Financial consolidation involves collaborating the financial data of different departments and internal business entities, usually for structured and accurate reporting purpose. Thereby, providing a comprehensive view of the financial position of both the parent company and its subsidiaries, rather than one company’s stand-alone point.
Many experts advise against using Excel for the consolidation because spreadsheets don’t facilitate collaboration, which in turn can lead to a high probability of errors.
LUCANET.Financial Consolidation is a system for businesses, with intuitive operation and transparent data model, which prepares consolidated financial statements and simplifies this task within every single step of the process.
It is also possible to represent complex multi-level group structures in a straight forward way, and not only by companies, but also in parallel structures by segment, region or according to other parameters.
A look at the simplified process of this system.
Via a fully integrated currency conversion, value for all foreign currency companies is automatically converted to the corresponding group currency.
Delivering fast and accurate financial statements to free up more time and focus on strategic decision making.
- Creation of consolidated financial statements including group P&L, balance sheet and cash flow statement and disclosures
- Creation of consolidated financial statements on a monthly, quarterly and annual level
- Parallel creation of consolidated financial statements according to any accounting standards (e.g. US-GAAP, IFRS, HGB)
- Segment reporting / segment consolidation
- Representation of any number of companies