London, United Kingdom, November 12, 2009 --(PR.com
)-- BOARD International is proud to announce the release of Board Financial Consolidation (“BFC”), a solution to the consolidation and reporting requirements of international groups of companies.
Built with BOARD, the market-leading business intelligence and corporate performance management toolkit, BFC combines the power of the pre-built consolidation routines with the flexibility of the underlying toolkit. This enables each implementation to be precisely configured to the particular requirements of the organisation as well as enabling close integration with other BOARD applications such as budgeting and forecasting, management reporting, profitability analysis, key performance indicators and scorecards, as well as with the Microsoft Office suite of products.
BFC is designed to meet the requirements of all stakeholders in a business, including management, shareholders, auditors and regulators. It reduces the time taken to prepare monthly consolidated management accounts and statutory accounts, from the automatic upload of data from source systems through to automatic consolidation elimination entries and production of final reports. Many groups of companies still consolidate monthly accounts, budgets and forecasts in Excel, with all its attendant problems of complexity, data integrity, version control, lack of flexibility and accessibility to the data. BFC solves all these problems with features such as the “single version of truth”, workflow to control submission and approval of data, multiple views, multiple versions and scenarios, automation of procedures, detailed access security settings, multiple consolidation nodes (sub-groups, management vs. statutory accounts) etc.
Through automatic elimination of inter-company and equity balances and carry forward of static adjustments, they have found that the number of lines of consolidation journal posted on a monthly basis can be reduced from over a thousand to as low as single figures.
The same database of consolidated and underlying subsidiary data can readily be used to deploy other applications, such as up-to-date key performance indicators delivered to the desktop of senior management, or automatic exception reporting to local and group financial controllers.
BFC includes the following features:
- automatic upload of data from underlying ERP and general ledger systems,
- mapping of local chart of accounts to group chart of accounts,
- conversion of local currency to group reporting currency,
- automatic elimination of inter-company accounts (balance sheet and P&L), investments and subsidiary equity accounts, inter-company dividends, etc.
- allows adjustments to be posted at multiple levels, e.g. at company level in local currency or group currency, or at consolidation level,
- workflow to manage the submission of data and approval by head office,
- supports multiple accounting standards within one application, e.g. IFRS and local GAAP,
- assists inter-company reconciliations by allowing local controllers to view balances held with their companies by others,
- flexible security settings to define who is allowed to see what,
- capture and consolidation of non financial information, such as headcount, volumes, operational statistics, etc.
- key performance indicators, ratios, etc.
- set of pre-defined reports for balance sheet, profit and loss, cash flow, notes to accounts, etc., with ability to modify or create new reports very easily,
- multiple scenarios - actual, budget, multiple forecasts, actual at budget rate, etc.
- production of reports, e.g. annual statutory accounts, monthly Board packs, etc.
- multiple consolidation nodes, e.g. full group, sub-group, covenant groups, divisional aggregations, management accounts as distinct from statutory accounts, etc.
- graphical user interface.
- supports multiple languages.
For further details, contact Natasha Judge
For more information about BOARD please visit www.board.com