How Fast and Accurate is Your Financial Close Process?

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Stuck with an old consolidation product

As knowledge of these legacy consolidation products disappears from your business, they become harder to support, introducing unacceptable risks into your close process. Financial consolidation is managed separately from financial planning, so it’s hard to maintain a single point of truth.

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Outgrown static spreadsheets

Static spreadsheets are not enough, especially for auditors. Creating consolidated financial statements should not be a time-consuming, manual, and error-prone process.

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Current solutions can’t adapt quickly enough

Existing rigid consolidation solutions struggle to adapt to the pace of business change and can’t support the needs of a growing business (more subsidiaries/legal entities). Integrating them into the group’s evolving ERP landscape is hard, resulting in time-consuming data import processes.

Fully Compliant, Standardized Consolidations for All Group-Wide Reporting Needs

As close cycles become ever shorter and regulatory requirements become more demanding, IDL Konsis helps eliminate time-consuming manual processes for finance and accounting so you can experience a short, optimized close by implementing fully compliant, standardized consolidations that cover all requirements for group reporting. For these reasons, IDL maintains a leading position in corporate consolidation functions.

Trusted by:

Streamline and Automate Consolidation for a Shorter Close Cycle

Automated currency conversions

Intercompany reconciliations and eliminations

Matrix consolidations

Capital and debt consolidations

Goodwill amortization

Deconsolidation

At-equity consideration

Calculation of deferred taxes

Late adjustments

IDW PS 880 certified

A Complete, Proven Solution for Single or Complex Multilevel Financial Consolidation

Support all financial consolidation needs of even the most complex groups

Prepare high-quality, audit-ready, consolidated financial statements for financial divisions, subsidiaries, and the group company. Work with proven, comprehensive, all-in-one consolidation software, which includes initial consolidation, deconsolidation, matrix consolidation, goodwill amortization, at-equity consideration, intercompany reconciliation, calculation of deferred taxes, late adjustments, and much more. Scale to support groups with less than 10 legal entities up to those with thousands.

Transform period-end with a fast, accurate five-day close

Reduce the time taken to prepare financial statements with automated consolidation and decentralization of the close process. Prepare management consolidations and legal consolidations in parallel, even in different consolidation currencies, with multi-dimensional roll-ups matching business units and your legal corporate structure.

Simplify compliance with built-in rules for regional and international accounting standards

Report consolidated financial statements using any international accounting standard, including IFRS, HGB, UGB, US GAAP, and Swiss GAAP FER. Meet all requirements for Country-by-Country Reporting (CbCR) required by regional tax authorities, including the German Federal Central Tax Office. Work with a solution that is trusted by over 1,100 customers and certified for auditing standards (IDW PS 880) by audit firm, BDO.

Work with a single version of truth for accurate group financial data

The IDL platform offers a complete financial performance management solution, in which close and consolidation are integrated with financial budgeting, operational planning, disclosure management, and reporting and analytics. Automatically process data from multiple source systems with SAP ECC- and S/4 HANA-certified integration and smart connectivity to other ERP systems, including Microsoft Dynamics and DATEV. With all your processes working together from a single point of truth, you have accurate data to underpin consistent, company-wide decisions and to streamline your financial processes.

BEST-IN-CLASS FEATURES

Automated Consolidation

Prepare financial statements in less time

  • Automate intercompany reconciliations, intercompany eliminations, capital consolidation, equity adjustments, currency conversions, and more
  • Enrich close data with missing information to save time and increase data accuracy
  • Transmit balances alongside table and notes data from subsidiary companies to accelerate preparation of the consolidated balance sheet
  • Generate financial statements and reports automatically
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Visual Status Monitoring

Ensure your close process is on track

  • Define visual workflows to guide team members through the close process to ensure accuracy and speed
  • Understand the status of the consolidation process at any time through an at-a-glance dashboard that keeps everything on track
  • Enable team members across all locations and entities to track the progress of your close and streamline the end-to-end process
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Full Audit Trail

Provide the transparency today’s auditors demand

  • Capture an integrated audit trail for efficient approval processes and monitoring open tasks for a fast and smart close
  • Document all reconciliations, transfers, and subsequent postings in one place, so posting data and balances at all consolidation levels are traceable
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Multi-Currency Conversion and Translation

Perform multi-currency conversion on the fly

  • System-supported currency translation for foreign and group currencies
  • Automate preparation of financial statements in the group’s reporting currency
  • Display historic rates and show the impact of changes in foreign exchange rates
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Finance Owned and Managed

Implement changes without relying on IT

  • Enable finance teams to implement changes to the groups structure, chart of accounts, and master data quickly and flexibly without relying on IT
  • Encourage financial managers across different areas, regions, or countries to collaborate to share knowledge and ask question to speed up the close process
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Deep Source Systems Integration

Integrates with your current and future ERP technology and grows with your business

  • Reduce time to value with pre-built, smart connectors that understand your source systems
  • Automatically process data from multiple source systems with SAP ECC- and S/4 HANA-certified integration and smart connectivity to interface with other ERP systems, including Microsoft Dynamics and DATEV
  • Drill through from consolidated data into the underlying source system to speed up analysis
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Work with the #1 Reporting Vendor for ERPs and EPMs

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With the software solution from IDL, we can flexibly react to new requirements from the regulatory environment.

Stefan Floth Group Risk Controlling, Commerz Real AG at Commerz Real View Customer Story

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