Challenge

  • Long consolidation and reporting times with limited flexibility
  • Currency Translation needed to be implemented
  • Lacking Intercompany and Investment/Equity matching
  • Manual NCI calculations and manual NAV adjustments post equity eliminations
  • No ability to book pre/post close adjustments and rerun consolidations
  • Cash Flow produced manually
  • Manual UK/Singapore GAAP and Tax consolidations

Solution

  • Implemented HFM as consolidation, analysis, and reporting tool
  • Enhanced Chart of Accounts, including roll forward detail for cash flow automation
  • Built Legal Entity and Tax structures with intercompany/investment/equity and cross-ownership eliminations
  • NCI calculations on the fly with NAV adjustments booked on top
  • Cash flow automation based on balance sheet mapping
  • Multiple scenarios for US/UK/Singapore GAAP reporting

The solution has been running in production since 2011

picture18Benefits

  • Consolidations run in under 15 minutes
  • Reduced manual entries and offline calculations by 85%
  • Currency Translation (CTA), Inter Company reconciliation, Investment/Equity/NCI eliminations can happen with one consolidation process
  • Calculation details can be tracked and analyzed
  • Automated 90% of the cash flow calculations and reporting
  • One GL leveraged for multiple GAAP/Tax consolidations

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