Advanced Automated Consolidation Software 🚀- Emfino Super Feature #1
- Sanita Viba
- Mar 31, 2024
- 5 min read
Updated: Apr 11
Emfino | Financial Reporting, Consolidation, and Budgeting system's consolidation feature is advanced and distinctive - it performs automated and rule-based elimination and adjustment entries not only by accounts from the Group Chart of Accounts (Group COA) but also by financial DIMENSIONS!
This super feature allows you to view CONSOLIDATED results in ANY report! You can analyze product results, department performance, and project profitability at the Consolidated level!
Emfino is the Best multi-currency Consolidation software for Finance Teams looking for detailed, reliable, and customizable consolidated reporting. Let's see why!
Advantages of Emfino Financial Consolidation Tool:
1) Easy setup of several consolidations
It is straightforward to set up several consolidations in the system. One consolidation might be for management purposes, another - representing legal structure for regulatory reporting, and third - to see consolidated results of one country.
2) Drill downs to transaction level in consolidated reports
Full transaction reports from accounting/ERP systems (not just Trial Balances) are the primary data imports in Emfino, providing drill-downs to the transaction level in all reports, even in Consolidated reports. The drill-downs in the consolidated reports contain both the original transactions and the consolidation elimination/adjustment entries.
3) Merging of Partner names' aliases
The same legal entity may have several variations of its name, mainly when data are imported from different countries. The system allows merging several names of the same partner under ONE Partner name. Thus, the system knows all possible variations of partner names and includes all name options in the intra-group reconciliation checks, consolidation, and reports, but it is visually shown under the ONE Partner name.
4) User-friendly intra-group reconciliation of transactions and balances
Accountants and controllers appreciate that they can see detailed intra-group transactions and balances not only for the legal entity they are responsible for (Legal entity A), but also the transactions and balances the corresponding legal entity has booked towards their entity A.
5) Intra-group reconciliation in original currencies
The intra-group reconciliation is performed in original currencies to avoid any foreign currency translation effects. If a legal entity has issued a loan in PLN currency, reconciliation is performed in PLN.
6) Advanced foreign currency translation
The system ensures very advanced and customizable foreign currency translation to reporting currency at the transaction level. See more "Multi-Currency Translation in Reporting and Consolidation 🚀- Emfino Super Feature #3".
7) Automated data validation and import checks!!!
Automated, built-in, and customizable data validation checks ensure the quality of imported accounting data for all legal entities and the reliability of reporting and consolidation. Finding another Consolidation software that validates the imported data will be difficult; therefore, Emfino is the Best consolidation tool for finance teams. See more "Data Validation and Import Checks🚀 Emfino Super Feature #2."
8) Advanced mapping
Advanced mapping helps if data are imported from various ERP/accounting systems with different Local Charts of Accounts and if data quality needs to be enhanced. The On-the-fly mapping feature ensures that each change in the mapping of Local COA to Group COA automatically reflects in all reports, including consolidation, without the need to reimport the financial data. Read more "On-the-fly Advanced Mapping🚀-Emfino Super Feature #4".
9) Consolidation entries by account numbers and financial dimensions
Consolidation entries contain the account numbers and dimensions (if applicable), ensuring the possibility of preparing ANY financial reports, including product profitability, at the consolidated level.
10) Automated elimination entries
The client customizes the account selection for automated elimination in the Group COA.
11) Rule or formula-based consolidation adjustment entries
For example, you can create a formula to eliminate an unrealized profit from selling a fixed asset to another Group company. The system will calculate the adjustment entries automatically each month, removing the unrealized profit from fixed assets, accumulated depreciation and depreciation in the P&L. Formulas may help with monthly Minority / Non-controlling interest adjustments.
12) Manual consolidation adjustment entries
No worries. If necessary, manual adjustment entries are always an option.
13) Self-service solution
The Finance team administers the system itself, so there is no need for constant IT Department support. If something is unclear, the Finance team can press the 'i' information buttons available everywhere in the system and read detailed descriptions or use the DEMO system as an example. All features are already built into the software, and the system is ready to use, so the Finance team can perform the setup and start importing Transaction reports and Trial Balances to get Consolidated reports quickly.
Transaction Level Drill-Downs in ANY Consolidated Report
Clients ask, and we try to deliver!
The functionality of Emfino | Financial Reporting, Consolidation, and Budgeting System is so powerful that almost any request for more detailed views can be fulfilled.
Imagine you’re looking at Consolidated reports and wondering, “Hmm, what do these trade receivables consist of? Which legal entities? Which partners?”
✨ Ta-da! The details appear instantly.
Or you’re reviewing an expense line in your consolidated custom-built investor report and want to see what’s behind it.
✨ And there it is—broken down by legal entities, partners, dimensions or products!
More details, more transparency, more control. 😊
Step-by-Step Multi-Entity and Multi-Currency Consolidation Walk-Through in Emfino DEMO System
You will find a detailed, step-by-step consolidation walk-through in Emfino DEMO system - with all the formulas to help you automate the consolidation process as much as possible.
We’re covering a wide range of questions, including:
✔️ Setting up various Consolidation Groups, including cases where a subgroup consolidates in a different reporting currency (e.g., PLN) than the Group (EUR).
✔️ How the system automatically handles newly added entities, ensuring only data from the month of inclusion is considered.
✔️ How the system detects and eliminates historical adjustments related to an entity that was sold or closed mid-year.
✔️ Setting up accounts in the Group Chart of Accounts for automated intra-group elimination of transactions and balances at the transaction level.
✔️ Defining additional consolidation adjustments with formulas—so the system books them automatically, recalculates when imported data updates, and rebooks adjustments when needed.
You will find many examples of consolidation adjustments defined with formulas covering:
🔹Investments, acquisitions, and share capital increases
🔹Dividends
🔹Intra-group sale of fixed assets (markup, unrealized profit, depreciation adjustments)
🔹Intra-group sale of goods & unrealized profit in stock (yes, this one is tough!)
🔹Minority interest
🔹Goodwill & goodwill impairment
🔹Provisions
🔹IFRS adjustments
🔹Some examples of manual adjustments
When defining consolidation in Emfino, 🌀 you can copy the relevant adjustments from the DEMO system to your consolidation setup and simply adjust the necessary details.
💡 The screenshots include a preview of a consolidation setup and a list of defined consolidation adjustments.
Next Steps to Automated Consolidation Software
We encourage you to 📍 Request a Demo on our website by submitting the Contact form. We'll gladly arrange a video call to show you an online demo of Emfino Reporting, Consolidation, and Budgeting system and discuss how it can meet your company's specific needs.
Or
📍Request a subscription fee offer on Emfino Pricing page! We'll prepare and send you a draft offer for a system subscription and set up a video to demo the system and get to know your company.
It might be worth reading 😊: "Automated Financial Reporting & Consolidation in ONE MONTH!".
