Account consolidation can be a very complex procedure. The main purpose of this process is to present the accounting of a business group as if they were a unique economic entity.
Consolidated account is required legally. When you have a group with many companies, the parent company has de duty to execute consolidated financial statements from all group.
This process allows a complementary analysis to individual accounts, providing a view from the evolution of all activities from the group. As financial reports are the statement for any company, account consolidation gains significant importance because it provides valuable information to the stakeholders and to markets where these entities operate.
Dynamics NAV: your essential software for Consolidated Accounts
Microsoft Dynamics NAV can be a significant help in the entire process when presenting of business group accounts. This solution allows you to create a consolidation company and execute the financial consolidation method, importing, automatically, all the necessary accounting information from each subsidiary company.
Besides that, it helps to create global and consolidated reports and analyzes for each business unit (subsidiary). This automates all procedures, avoiding errors.
This is not the only benefit that companies have with this software. There are other benefits associated with consolidation process, when using Microsoft Dynamics NAV.
Consolidated Accounts – 8 Benefits of Dynamics NAV
- Subsidiary consolidated accounts, from the same database;
- Subsidiary consolidated accounts, from different database, using a consolidation file;
- Mapping from different accounts e dimensions from each subsidiary company to the consolidation company;
- Consolidation of any previous period, if all settings are well done:
- Consolidated accounts by integral method or proportional method;
- Balance consolidation by value and dimension, allowing more precisely analysis from consolidated accounts;
- Companies consolidation with different currencies;
- Balance reconciliation, if there are any changes in the accounts of each subsidiary
Microsoft Dynamics NAV has many benefits and makes it easy to consolidate business group accounts. Besides that, it can be an excellent tool to business financial management.
If you’re looking for a partnership to implement Dynamics NAV, you should contact us!
