Legal Consolidation
The legal consolidation app is built to elevate and simplify your legal consolidation processes. While the existing Finance App offers management consolidation features, the Legal Consolidation App takes it a step further with advanced functionalities specifically tailored to meet your legal consolidation needs.
Streamline and accelerate financial consolidation
- Automated consolidation bookings including intercompany, deferred taxes and minority interests, streamline the process and ensure accuracy
- Automated equity consolidation
- Automated multi-currency translations
- Utilise a separate IC matching module for enhanced accuracy in intercompany transactions.
Adaptable, reliable and versatile
- Enable multiple consolidation circles for diverse reporting needs
- Perform multi-GAAP and IFRS adjustments for comprehensive financial reporting
- Customisable consolidation intervals, whether yearly, quarterly, monthly, YTD or other
- Utilise consolidation entries across multiple circles effortlessly
- Utilise health checks to monitor and manage changes effectively, ensuring data reliability
User-friendly and intuitive
- Easily configure and access predefined views for simplified usage
- Same mappings and structures from Management reporting
- Drilldown to the invoice level
- P&L, B/S, cash flow statement and ratios
- Consolidated budget functionality
Legal Consolidation
IC elimination
Our consolidation tool seamlessly identifies intercompany entries by leveraging flagged data showcased in the IC reconciliations app. These entries are automatically processed and recorded per relationship across various consolidation groups, ensuring precise and efficient financial consolidation.
Multi-currency
- Automated currency translations
- Make sub-consolidation in currencies different from group currency
- Use historical exchange rates for specified GL accounts
Automated consolidation bookings
- Deferred taxes impact
- Minority interests
- Essential entries conforming to legal consolidation methods and aligned with management consolidation practices.
Transparency and traceability
- Trace every amount via the drilldown till the lowest level
- Comprehensive audit logs
- Limit and manage access via role permissions and data limitations
- Approval permissions
Equity consolidation
- Consolidate equity via automated flagging
- Goodwill automatically calculated
- Option to amortise it over selected periods.
Let’s make your data talk. BrightAnalytics has 280+ integrations.
- Connect all types of applications, both accountancy and ERP and CRM.
- The resource can be online, on premise or even a spreadsheet.
- Any number of applications can be combined on the platform.
FAQ
Below you’ll find answers to commonly asked questions about our consolidation app. If you have a question that isn’t addressed here, feel free to reach out to us directly for assistance.
- What is BrightAnalytics?
BrightAnalytics is the most intuitive, reliable and fast management reporting platform that covers all needs on management reporting and consolidation.
- How does BrightAnalytics work?
- Connect: BrightAnalytics connects with accounting, ERP and CRM systems, and centralises all data in the BrightAnalytics platform.
- Report: The standard templates in BrightAnalytics are immediately ready for use, but can be fully tailored to suit one’s needs.
- Analyse: The management reports and dashboards offer a wealth of information and immediately provide clear insight into the figures of the entire organisation.
- Engage: The clear reports contribute to a better streamlined business strategy and execution, and ensure transparency within the company.
- Does BrightAnalytics connect with my package?
On the page https://www.brightanalytics.eu/integrations/ you can find a list of all our connectors.
- How does the IC reconciliations app work?
The IC Reconciliations app visualizes all intercompany transactions per relationship. These transactions are categorized into P&L, B&S, and Full (a combination of P&L and B/S data), providing a clear and organized view of intercompany bookings.
- Does my package need to be a Cloud package?
No, your package does not need to be a Cloud package. BrightAnalytics links up with packages from the Cloud, on the server, or even Excel files.
- Why is consolidation necessary?
Consolidation is necessary because it provides a comprehensive view of a company’s overall financial health by combining data from all subsidiaries and business units. This unified financial reporting simplifies compliance with regulations, enhances transparency, and aids stakeholders in understanding the company’s performance. Consolidation also eliminates intercompany transactions, supports strategic decision-making, ensures accurate resource allocation, and enhances the company’s credibility with investors and regulators. Overall, it enables better performance evaluation and strategic planning across the entire organisation.
- Is it possible to consolidate in GAAP and IFRS?
Yes, it is possible to have multiple apps where you can consolidate according to different accounting standards (like GAAP and IFRS). The same accounting data is used across these apps, but different reporting and consolidation structures can be applied. Additionally, manual consolidation bookings can be reused under certain circumstances.
- Is it possible to consolidate multiple currencies within a single consolidation structure?
Yes, by using sub-consolidation groups, you can first consolidate a group of foreign entities in their local currency. At the next level, you can then consolidate in the group currency (or another intermediate currency), with the currency translation done automatically and transparently.
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