Fast Close

Optimizing the consolidation process

Requirements for group accounting processes have increased substantially over the past few years, due to the need for parallel accounting (e.g. local GAAP, IFRS, USGAAP). In addition to minimizing time to close books (Fast Close), legal aspects of management accounts such as  changing framework conditions (e.g. IFRS changes, German Accounting Law Modernization Act,) also have to be considered.

Any issues originating in the local financial statements flow through into the consolidated financial statements. Poor data quality provided from local accounts  results in increased processing effort. Heterogeneous (often historically evolved) conditions must be implemented (e.g. mapping accounts to consolidation items) and data delivery often requires several manual activities. Intercompany differences only become visible when creating consolidated financial statements and the procedure for transferring local closing data during consolidation is complex and prone to errors. ConVista can help you to optimize the preparation activities required for consolidation.