EY ifb Packaged Solution for financial consolidation
EY ifb has developed an advanced packaged solution to improve organizations’ financial close processes. Using our REFRAMETM method, each key building block for financial consolidation is pre-modeled in templates. By applying best practices to each one project for a fixed price, we also offer client-specific modifications to ensure success.
What EY can do for you
Financial consolidation should be a reliable and straightforward process. However, many companies still struggle with disconnected systems and error-prone manual processes, while their financial functions face internal pressure to deliver better, faster analytics and real-time data. There are external pressures, too, with regulators and shareholders demanding specific data around ESG targets, risk and compliance.
S/4HANA platform offers Chief Financial Officers (CFOs) an opportunity to develop a seamless integration between transactional data and financial reporting, using the SAP Group Reporting solution.
An integrated, fast, automated financial consolidation process offers competitive advantages and significant cost reductions. This means a complete end-to-end process, solving the integration of SAP and non-SAP data sources as well as non-financial data, while eliminating all manual processes to improve quality and speed. It provides a financial consolidation functionality based on in-memory data integration and the flexibility to use data from different data sources.
EY ifb Packaged Solution for Financial Consolidation consists of a core offering with optional extensions. We provide organizations with an end-to-end statutory consolidation solution based on their business and reporting requirements. It builds upon a standard set of templates and use cases.
Its implementation offers a seamless integration with S/4HANA Finance accounting systems or any other GL/ERP platform, to effectively achieve compliance. We make use of SAP Best Practices and have built our templates in a modular way to give you all the flexibility to extend Group Reporting for other accounting processes and reporting solutions.
The rapid deployment of group reporting accelerates the realization of business benefits, while minimizing implementation costs and the impact on resources.
Its benefits include:
- Better financial close and consolidation
Uses advanced consolidation solutions to improve financial close processes.
- Best Practice S/4HANA integration
Group Reporting leverages the S/4 accounting best practices, offering complete integration between operational data and financial reporting.
- Clear governance, guidance and a proven methodology
Clear implementation with our REFRAMETM approach via standardized templates.
- Reduces implementation timeline risk
Project approach aims at the delivery of immediate tangible results in weeks instead of months.
The EY ifb Packaged Solution for Financial Consolidation allows optional, modular extensions which add value to beyond the financial close and can leverage the accounting platform for advanced analytics (SAC) integrating the actual data with plan and forecast models.
Get in touch to learn more.