials CONVERTING TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS FREQUENTLY ASKED QUESTIONS REGARDING IFRS AND SAP CONTENT 4 Introduction 4 Terms Used in This

More information

EMPOWERING THE TAX DEPARTMENT With ERP and Tax Depreciation Integration. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> White Paper

EMPOWERING THE TAX DEPARTMENT With ERP and Tax Depreciation Integration. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> White Paper EMPOWERING THE TAX DEPARTMENT With ERP and Tax Depreciation Integration >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> White Paper Introduction The ubiquitous ERP system still reigns as the top application for

More information

Kofax White Paper. Overcoming Challenges in AP Automation. Executive Summary. Benefits of Accounts Payable Automation

Kofax White Paper. Overcoming Challenges in AP Automation. Executive Summary. Benefits of Accounts Payable Automation Kofax White Paper Executive Summary Accounts payable automation presents unique challenges. It is characterized by large volumes of data, arriving in different formats and media that must be securely received,

More information

Private Equity and Infrastructure. Tailor-made services for the Private Equity industry

Private Equity and Infrastructure. Tailor-made services for the Private Equity industry Private Equity and Infrastructure Tailor-made services for the Private Equity industry 2 CREDIBLE RELIABLE CONNECTED ALTER DOMUS Private Equity ALTER DOMUS Alter Domus is a leading European provider of

More information

A full business solution that streamlines the property and financial management aspects of the

A full business solution that streamlines the property and financial management aspects of the YARDI Voyager Commercial A full business solution that streamlines the property and financial management aspects of the commercial real estate lifecycle to help you enhance the underlying value of your

More information

Turn Your Business Vision into Reality with Microsoft Dynamics NAV

Turn Your Business Vision into Reality with Microsoft Dynamics NAV Turn Your Business Vision into Reality with Microsoft Dynamics NAV You have worked hard to build a vision for your business. With Microsoft Dynamics NAV, you can turn that vision into reality with a solution

More information

Welcome to the course on the consolidation process of the Intercompany Integration Solution.

Welcome to the course on the consolidation process of the Intercompany Integration Solution. Welcome to the course on the consolidation process of the Intercompany Integration Solution. At the end of this topic, you will be able to: Configure the consolidation company database with: Multi-Level

More information

Managing GST with data analytics

Managing GST with data analytics www.pwc.com Managing GST with data analytics Adrian Abbott Partner, Australia Philippe Norre Global ITX Compliance Technology Leader, UK Agenda Indirect tax function of the future (and predictions) Data

More information

Management Excellence Framework: Record to Report

Management Excellence Framework: Record to Report An Oracle Thought Leadership White Paper August 2009 Management Excellence Framework: Record to Report Introduction Management Excellence Framework... 3 Record to Report... 5 Step by Step... 6 Key Metrics...

More information

Leverage Your Financial System to Enable Sarbanes-Oxley Compliance: An Evaluator s Guide

Leverage Your Financial System to Enable Sarbanes-Oxley Compliance: An Evaluator s Guide Leverage Your Financial System to Enable Sarbanes-Oxley Compliance: An Evaluator s Guide W H I T E P A P E R Summary This document provides an overview on how financial systems can provide companies with

More information

Oracle s Financial Management Solutions: Preparing U.S. Companies for the Transition to IFRS. An Oracle White Paper April 2008

Oracle s Financial Management Solutions: Preparing U.S. Companies for the Transition to IFRS. An Oracle White Paper April 2008 Oracle s Financial Management Solutions: Preparing U.S. Companies for the Transition to IFRS An Oracle White Paper April 2008 Oracle s Financial Management Solutions: Preparing U.S. Companies for the Transition

More information

Four trends in financial consolidation for global enterprises

Four trends in financial consolidation for global enterprises 2016 Four trends in financial consolidation for global enterprises Issues with spreadsheets Prone to hidden errors that could lead to damaging restatements Lack an audit trail, making them increasingly

More information

How CFOs and their teams are supercharging financial reporting

How CFOs and their teams are supercharging financial reporting How CFOs and their teams are supercharging financial reporting Are your finance operations running smoothly? Today s Chief Finance Officers have an opportunity to take a more visible role in strategic

More information

Financial Management TRANSACTION CONTROL AND APPROVAL

Financial Management TRANSACTION CONTROL AND APPROVAL Financial Management In today s complex, global, and regulated environment, organizations face numerous challenges in trying to meet deadlines, comply with local regulations and multiple reporting requirements,

More information

Reduced Total Cost of Ownership (TCO) and Increased Scalability with a New Accounting Solution

Reduced Total Cost of Ownership (TCO) and Increased Scalability with a New Accounting Solution Case Study Reduced Total Cost of Ownership (TCO) and Increased Scalability with a New Accounting Solution Abstract Infosys partnered with a global specialty insurance and re-insurance company to implement

More information

Kofax White Paper. Overcoming Challenges in Accounts Payable Automation. Executive Summary. Benefits of Accounts Payable Automation

Kofax White Paper. Overcoming Challenges in Accounts Payable Automation. Executive Summary. Benefits of Accounts Payable Automation Kofax White Paper Overcoming Challenges in Accounts Payable Automation Executive Summary Accounts payable automation presents unique challenges. It is characterized by large volumes of data, arriving in

More information

Supporting IFRS Compliance with SAP Enterprise Resource Planning System

Supporting IFRS Compliance with SAP Enterprise Resource Planning System IBM Global Business Services White Paper Financial Management Supporting IFRS Compliance with SAP Enterprise Resource Planning System IBM Global Business Services 3 IFRS An Overview What is IFRS? International

More information

Product Brief. Intacct Financials & Accounting. Intacct General Ledger

Product Brief. Intacct Financials & Accounting. Intacct General Ledger Product Brief Intacct Financials & Accounting Intacct Financials and Accounting includes Intacct General Ledger, Intacct Accounts Receivable, Intacct Accounts Payable, Intacct Cash Management and Intacct

More information

The Beginners Guide to ERP for Food Processors

The Beginners Guide to ERP for Food Processors The Beginners Guide to ERP for Food Processors Technically, ERP stands for Enterprise Resource Planning software, but really it could stand for Everything Right & Profitable or Easier Realized Profits.

More information

EMIR and REMIT: Wholesale Energy Trading on the Docket. How to Prepare Your Business for the New Paradigm. www.allegrodev.com

EMIR and REMIT: Wholesale Energy Trading on the Docket. How to Prepare Your Business for the New Paradigm. www.allegrodev.com www.allegrodev.com EMIR and REMIT: Wholesale Energy Trading on the Docket How to Prepare Your Business for the New Paradigm 2013 Allegro Development. All rights reserved. Introduction At a Glance EMIR

More information

Corporate Tax Management

Corporate Tax Management Corporate Tax Management Current trends and solutions 6 May 2014 Mark D. Schutzman Partner Tax Performance Advisory EY mark.schutzman@ey.com Agenda I II III Historical perspective The business environment

More information

Financial consolidations and currency translation

Financial consolidations and currency translation Microsoft Dynamics AX 2012 Financial consolidations and currency translation White Paper This white paper shows the approach Management Reporter and Microsoft Dynamics AX 2012 use to consolidate multi-company

More information

EMEA TMC client conference Country-by-country reporting. The Crystal, London 9-10 June 2015

EMEA TMC client conference Country-by-country reporting. The Crystal, London 9-10 June 2015 EMEA TMC client conference Country-by-country reporting The Crystal, London 9-10 June 2015 1 Acronyms PBC Provided by client LTP Local tax provision CITR Corporate income tax return DTi Deloitte Tax Insight

More information

White Paper. Five Reasons to Move Off Excel for Consolidation and Close

White Paper. Five Reasons to Move Off Excel for Consolidation and Close White Paper Five Reasons to Move Off Excel for Consolidation and Close Table of Contents Reason #1: Closing in Excel Is Not Fast 4 Company Spotlight: Zep Inc. 4 Reason #2: Data in Excel Is Not Always Accurate

More information

ORACLE HYPERION FINANCIAL DATA QUALITY MANAGEMENT

ORACLE HYPERION FINANCIAL DATA QUALITY MANAGEMENT Oracle Fusion editions of Oracle's Hyperion performance management products are currently available only on Microsoft Windows server platforms. The following is intended to outline our general product

More information

Continuous Controls Monitoring ISACA, Houston Chapter. August 17, 2006

Continuous Controls Monitoring ISACA, Houston Chapter. August 17, 2006 Continuous Controls Monitoring ISACA, Houston Chapter August 17, 2006 Purpose of Discussion Understand impact of Continuous Controls Monitoring (CCM) on the Information Systems Audit community To perform

More information

Paul Theobald. Migrate Successfully to the SAP. General Ledger. Bonn Boston

Paul Theobald. Migrate Successfully to the SAP. General Ledger. Bonn Boston Paul Theobald Migrate Successfully to the SAP General Ledger Bonn Boston Contents Acknowledgments... 11 Preface... 13 Changes in the New SAP General Ledger... 13 Migrating to the New SAP General Ledger...

More information

Business Intelligence and Enterprise Performance Management: Trends for Midsize Companies. An Oracle White Paper Updated July 2008

Business Intelligence and Enterprise Performance Management: Trends for Midsize Companies. An Oracle White Paper Updated July 2008 Business Intelligence and Enterprise Performance Management: Trends for Midsize Companies An Oracle White Paper Updated July 2008 Business Intelligence and Enterprise Performance Management: Trends for

More information

Meeting the Needs of Private Equity in the Finance Organization

Meeting the Needs of Private Equity in the Finance Organization Meeting the Needs of Private Equity in the Finance Organization When there is a change in a company s ownership, significant changes are generally required in its finance organization. This is especially

More information

Total Reconciliation Solution (T-Recs ) Enterprise A Control Framework for Governance, Risk Management and Compliance

Total Reconciliation Solution (T-Recs ) Enterprise A Control Framework for Governance, Risk Management and Compliance Total Reconciliation Solution (T-Recs ) Enterprise A Control Framework for Governance, Risk Management and Compliance power No activity is more central to preparing accurate financial statements than timely

More information

Year ended 31 Dec 2009

Year ended 31 Dec 2009 PACE PLC CHANGE OF FUNCTIONAL AND PRESENTATIONAL CURRENCY AND COMPARATIVES RE-PRESENTED IN US DOLLARS Introduction Pace announced at the time of its preliminary results announcement that the Board had

More information

IBM Business Analytics: Finance and Integrated Risk Management (FIRM) solution

IBM Business Analytics: Finance and Integrated Risk Management (FIRM) solution IBM Sales and Distribution Solution Brief Banking IBM Business Analytics: Finance and Integrated Risk Management (FIRM) solution Risk transparency across the enterprise 2 IBM Business Analytics: Finance

More information

INFORMATION YOU CAN MANAGE. JD Edwards World Financial Management

INFORMATION YOU CAN MANAGE. JD Edwards World Financial Management INFORMATION YOU CAN MANAGE JD Edwards World Financial Management Streamline financial operations. Make decisions based on accurate information. Respond quickly to change. INFORMATION YOU CAN MANAGE Financial

More information

A Hyperion System Overview. Hyperion System 9

A Hyperion System Overview. Hyperion System 9 A Hyperion System Overview Hyperion System 9 Your organization relies on multiple transactional systems including ERP, CRM, and general ledger systems to run your business. In today s business climate

More information

ORACLE HYPERION DATA RELATIONSHIP MANAGEMENT

ORACLE HYPERION DATA RELATIONSHIP MANAGEMENT Oracle Fusion editions of Oracle's Hyperion performance management products are currently available only on Microsoft Windows server platforms. The following is intended to outline our general product

More information

Seven Rules of Thumb for Post-Trade Compliance

Seven Rules of Thumb for Post-Trade Compliance A Confluence Whitepaper Seven Rules of Thumb for Post-Trade Compliance What Fund Administrators Need to Know A growing body of regulations governing investment portfolio management has expanded both the

More information

SAP Best Practices for Insurance Baseline Business Processes

SAP Best Practices for Insurance Baseline Business Processes SAP Best Practices for Insurance Baseline Business Processes SAP Best Practices for Insurance Baseline Accounting Enablement for Insurance Operations This 30-day trial offers you a complete, live, hands-on

More information