Consolidation and financial reporting

Consolidation and
financial reporting

Renowned accounting firm

Fideliance assists many companies in their day-to-day administrative and accounting activities: bookkeeping, account reviews, annual accounts, budget forecasts, reporting assistance and even domiciliation. Our highly skilledteam offersexpert advice and will take time to understand your objectives and provide a seamless service.

OUR SERVICES

CONSOLIDATION ANDFINANCIAL REPORTING

CONSOLIDATION

This is the most traditional and longest-standing activity of our firm which involves the preparation of consolidated accounts for our clients. Successful completion of such task relies on use of a proven methodology by involving all the necessary parties and under the control of an expert. By opting to take advantage of our consolidation services, you will benefit from peace of mind knowing that we reduce the complexity of the process. You can subsequently examine the resulting quantitative data and use this opportunity to correct any information if necessary. In addition, we have established relationships with certified public accountants to ensure that the work we provide is documented and certified. The task is carried out using the consolidation software package adapted to the client's needs as each situation requires individual attention.

This is undoubtedly the most difficult task: to successfully complete the first consolidation. We understand that all group specifics need to be identified as part of the process:

Definition of consolidation perimeter
Relevant consolidation methods to be applied
Identification of data needed for consolidation
Identification of group-specific restatements and eliminations
Transfer of data to the consolidation system, including those from previous years
Fair value measurement of assets and liabilities that enter the consolidation perimeter
Preparation of accounting records and those related to restatements, eliminations and deferred taxation
Equity closure
Preparation of the consolidated financial statements
First consolidated financial statements brochure

This first publication exercise requires a smooth collaboration between the group's financial services and our firm.In this context, our fees are adapted to the work split between the group and the firm.

The preparation of consolidated accounts or reporting via remote access (SAAS or ASP mode) is undoubtedly a major leap forward. This approach allows the consolidation work to be shared between the group and the service provider.

This process involves the following main steps:

Choice of consolidation tool in SAAS or ASP mode
Consolidation software training
Backdating of entries in the first year of preparation of the consolidated accounts
Complex workload breakdown involving certain restatements, deferred taxation, compliance of balance sheet flows, changes in scope, equity closure and reporting.

This type of intervention is offered to some of our clients to support the internal consolidator throughout the final stages of the consolidation process. These interventions are based on the data provided and help, for example, to:

Refine balance sheet flows by business in order tobalance the consolidated statement of cash flows
Approve the accuracy of issued restatements
Confirm or resolve scope entries
Approve or complete the equity closure
Approve or solve a particular technical complexity
Provide inputfor editing or finishing the consolidated financial statements booklet

Such tasks are usually carried out by experts or senior staff.

Consolidation consultants at your disposal
Consolidation service outsourcing
Audit of consolidated accounts

Particular attention should be paid to the calculation of social security contributions and their regularisation in the event of compensation from social security funds.

Large groups require consultants with specialist knowledge who have both consolidation expertise and excellent consolidation software skills. In partnership with Exenco, we supply experienced and expert consultants who can:

Undertake relevant work during intense periods of consolidation
Replace unavailable staff in certain cases

FINANCIAL REPORTING

Our approach: Prior to any intervention, we conduct a preliminary analysis to identify the real needs of your company and to consider the constraints of the participants involved in the project. We favour the implementation of simple solutions, in line with the data available in your upstream systems. Exampleof a context:

International Group
CA<1Md€
15 subsidiaries

Objectives:

Periodic monitoring of activity and objectives
Abandonment of multiple spreadsheet reporting files

Constraints: Downsized production team at headquarters

Our solution: The use of a dedicated application has made the production process more reliable. The data is collected directly from the subsidiaries, thus relieving the central teams of the processing. Reporting production times are reduced, freeing up time for analysis of the data produced.

The production of acompany's reports requires the implementation of simple tools that facilitate their production and secure the data. Our methodology is based on short diagnoses (1 to 2 days) which allow us to detect areas for improvement and make recommendations to enable teams to reduce production time and thus free up time for analysis.

Project example: Production of a monthly consolidated Cash Flow Statement (CFS)

Context: Group of 45 subsidiaries undergoing an LBO required to produce a monthly consolidated cash flow statement (CFS)

Constraints: Sending data on D+6. Downsized production team at headquarters.

Our solution: The production of a CFS involves gathering detailed balance sheet flows. This very time-consuming exercise at monthly intervals was not feasible in the context of the group. We therefore designed a CFS that was automatically fed by the net changes in the balances. The synthetic CFS format proposed to the shareholder was approved. The production and validation of the monthly CFS is carried out by one employee in one day.

Project example: Implementation of a collaborative tool for intra-group data reconciliation

Context: International group with 35 subsidiaries. The reconciliation of intragroup data during the statutory data transfer was a very time-consuming phase and the exchanges between subsidiaries spread over many countries were complex.

Our solution: A collaborative tool for reconciling intra-group data against invoices has saved a considerable amount of time. The accounting data is directly interfaced and reconciled automatically. Once processed, the intra-group data is imported into the consolidation software, thus avoiding double entry.

Define with you the key indicators that enable you to make the right management decisions for your business
Structure your information to make it readable and "talkable"
Eliminate all the time-consuming information from your reporting that is not used or relevant to your business management

Our approach: Monthly dashboards are often a succession of tables and do not allow to clearly identify the real performance of the company. We look for key indicators that allow you to quickly understand your business and act accordingly.

We support our clients throughout the life cycle of their tools and are able to meet their expectations when new needs arise. The applications we deploy are perfectly mastered by our teams. We carry out application monitoring and can offer our clients training in new functionalities.

Our team of consultants will assist you in the production of your reports. This assistance can range from complete outsourcing of production to ad hoc assistance.

Context: IT services company seeking a profitability analysis on all its service contracts.

Constraints:

Data transmission on D+15
Follow-up of time management for about fifty service providers
Comprehensive outsourcing of accounting functions

Our solution:

The reporting process involves defining a management and cost accounting system. Once a production process had been defined, we developed a cost accounting plan per function and per client.The data is collected directly from the subsidiaries, thus relieving the processing burden of the central teams. Reporting production times are reduced, freeing up time for analysis of the data produced.

We put management tools and software at your disposal.