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Financial consolidation tool

Enables creating annual and interim financial statements, and directors’ reports, as well as management reports in multi-currency Groups

Provides complete control over the entire consolidation process, making it well-structured and automated.

Financial consolidation tool is proprietary solution of PwC, designed by registered auditors. It consists of consolidation packages and sheets, and as MS Excel-based tool it is easy to implement, friendly and intuitive for a user and much cheaper than dedicated systems for consolidation

The formulae and macros implemented therein allow to maintain consistency of data and transparency of adjustments and consolidation exclusions made; they eliminate the risk of committing an error by a user. 

Financial consolidation tool is tailored to the users' needs and requirements, and to the specifics of activity of a given Group, in accordance with the International Financial Reporting Standards (IFRS) or the Accounting Act. 

The employees of financial and accounting departments additionally receive support in the form of workshops and training relating to the consolidation process, and at the later stage of use they may benefit from services of the multilingual user assistance office. 

Screening

Automatic screening of the correctness of source data as well as activities performed in the consolidation sheet and the consistency of data contained therein.

Monitoring

Possibility to monitor the status of package filling as well as automatic comparison and identification of differences between individual versions of files.

Editing

Simple introduction of modifications within the capital group, e.g. adding a company, changing a consolidation method. Automatic creation of the capital group’s history.

Consistency and transparency

Consistent introduction and deletion of adjustments and consolidation exclusions. Possibility to generate a list of all adjustments at any time.

Explore the capacities of Financial consolidation tool

Transactions

Repository of data about transactions on capitals. Possibility to reconcile intergroup transactions and, at the same time, to create a basis for consolidation adjustments

Trial balance

Quick introduction of data thanks to a combination with a trial balance – the possibility to use the note filling structure in subsequent years.

Opening balance

Transfer of opening balances to next periods.

Currencies

Automatic translation of data of reporting entities to other currencies. Easy management of currency exchange rates thanks to the file collecting data on currency exchange rates.

Notes

Easy navigation between notes with the possibility of direct transfer to the final report in MS Word file and the possibility to hide blank lines, unused in a given reporting period.

Reports

Possibility to create quarterly and annual reports in one tool, thanks to the option of note exclusion.

Universality

Support for a few languages at the same time – the possibility to change the language of the tool and the report by a single click. Any number of language versions in one file!

The tool responds to the majority of challenges in the consolidation process:

Large number of duplicate or inconsistent sources of data used in the consolidation process and frequent changes introduced to source data constituting the basis for preparation of consolidated financial statements;

Various structures of reporting financial data by consolidated entities, inconsistent presentation of business transactions at the level of single lines of the financial statements by individual companies subject to consolidation;

Manual introduction of data from consolidated companies and related labour-intensive update after each change;

No consistency between the adjustments introduced at the level of the balance sheet and the income statement and the adjustments introduced to notes.

Contact us

Katarzyna Podgórna

Katarzyna Podgórna

Partner, PwC Poland

Tel: +48 519 504 681

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