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In finance, the process includes importing data, mapping general ledgers to a single chart of accounts, normalizing the consolidated data and producing reports called consolidated financial statements.How often the finance department performs financial consolidation varies from company to company, often hinging on regulatory requirements.In finance and accounting, consolidation has more specific nuance.Consolidation involves taking multiple accounts or businesses and combining the information into a single point.In a large enterprise, the financial consolidation process is typically handled by the Accounting department, which is under the supervision of the Controller or VP of Accounting/Reporting, and ultimately overseen by the Chief Financial Officer (CFO).While financial consolidation was done manually for many years, in today’s world there are several types of software tools used to support financial consolidation and reporting.Bring together complex data from multiple Quick Books and Xero accounts to seamlessly create consolidated financial reports.Balance sheets, trial balance, budgets, inter-company eliminations, CSV company imports, reporting by company, cashflow, and profit and loss reports – all included at a cost-effective monthly subscription to fit your business.

Here are the key steps in the financial consolidation process: Key financial reports generated from consolidated financial results include the income statement, balance sheet, and statement of cash flows.Find out more about our pricing here Simple click and connect to Quick Books and Xero | Configurable reporting periods | Currency conversion | Custom Reports | Budgets | Inter-company eliminations | Reporting by company | Excel downloads | CSV Company Import | Team Sharing Monitor and assess key performance indicators to keep your business on track.KPI reports include total revenue, gross profit margin, operating profit margin, activity ratio, and days sales outstanding.To those who aren’t familiar, financial consolidation might sound like simply adding up numbers. In financial consolidation, there are specific calculations and adjustments made as the numbers are consolidated from the subsidiary level to the parent company level.This includes the following: There are also different methods of consolidation.

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