Accounting Consolidation as a Service
Let our team of experienced accounting consolidation experts manage your financial consolidation process. Expertise, consolidation software and business intelligence in one powerful solution.
Call +44 (0)1784 770880
Need help preparing consolidated accounts and financial statements?
We know multi-company accounting consolidation is time-consuming and requires expert knowledge as well as the right tools.
Our team of experts can produce high-quality consolidated group financial statements including profit and loss, balance sheet, and cash flow for your group.
Setup
Firstly we review accounts output, perform mapping and establish business rules (e.g. currency and interest rates).
Month-End Close
Run month-end close at entity level for each company including full reconciliation and agreement of all intercompany balances.
Submit Accounts
Each company then submits accounts for consolidation at group level, often in an agreed format (the “unit input”).
Unit Input
Next we assess the unit input in case adjustments may be needed (for example to switch from local GAAP to IFRS)
Convert Currency
Convert from local currencies into the group currency and account for any resulting translation movements.
Elimination Adjustments
Post intercompany elimination adjustments to remove the effect of transactions and balances between group companies.
Other Adjustments
Post other consolidation adjustments - acquisitions or disposals, goodwill, elimination of subsidiary share capital, etc.
Report Results
Finally, we report to internal and external stakeholders. This may include group cash flow statement and bank covenant calculations.
Need some help?
If you think we can help please visit our Get in Touch page, give us a call on 01784 770880 or drop us an email info@ireportonline.co.uk
Why choose ireport?
Blending best in class accounting consolidation tools with technically expert accountants who understand your business.
- Expertise, software and business intelligence in one solution.
- Ownership of the process – we are accountable for the output.
- Allows you to focus on core aspects of your accounts function.
- Peace of mind that this technical process is under control.
- Accurate consolidation throughout the year.
- Reduced anxiety about the year-end audit and the audit fee.
- Avoids reliance on a very large Excel model and its architect.
We monitor loan covenants too
- Most lenders stipulate loan covenants that borrowers must meet.
- However, monitoring these covenants is time-consuming with Excel spreadsheets and manual checking
- ireport’s accounting consolidation reporting service ensures active monitoring of loan covenants and helps avoid an accidental breach
- We also produce the debt covenant reports for lenders and key stakeholders
Related Article | How to manage loan covenants with consolidation reporting