EY Managed Consolidation and Reporting Services
Managing the consolidation and reporting process on a periodic basis can pose a challenge for many organizations. To meet investors’ expectations, some organizations may need support in streamlining their reporting on a group level.
What EY can do for you
Periodic consolidation and reporting can be a complex and time-consuming task for many organizations, mainly due to:
- Regulatory compliance requirements
- Increased cost pressure
- Additional reporting requirements
- Higher demand for agility in reporting and planning
- Lack of technology, talent and resources
Organizations with multiple entities entering into complex group structures may face additional challenges. In order to meet investors’ expectations, organizations should seek to streamline the consolidation and financial reporting on a group level and provide more detailed consolidation processes for corporate groups.
Group accounting can be exposed to several internal and external challenges, such as:
- Regulatory changes resulting in additional reporting requirements
- Digital disruptions due to fast-changing, innovative solutions
- Finance transformation
- Performing the consolidation process for the first time
- Special purposes, such as US tax reporting
- Changes in IT consolidation tools
- Outsourcing of the consolidation process
- Integration of new entities into the group consolidation process
- Agile reporting
- Lack of skilled resources to perform consolidation process
If you are facing any of these challenges, the EY Managed Consolidation and Reporting Services (MCRS) professionals can help. The service combines the finance and accounting knowledge of EY teams with industry-leading technology and provides a technology-supported consolidation and reporting experience (for example, using SAP BCS/4HANA and AMANA SmartNotes as prime technology).
The service can be tailored to your requirements and can range from coordinating individual reporting units to providing support with the statutory audit process. The offering can be leveraged in various ways:
- Fully outsourced: enhances consolidation and reporting processes
- Partly outsourced: performs the consolidation and reporting on-site or using the existing systems
- Hybrid: fully outsourced initially; helps with the transition and system implementation into existing systems
The solution can be leveraged for internal management reporting, used as a full-fledged external finance function or provided as an enhancement for your existing finance function.
Potential business benefits of this service can include:
- More cost-efficient and robust consolidation process
- Better accounting compliance
- Availability of skilled resources for agile reporting
- More consistent processes due to a single point of contact in a centralized delivery model
- Insightful comparisons and analysis between countries and entities across standard services
- Access to EY professionals and technology
- Better analysis of financial statements and respective KPIs, using visualization tools
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