Author
Chris King

Group entities can struggle to prepare consolidated financial statements, particularly after the acquisition of new subsidiaries with differing charts of accounts.

A Pilot consolidation model can assist with:

  • Timely preparation of reports
  • Tracking consolidation adjustments
  • Inter-company loan eliminations
  • Foreign exchange for international divisions
  • Standardised account mapping and reporting

Case study

A client with operating divisions in different states and overseas was spending weeks each quarter compiling financials to determine the group’s consolidated performance. This process required finance team members to extract data from different accounting systems and match the data to a standard set of items for reporting. These standardised financials then needed to be added together, internal transactions eliminated and other adjustments made.

Pilot’s Financial Modelling & Analysis team built the client a Consolidation Model which allowed the Finance Manager to centrally download the required financial data and consistently assign it based on previous periods. The model then quickly produces a set of standardised, consolidated financial statements and management reports for use by the Board and auditors. By automating the process, the risk of inconsistencies and human error was greatly reduced.

For more information, contact Chris King from our Financial Modelling Team on (07) 3023 1300.