Data Checkpoints - Emfino Super Feature #9

Coffee won't help 😎 - when investors ask why updated actual numbers differ from what was reported earlier 🥶🥵.

"Why, in Q1, did you report that last year's Consolidated Net profit was 3M EUR, but now, after the audit, it's showing only 1M EUR?"

Data Checkpoints - Emfino Super Feature #9

With Emfino’s Checkpoints feature, you can explain these differences in minutes—down to the transaction level.

The handy data snapshot feature lets you capture data at specific time points, like the ‘Q1 Investor Report’ submission date. Later, you can easily compare the data at these saved checkpoints with updated actuals to track and identify changes over time.

To avoid sorting through each legal entity’s data, it’s easy to compare results directly in the Consolidated Reports. The detailed transaction drill-downs make it clear which legal entity's data have changed.

Investment companies that don’t consolidate their investments can use Aggregated Reports to identify the deviations. In these reports, the results of selected companies are summed together.

Keep your finance controllers smiling, and let them enjoy their coffee 😊☕!

Examples of Checkpoints and Data Snapshots in Emfino DEMO System

• Create Checkpoint

When the reporting is finished, a data snapshot or 'Checkpoint' can be created in the system.

Emfino Demo: Checkpoint setup

• Use Checkpoints in All Reports

Define as many custom reports as needed. In all reports, you can retrieve data as it was saved at the Checkpoint or compare the current actuals to the Checkpoint data.

The 'Monthly report' will be used in the examples below.

-> Example 1: Understanding Deviations in Consolidated Results

In Q1 2023 reporting, the consolidated net profit for Y2022 of Coast Group was 59,358 EUR, but after the audit, it changed to 1,369,947 EUR! 😁

By selecting the option to compare Consolidated Actual Data with Checkpoint data, you can drill down to the transaction level to quickly identify the cause of these differences.

1) Emfino Demo: Comparison of Consolidated Actuals with previously reported data (Checkpoint) - Year view

For example, if the largest deviation of 2M EUR is selected, the Checkpoint drill-down reveals that legal entity LV001 had created provisions on Group loans receivable as an IFRS adjustment (1a), but the consolidation adjustment was missing. Actual data (1b) already include the added consolidation adjustment.

1a) Emfino Demo: Transaction Drill down in Checkpoint

1b) Emfino Demo: Transaction Drill down in Actual Data

-> Example 2: Aggregated Results for Investment Companies

Investment companies that do not consolidate their legal entities can view Aggregated results to quickly identify whether deviations in results have occurred without going through each entity’s data. The system allows splitting legal entities into subgroups, making it easier to see the aggregated results of these subgroups.

2) Emfino Demo: Comparison of Aggregated Actuals with previously reported data (Checkpoint) - Quarter view

In both the Actual Data and Checkpoint, the same 2M EUR IFRS correction is shown, as Consolidation Adjustments aren’t included in Aggregated Reports.

By drilling down into the Loan interest expense, users can filter the data by legal entity and identify any changed transactions. In this example (2a and 2b), MD001 has changed interest expense bookings.

2a) Emfino Demo: Loan interest expense transaction Drill down in Checkpoint

2b) Emfino Demo: Loan interest expense transaction Drill down in Actual data

-> Example 3: Deviations for a Specific Legal Entity

Of course, separate legal entities can be selected. You can view the data in local currency or reporting currency, to choose to see local (statutory) or IFRS results. Drill-downs help to identify any changed transactions at the entity level.

3) Emfino Demo: Comparison of Legal entity's Actuals with previously reported data (Checkpoint) - Monthly view

3a) Emfino Demo: Rent expense transaction Drill down in Checkpoint

3b) Emfino Demo: Rent expense transaction Drill down in Actual data

Next Steps

We encourage you to 📍 Request a Demo on our webpage by submitting this Contact form. We'd be happy to arrange a video call to show you an online demo of the system and discuss how it can meet your company's specific needs.