Fast Closing, Financial Consolidation, and Lease Accounting with Board
Speed up closing and consolidation activities while preserving accuracy and full adherence to compliance requirements
Financial closing, financial consolidation, and other general accounting activities require high levels of manual, repetitive work and the collation of data from a multitude of spreadsheets and data sources. Additionally, the above activities must meet strict requirements in terms of compliance to corporate internal control systems.
Board’s financial closing software, financial consolidation software, and lease accounting software provides a transformational alternative, saving time through the automation of repetitive activities, creating visibility and auditability across the entire process, and freeing up team members to dedicate time to more strategic activities.
Board for Financial Closing
Streamline your financial closing process with the power of automation and transparency.
Kick offAcknowledge unadjusted trial balances, including all subledger accounts within the general ledger, at a certain point in time, verifying that the sum of all debits equals the sum of all credits
ReconciliationsPerform periodical reconciliations of subledgers such as cash accounts, bank accounts, accounts receivables, accounts payables, personnel debits/credits, and taxation debits/credits against internal and external reports and records
Adjustments and cut off registrationsProduce estimates aimed at quantifying accruals, currency adjustments, and invoices to be received/issued. Accomplish cut off registrations with regards to inventory valuation, fixed asset dynamics, and various provisioning schemes
Final trial balanceOnce all reconciliations, adjustments, and cut off registrations are posted, generate a final trial balance
ClosingAfter producing corporate financial statements for the period, starting from the final trial balance, close the books for the period by posting a final general journal entry (“closing entry”), generating a post-closing trial balance
ComplianceExploit workflow capabilities to achieve control of the entire process, with full audit trails for compliance purposes (i.e. internal control system and SOX)
Board for Financial Consolidation
Make light work of the financial closing and consolidation process with a fast, accurate,
transparent, and automated approach.
Automate consolidation activities, managing intercompany transactions, currency reserves, consolidation reserves, equity sterilization, and minority items
Easily create simulations and What-if scenarios according to different consolidation methods (i.e. integral, proportional, book value, and cost) and minority stake percentages
Gain control of the entire process with full audit trails and workflow controls
Board for Lease Accounting
Achieve IFRS 16 and ASC 842 compliance with ease across the entire lease accounting process.
Undertake data management, calculation, simulation, and reporting in one centralized solution
Monitor progress with full visibility of the segregation of duties and alerts to ensure deadlines are met
Simulate different scenarios to inform your decision-making, with all calculations generated being IFRS 16 and ASC 842 compliant
Easily manage contract leases with a collection, calculation, and document base for all consolidation entries
Customer story – Verder
Faced with lengthy manual processes in consolidating information from a variety of systems across 50 legal entities and three divisions, Verder invested in Board to automate the process and transform analysis and reporting business-wide.Read the case study
Explore more of Board’s finance capabilities
Make more-informed decisions with the ability to analyze profitability and performance, to simulate the effect of key value driver changes on your business results, and to exploit insights from data using sophisticated analytical tools.Learn more
Exploit the advantages of a single environment to accomplish reporting tasks and disclosure duties.Learn more