Digitisation & optimisation of financial reporting

The requirements related to financial reporting are constantly rising. Amid the increasing complexity and strict quality-related requirements, information must be more and more quickly available to decision makers within or outside of the company. With digital transformation, companies may seize the opportunity to optimise existing processes and to exploit the changes that digitisation offers. Through standardisation and automation we can improve the financial reporting and save resources in your company. Our interdisciplinary teams offer you specialist, technical and process-related knowledge in the following areas of financial reporting and assist you in the digital transformation of your Finance Department.

OPTIMISATION OF YEAR-END CLOSING PROCESSES

In order to optimate the year-end closing process it must be clearly defined in a company what, when, how and by whom has to be done. After a comprehensive review and analysis of the status quo, we identify your potential for improvement in terms of quality, processing times and resources and work out solutions tailored to the needs of your financial reporting. This includes a closing schedule, fast close and quality close manuals, accounting guidelines, reporting packages, and training courses for your employees. In addition, we identify potential for improvement in your IT landscape and search with you for suitable digital solutions in order to optimise closing processes and financial reporting. Here, we, for example, rely on our process Mining Tool AIM.

DIGITISATION OF FINANCIAL REPORTING

Digitisation of financial reporting is constantly advancing. The use of smart digital solutions helps standardise and automate processes and in this way increases quality while freeing your employees' time to focus on other tasks. Our interdisciplinary teams link expert know-how in the area of accounting with the best practice processes and various IT solutions for financial reporting. We analyse your individual situation and develop for you customised solutions. We advise you generally independent of specific software solutions. Depending on digital solutions, we carry out implementation by ourselves or turn to our reliable cooperation partners – in this way, we are able to offer analysis, concept, implementation and support from a single source. Below please find a selection of our tried-and-true digital solutions for financial reporting.

LUCANET AS FINANCIAL PERFORMANCE MANAGEMENTSOFTWARE

For carrying out consolidation, planning and reporting we often used Lucanet. Intelligent and modularizable financial performance management software by Lucanet maps your financial processes in only one tool. Thus, you gain a holistic view of your finances. Automate all your processes and generate reliable figures saving time and using a simple workflow for your financial reporting. For more information see Lucanet.

LEASE ACCOUNTING
IFRS 16 “Leases” places great demands on IFRS accountants both in organisational and in technical terms. Use of digital solutions to determine balance sheet effects and disclosures in the notes to the financial statements is almost always preferable to typical Excel calculation models. We combine our professional expertise in international accounting in a unique way with our know-how in the area of integrated IT consulting. The flexible SAP RE-FX module or the Lease Accounting solution from Lucanet help you tackle challenges posed by IFRS 16 and map your financial reporting efficiently.

TAX ACCOUNTING WITH DEFTAX®

Determination of current and deferred taxes is still a complex and time-consuming task in the area of financial reporting for a large number of enterprises. To create as many synergy effects as possible, it is advisable to calculate current and deferred taxes for separate or consolidated financial statements purposes and for tax declaration purposes in a system.

DefTax®, as a system-based tax reporting tool, is a software solution (recommended by us) for the calculation of current and deferred taxes in separate and consolidated financial statements according to HGB, IFRS and US-GAAP and for transfer of e-balance sheet. For more information see Tax reporting with DefTax®.