In today's rapidly changing world, it is important to have fast and reliable information about the state of the entire group to support decision-making. Effective consolidation and group reporting play a key role in generating financial information for the management of the entire group.

Group management and reporting is often complex and requires a lot of resources and expertise. That’s why at Greenstep, we help our clients design group reporting processes as standardized as possible, avoiding additional manual steps to get more time for analysis and decision-making. Whether it's a small group in Excel or a large international group under IFRS, Greenstep's experienced group accounting professionals help your company manage and report group figures effectively. Our long experience with modern group reporting tools such as NetSuite and HFM helps us identify areas for improvement in group reporting processes.

Effective group reporting

A group relationship is formed when the parent company owns a majority of the shares, participations or other voting rights of another company. With the exception of small groups, the consolidated companies are usually required to prepare consolidated financial statements. Greenstep's experienced corporate accounting experts help your company prepare consolidated financial statements that meet all requirements efficiently and with high quality. Greenstep's long and diverse experience in group reporting in several industries helps us to ensure that both consolidated financial statements and other group-level reporting are implemented through efficient and transparent processes. With the help of experienced Greenstep employees with an Authorized Public Accountant audit background, even complex corporate accounting issues can be resolved quickly.

A good group reporting process is based on the ability to efficiently collect information from subsidiaries. Often the challenges are brought about by differences in subsidiaries' group reporting, may have different accounting systems and charts, or accounting has been done in accordance with the accounting rules of another country. For this reason, it is important that those responsible for group reporting understand both local and group-wide requirements in order to ensure the accuracy of both reports together with the accountants of the subsidiaries.

Larger companies should have their own system for consolidation and reporting and try to automate the collection of data from the subsidiaries' accounts as much as possible. It is important for the comparability of the data that a uniform group account map is used. The consolidation system will also automate most internal eliminations and currency conversions, greatly speeding up the process and reducing manual work. Whether it is a smaller consolidation in Excel or a larger consolidation system, it is important to design the processes so that they allow future changes to company structures and accounting rules as efficiently as possible. In companies, the world is constantly changing, and it is important to ensure that corporate reporting stays with it through continuous development. Greenstep helps to build and improve group accounting processes, as well as assists and trains in their use. We help standardize and streamline processes, ensuring their transparency.

In addition to the financial statements, consolidated reporting must be able to provide management with comprehensive information on the financial condition of the entire group to support decision-making. Greenstep helps to build a set of indicators for analyzing the Group's profitability, as well as to create informative and visual reports for monitoring the result, balance sheet and cash flow. With our analytics team, we can also provide powerful and dynamic Microsoft Power BI-based reporting solutions to modernize your company’s reporting.