Consolidate Financials with Intercompany Eliminations

Consolidation is vital for a complete financial picture. It combines parent and subsidiary financials, offering a comprehensive view, crucial for informed decision-making by stakeholders. Without it, financial statements may mislead, lacking the true economic reality of the entire entity.

ProudNumbers facilitates the elimination of inter-company transactions, preventing duplication and ensuring the accuracy of consolidated financial statements.

Moreover, it adeptly handles data across various currencies, guaranteeing precision in financial reporting. This capability enables seamless consolidation of financial data for global businesses, thereby fostering international growth.

Importantly, data consolidation is not restricted to the same financial year, allowing for insightful analysis across different periods.

Furthermore, individual company features, such as drillable reports, are preserved in consolidated reports.

Creating a Consolidated client with ProudNumbers is a straightforward process. The platform guides users through a step-by-step procedure, allowing them to select companies for consolidation and create a chart of accounts for the newly formed consolidated company. This chart of accounts is based on an existing Sage chart but can be easily customized to accommodate missing nominal codes from other companies. Importantly, modifications to the consolidated account can be seamlessly made to adapt to changing business needs without causing disruption. The users can easily create a consolidated Adjustment Journal(s).