System for consolidation and reporting

Data is stored on a Microsoft SQL database which may be installed on the firm’s server device or a dedicated cloud solution may be used. In the centralised approach, all data is stored in one central place and everyone involved in the process has quick access to the reports and to the detailed source data.

All procedures and tasks during the consolidation are being run in one central place. Data management and calculations, report preparation, and all issues regarding roles, tasks, users, configuration, etc. are defined in main application and controlled by parent company.

Subsidiaries are able to provide data on-line, directly to the central application. Such an approach significantly shortens the process and ensures same data format and structure.

The platform can be tailored to meet apecific needs of a particular group, especially with respect to the shape of forms and financial statements. The Group can define its own customised formulas or additional reports, particularly for non-financial reporting purposes (integrated reporting). All created documents are compatible with MS Excel.

The implementation of the system is coordinated by accounting advisors. Such an approach guarantees that all current GAAP requirements in the area of new disclosures, additional notes or lines are met. Current standalone and consolidated financial statements can be additionally reviewed and optimised in order to improve the informative function of a report.