The financial world is becoming globalised in the current scenario and global figures are key elements for stakeholders. To respond to the stakeholders for financial information at the group level within shortening deadlines and given an ever-expanding scope and complexity of accounting standards, consolidation is a sensitive and crucial area. Preparation of consolidated financial statements is time consuming process which requires preparation of consolidated balance sheet, income statement, statements of cashflows and statement of changes in equity. Collating information from various entities and consolidating these under common accounting principles may have an impact on your entire finance function.
We at Outsourcingwise, we are a leading service provider of consolidation services that are undertaken by a highly skilled workforce. We are a customer-centric organisation and strive to ensure that our services are reliable, digital, accurate, and on time. We have an experienced team with hand on experience in financial reporting, preparation of financial statements , financial reports under International Financial Reporting Standards (also called IFRS or International Accounting Standards). Our team can guide you through the entire process of preparation of consolidated financial statements considering accounting policies, development of customised tools and staff outsourcing.
We can assist our customers in the following manner:
- Collecting financial information, such as balance sheets and income-statements of all entities
- Drafting and converting the figures by using accurate foreign exchange rates for a specific period.
- Calculating non-controlling interest and foreign exchange gain or loss.
- Eliminating intercompany entries
- Advice on complex transactions such as business combinations
- Assisting and/or determining the adjustments based on the conversion from standalone to group accounts.
Financial Consolidation and Reporting
- Preparing the consolidated financial statements (balance sheet, income-statements, cash flow statements, statement of changes in equity, and notes/disclosures)
- Meeting with your group auditors to discuss issues on hand
- Preparing consolidated financial reports for your shareholders.
Planning and Execution
- Supporting your consolidation accounting
- Providing guidance on the group consolidation
- Design, construct and implement consolidation processes as well as manage the changes.
- Closing and consolidation processes more efficiently
- We can provide skilled people to help you manage it and prepare your consolidated or special purpose combined financial statements, including required disclosures.