01
Starting point
A corporate group of more than 30 companies and 50 business segments operated in many European countries, using a statutory consolidation tool that did not meet its management needs.
30
companies in the Group
50
business segments
8
currencies, 2 types of exchange rates
5 years
budget planning for the years ahead
01
A corporate group of more than 30 companies and 50 business segments operated in many European countries, using a statutory consolidation tool that did not meet its management needs.
02
The existing solution lacked flexibility in building forecasts and multi-year budgets, which made it hard to prepare plans and period-over-period comparisons quickly.
03
The organization was looking for a tool that would enable full management consolidation, efficient reporting and greater data transparency across the Group.
With automated consolidation mechanisms, Fincorex® enabled full management consolidation – both for the whole Group and for individual subgroups of companies. The system eliminated intercompany balances in the P&L, balance sheet and cash flow, and made it possible to enter and monitor consolidation adjustments. As a result, the organization gained a clear view of its financial position: from subsidiary details to the perspective of the whole Group.
Real-time currency translation ensured consistent presentation of data in any reporting currency, with reporting in thousands or millions. The system also made it possible to compare results excluding the effect of exchange rate changes, improving the precision of analysis and the assessment of plan variances. Fincorex® was integrated with the existing statutory consolidation tool, enabling fast transfer of actuals for management reporting.
Standardized reporting packages let companies enter forecast and budget data along with adjustments, while built-in controls ensured the information was consistent and correct. The solution was extended with tailor-made calculation rules for cash flow, cash pool and credit limits. The system also enabled multiple versions of forecasts and budgets and their comparison. Integration with Power BI gave controllers access to data through interactive reports and visualizations, significantly speeding up analysis and reporting across the Group.
Fincorex® enabled consolidation of the P&L, balance sheet and cash flow across the group and its subgroups, with automatic elimination of intercompany balances and the ability to enter consolidation adjustments.
The system enabled reporting of actuals and budget in multiple currencies, using exchange rates from different years and scenarios, in different units (thousands, millions), ensuring consistency and control of plan variances.
The company can now handle cash pool, overdraft and cash mechanisms, calculate financial ratios dynamically and process data immediately after it is loaded from the reporting package.
Users can easily create multiple versions of forecasts and budgets, copy data between versions and check data consistency at different consolidation levels.
Fincorex® integrated data from the statutory system and reporting packages, enabling fast data transfer, financial ratio analysis and Power BI visualizations, with full control over access and data security.
As a Proof of concept, we'll rebuild your reporting or planning model in Fincorex® and show it to you at our next meeting.
