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Managing the consolidation and reporting process on a periodic basis can pose a challenge for many organizations. To meet investors’ expectations, some organizations may need support in streamlining their reporting on a group level.
Periodic consolidation and reporting can be a complex and time-consuming task for many organizations, mainly due to:
Regulatory compliance requirements
Increased cost pressure
Additional reporting requirements
Higher demand for agility in reporting and planning
Lack of technology, talent and resources
Organizations with multiple entities entering into complex group structures may face additional challenges. In order to meet investors’ expectations, organizations should seek to streamline the consolidation and financial reporting on a group level and provide more detailed consolidation processes for corporate groups.
Group accounting can be exposed to several internal and external challenges, such as:
Regulatory changes resulting in additional reporting requirements
Digital disruptions due to fast-changing, innovative solutions
Finance transformation
Performing the consolidation process for the first time
Special purposes, such as US tax reporting
Changes in IT consolidation tools
Outsourcing of the consolidation process
Integration of new entities into the group consolidation process
Agile reporting
Fundraising
Lack of skilled resources to perform consolidation process
Solution benefits
If you are facing any of these challenges, the EY Managed Consolidation and Reporting Services (MCRS) professionals can help. The service combines the finance and accounting knowledge of EY teams with industry-leading technology and provides a technology-supported consolidation and reporting experience (for example, using SAP BCS/4HANA and AMANA SmartNotes as prime technology).
The service can be tailored to your requirements and can range from coordinating individual reporting units to providing support with the statutory audit process. The offering can be leveraged in various ways:
Fully outsourced: enhances consolidation and reporting processes
Partly outsourced: performs the consolidation and reporting on-site or using the existing systems
Hybrid: fully outsourced initially; helps with the transition and system implementation into existing systems
Solution features & functionality
The solution can be leveraged for internal management reporting, used as a full-fledged external finance function or provided as an enhancement for your existing finance function.
Potential business benefits of this service can include:
More cost-efficient and robust consolidation process
Better accounting compliance
Availability of skilled resources for agile reporting
More consistent processes due to a single point of contact in a centralized delivery model
Insightful comparisons and analysis between countries and entities across standard services
Access to EY professionals and technology
Better analysis of financial statements and respective KPIs, using visualization tools
Why EY
EY Managed Consolidation and Reporting Services combines the finance and accounting knowledge of EY teams with industry-leading technology to provide a technology-supported consolidation and reporting experience, tailored to your requirements.
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