• Rana Bhaumik

Consolidation of Accounts, Group Accounts, and Reporting

Updated: Jan 11, 2021

At all times, information ought to be consistent and standardized. We frequent McDonald's, KFC, Burger King, etc. for this reliability. These virtues commit us to consolidation, standardization, and consistency.

Consolidation is “adding up” of assets, liabilities, income, and expenses into ONE based on common principles and practices. This allows the user to:

  1. Ascertain the consolidated financial position (balance sheet) across all geographies, jurisdictions, or businesses

  2. Ascertain how the consolidated business generates revenue and uses funds (revenue accounting)

  3. Be assured that across the geographies, jurisdictions, and businesses the language and rationale behind accounting is consistent, standardized and comparable year-on-year

  4. Be confident about the ability of the business to pivot effectively for business changes since the language of accounting and reporting is consistent, standardized, and uniform at all times

The tools that allow us @ BOOKKEEPER to stand out are:

  • Industry experience at global entities like GE, Ford Motor Company, Cummins, and Dr. Reddys; this allows us to blend in and empathize with the practical challenges

  • The standards enumerated in Chart of Accounts, F&A manual, and alignment with the accounting system (SAP, Oracle, Tally, etc.); this leaves very little to misinterpretation when capturing, classifying, accounting, and reporting financial transactions

  • Review at regular intervals ensures that the tools remain relevant and current; thus, there is a method to the madness and which is consistent at all times

  • Training of personnel and facilitating knowledge management, continuity, and quality; certainty is easier to push through and reliability is always a virtue

We are Relevance In Deed. We believe in empowerment, democratic learning, and consistent implementation.

#consolidation #groupaccounts #reporting

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