Managing financial reports across multiple entities can be a complex task, especially when each subsidiary operates with its own unique chart of accounts. To simplify this process and enhance flexibility, we’re excited to introduce a powerful new feature in BrizoSystem: Switch Between Organisation Accounts and Common Chart of Accounts (CCOA).
This feature empowers users to view subsidiary-level reports either in their individual organisational chart of accounts or in a standardized common chart of accounts (CCOA). Let’s explore how this new capability works and why it’s a game-changer for multi-entity businesses.
Why This Feature Matters
1. Unified View Across Entities
For companies operating in multiple regions or industries, having a common chart of accounts (CCOA) is essential for consolidated reporting. With this new feature, users can easily switch to the CCOA view to gain a standardized understanding of financial performance across subsidiaries.
Example: A parent company consolidating reports from subsidiaries in different countries can now review all data in the CCOA, even if local accounts vary.
2. Local Insights When You Need Them
While the CCOA provides a unified view, there are times when users need to dive into the specific details of an individual subsidiary. By switching back to the organisation chart of accounts, users can analyze data in the original format used by that subsidiary, ensuring no loss of detail.
Example: A regional finance manager might need to check account-level nuances specific to their subsidiary for tax reporting or local compliance.
3. Improved Flexibility for Reporting
Switching between the two views allows businesses to cater to diverse stakeholders:
- Executives and board members benefit from consolidated reports in the CCOA format for high-level decision-making.
- Finance teams and auditors can access detailed subsidiary-level reports in the local chart of accounts format when needed.
How It Works
Using this feature is straightforward:
- Navigate to your report settings.
- Select the desired chart of accounts view—either the Organisation Chart of Accounts or the Common Chart of Accounts (CCOA).
- Generate or drill down into the report to view data in the selected format.
The system dynamically applies the mapping rules for the CCOA, ensuring that all accounts align properly with the standardized structure.
Benefits of the CCOA Feature in BrizoSystem
- Efficiency: Simplify multi-entity consolidation and reporting without manual account mapping.
- Accuracy: Ensure consistency across reports, reducing errors from mismatched accounts.
- Flexibility: Seamlessly toggle between consolidated and subsidiary-level views to meet reporting needs.
- Scalability: Perfect for growing businesses managing multiple subsidiaries with diverse financial setups.
Who Can Benefit from This Feature?
This feature is particularly valuable for:
- Holding Companies managing diverse subsidiaries.
- International Businesses with operations across different countries and accounting standards.
- Auditors and Accountants requiring both consolidated and entity-level insights.
Ready to Simplify Multi-Entity Reporting?
BrizoSystem’s new CCOA feature bridges the gap between local and global reporting needs, giving you the tools to analyze and consolidate with ease. Whether you’re tracking performance at the subsidiary level or presenting consolidated financials to stakeholders, this feature ensures you’re equipped to do it all.