Talking to a SAP B1 customer the other day, I learned that his role involved routinely working with SAP B1 and an independent software vendor (ISV) consolidation tool to process financials from subsidiaries all over the globe.He regularly has to meet regulations that are particular to certain countries, with related currency conversions, including International Financial Reporting Standards to Generally Accepted Accounting Principles (IFRS to GAAP) adjustments – and it is only possible because of a powerful consolidations solution.These reports combine data together in ways that reconcile diverse currencies, eliminate transactions between subsidiary companies, and additionally adjust anything to make sense of the parent company financial health.Today, business leaders are shopping for a tool that simplifies the consolidation process for a couple of reasons.
You should think about which features and functionalities are going to best help you meet your goals. From time to time, one company will buy or sell supplies or merchandise to another company under the parent company umbrella, which cancels out the items in a consolidated financial statement, in terms of expenses or revenue for either subsidiary.Financial consolidations can be difficult and complex at times, so exploring your options for features and functionalities is imperative if you would like to select the right consolidations tool for your business needs. is happy to answer questions and generally review BI360’s easy-to-use, Excel-powered consolidation tool for SAP Business One with both real-time or data warehouse integrated analysis, comprehensive reporting and collaboration as a way to accelerate company performance management.It happens quite frequently that companies change their fiscal calendar.Currency conversions allow accounting teams to consolidate international parent companies’ transactional data into one set of reports with a single currency. Reconciliation, allocations, and modeling organizational changes are some additional elements to financial consolidations that you should know.If you rely on a data store, lots of companies prefer to let the parent company or subsidiary staff reconcile the input information to ensure that everything is accurate, which can be performed within SAP B1, the BI front-end solution, or in a BI data store.