BBHR Web icon_21 Sep 2015_14-Consolidation Consolidation

FESA Consolidation is dedicated to improve efficiency and internal control over the preparation of consolidated financial statements and also the execution process related to performance management for a group of companies. It provides automation and streamline of group consolidation and budgeting functions to meet financial regulatory requirements and to facilitate the reconciliation between differing standards. Moreover, it offers a high speed platform that the entire consolidation process is totally automated, therefore dramatically improving efficiency whereas shortening the closing time. Information collected can be used in both financial and management reporting, which can be deployed in different ways, for example dashboard and spreadsheet, or desktop and mobile device, or Windows and Linux etc.

 

Benefits

1.Drastically minimize lead time of financial closing and put more focus on presentation and understanding of your numbers, therefore enhancing shareholder value

2.Improve the use of relevance of your financial information that same set of data source can be utilized for generating financial information for different purposes. Reconciliations between financial scenarios are easy to achieve and time-saving when reconciling between IFRS and GAAP

3.User-friendly design that each application system is as concise as possible, so that user can be familiar to operate the system quickly

4.Minimize tedious tasks to let the professionals to leverage their skills to handle strategic analysis and presentation

5.Provide system continuity because it is able to follow new accounting practices through continue effort to configure new processing rules into the existing system

Features

1.Automate entire consolidation process and eliminate processing time, for example monthly closing for group consolidation can be reduced to a day

2.Support different types of data sources for consolidation, including transaction, voucher, trial balance and financial reports

3.Generate different scenarios, for example the first scenario is to comply with IFRS requirements, and the second scenario is for monitoring of business performance by adopting specific measurement rules

4.System Automation. When each batch of incoming financial data is confirmed for processing, the relevant vouchers will be overwritten automatically until period end closing is executed

5.Support multiple exchange rate types, including opening rate, closing rate, average rate, historical rate and composite rate

6.Automatic currency translation including the computation of exchange realignment for certain non-current assets and liabilities

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