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In taking on the task of completing their Statutory and Management Reporting, Companies often face a complex and cumbersome consolidation process. Manual data collection and consolidation is time consuming, resource intensive and error prone. External and internal pressures to deliver accurate and certified financial statements in ever shortening periods are forcing organisations to take a new approach to their Consolidation requirements. The consolidation process has become sophisticated requiring global consolidation functionality to handle multiple reporting and consolidation standards such as IAS, IFRS and GAAP; intercompany elimination and reconciliation; multicurrency translation; complex ownership calculations and financial consolidation rules. Fios understands these challenges and provides organisations with unmatched capabilities for managing the close, consolidation, and reporting process. The automated, menu-driven application that is owned and managed by Finance can consolidate diverse ledgers representing thousands of operating units and accounts into a common chart-of-accounts structure on a centralised web solution. By having a single, central, validated source for financial information based on reputable data collection from multiple sources and built-in functionality for processing, validation, certification, reconciliation, audit trails etc., users can confidently and easily understand and analyze the financial performance of the business and the financial strength of operations. |
