Group Consolidation and Reporting with Board

00:00:02With Board, you can dramatically accelerate consolidation and reporting and easily manage complex global requirements so you can focus on value creation.

00:00:12Let's see how it works. Starting at my home screen, I can quickly navigate to data collection, process, workflow, group reporting, or administration. As we get these done, I have total confidence that the Board platform records, tracks, and timestamps everything in an audit trail automatically.

00:00:27On the process homepage, I can view activities and tasks still pending in the close cycle from settings, management to data collection, adjustments, consolidation, and generation of consolidated financial statements. I can also see the current consolidation node and the number of reporting units all for a specific scenario and point in time. And because it's enterprise ready, there's no limits to the number of consolidation nodes or points that you can manage.

00:00:58Let's take a look at some of the settings that we can configure in Board. I can see when periods are available for interaction, when they're being changed with data load, and whether my workflow or approval settings have been changed. And by initializing a workflow for a given period, Board automatically triggers actions and tasks specific to that period. Board supports an unlimited number of hierarchies.

00:01:22In this example, there are four structures: legal, proforma, regional, and managerial. For each selected scenario and point in time, I can define a different ownership percentage. I'll also want to assign the correct consolidation method to each entity.

00:01:40Moving on, I can easily access my consolidation dashboard to get a good sense of where my organization stands. Here we can see line item areas for consolidation, outstanding settings to be configured, tasks required for completion, and the status on individual reporting units, helping me keep a close eye on progress. Moving to the data collection area, I can view a simple to-do list for a given reporting unit, as well as real-time progress with data collection.

00:02:09The reporting unit here shows a group chart of this account, but the platform also supports mapping from local accounts as part of the data collection process. Board's workflow controls the package submission process, helping users review status by phase for individual reporting units, verifying whether data has been submitted or if submitted data requires additional validation.

00:02:29Zooming out, let's look at the intercompany reconciliation process. We start with the IC reconciliation dashboard. Here, it's easy to see which reporting units it's easy to see which reporting units have been validated and those that have not. Pro tip: IC reconciliation can be performed in group currency or in local or transactional currency, based on the dataset loaded.

00:02:50At the IC reconciliation cockpit, I can get a further breakdown of my IC transactions by relationships. For example, I can see the intercompany relationship of the group holding, along with other subsidiaries, sister companies, and the current balance. I can also see what these operating entities have recorded as intercompany elements, as well as any differentials. Identified gaps that need to be addressed are based on a configurable threshold or materiality range, and if necessary, I can add commentary before signing off on the data to move forward with validation.

00:03:29Board makes it easy to drill down to see the most detailed levels of data. Here I can see all of the relevant details on IC balances, recorded transactions, reporting unit currencies, as well as any notes to help guide the reconciliation process. Having explored the IC relationships, I might need to make some adjustments to help facilitate the workflow. Board fully supports all journal entries and adjustment capabilities from within the application. While investigating an adjustment, I can drill down and review journal entry lines. In this example, journal entries can be created for either third parties or IC parties, each with custom dimensionalities. Posted adjustments are timestamped, and in the event of an error, I can quickly inspect details and make necessary changes with ease.

00:04:18Having entered my adjustments, I now like to go back and look at some reporting. Here we see standard financial statements including a balance sheet, income statement, and statement of cash flow. We can also have different styles for different reports and different components, like mapping our lines to different disclosure elements for IFRS purposes or others. Financial statements can also be generated by variances or for a single reporting unit. This makes it easy to see the total consolidated value and how each reporting unit contributed to group consolidated components. And finally, Board offers reporting by layer, so I can explore calculations and eliminations that occurred throughout the consolidation process. I can see what was loaded in local currency, finalized local gap data, any local adjustments, translation to group currency, parent adjustments, and final parent currency values, all generated as a standard financial statement.

00:05:20I'll now view details of my cashflow statement and how it maps to income statement and balance sheet accounts. So, if we want to know accounts mapped to an increase or decrease of inventories, I can simply expand to view cash flow items.

00:05:34We understand that finding the right solution for your business can be challenging. That's why we invite you to explore the benefits of the Board Group Consolidation and Reporting solution. Request your free demo at board.com.