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Financial Consolidation – driving process automation and financial reporting agility

Are you spending countless hours of work every year preparing consolidated financial statements for your organization? Finance professionals typically go through many manual steps and a complex, tedious process to consolidate separate financial statements from subsidiaries, properly account for mergers and acquisitions, calculate foreign currency translations and eliminate intercompany transactions.

A unified view of performance with integrated financial consolidation

The tight integration of financial consolidation with financial planning and analysis has several advantages. Integrated financial consolidation not only produces audit-proof financial statements that meet international standards such as GAAP and IFRS but can also deliver a broader view of the group’s financial performance to key stakeholders. Internal management reports and KPIs provide the CFO and other business functions with crucial financial insight for enterprise performance management.

Benefits of Integrated Financial Consolidation:

  • Meet regulatory reporting requirements

  • Ensure transparency and traceability for audits

  • Gain insights into financial performance

  • Enrich the data foundation for decision-making

Ipad Financial Consolidation

What is Financial Consolidation?

In financial accounting, consolidated financial statements provide a comprehensive view of an organization’s financial position by combining financial data from all its subsidiaries and business entities and rolling it up to the parent company for reporting purposes. Public companies must follow the generally accepted accounting principles (GAAP) for external disclosure of consolidated financial reports and comply with the International Financial Reporting Standards (IFRS) for international disclosures.

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Jedox Financial Consolidation Software

Fast, agile and connected. Meet internal and external reporting requirements with high speed, agility and consistency. With Jedox Financial Consolidation software you can automate complex consolidation measures and accelerate reporting to free-up time and resources. Jedox is an integrated Enterprise Performance Management solution combining financial consolidation and financial reporting with planning, budgeting and forecasting in one digital platform for agile decision-support.

Accelerate manual steps, automate standard processes and gain more transparency.

Accelerate manual steps, automate standard processes and gain more transparency.

Administer complex group consolidation

Configure and administrate complex group structures assigning ownership rates and appropriate consolidation method. Maintain multiple versions for internal and external reporting or simulation of what if scenarios.

Streamline data collection and validation

Automate data aggregation from your ERP system, Jedox applications and other sources. Utilize pre-built Excel templates for additional data upload and import currency exchange rates. Intuitive workflows for data collection, plausibility checks and data validation help speed-up the data collection process.

Accelerate data preparation

A comprehensive Posting Journal helps you keep track of consolidation measures with fully automated entries and manual bookings to ensure transparency and traceability. Additional steps such as intercompany matching and reconciliation as well as currency translations and calculations for foreign exchange rate differences can also be fully automated.

Automate consolidation measures

With Jedox Financial Consolidation you can automate complex measures such as subsequent capital consolidation, intercompany eliminations, debt consolidation, expense and income consolidation and more. Plus, subgroups are consolidated simultaneously for faster, more transparent results.

Meet external reporting requirements

The highly configurable solution meets any reporting standard, including GAAP, IFRS or else and comes with many pre-built reports including a consolidated balance sheet, profit and loss, comprehensive income, cash flow, movement schedules, changes in equity, and more. The granular audit-trail ensures traceability and speeds up external audits.

Gain performance insights

Enjoy full flexibility to design customized management reports and self-service capability empowering users across the organization to create their own analysis faster. Create a shared data foundation and an end-to-end integration in planning, budgeting and forecasting as well as performance management cycles.

A Best Practice Application with Maximum Agility

Jedox Financial Consolidation is a pre-built application and part of the Jedox software suite for integrated Enterprise Performance Management. Jedox pre-built application models for financial planning and analysis, sales planning, workforce planning and more enable users to quickly configure powerful solutions with best-practice functionality. They also enjoy an unrivaled flexibility for customization and extension. The Financial Consolidation Model is designed for extremely fast solution deployment.

Financial Consolidation Mockups

What Jedox customers are saying

Customer Kvadrat Logo
“Jedox is a flexible solution, not as heavy and unwieldy as other systems on the market.”
Laurent Weiler - Finance Manager, Kvadrat
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“With Jedox, we benefit from better decision-making and consistent information. It just made my life easier.”

Jason Lamb - CFO , Exclusive Tyres