Latest blogs
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Common Mistakes in Financial Consolidation and How to Avoid Them
Consolidation errors are particularly problematic because many of them don’t produce an obvious signal. A balance sheet that balances, a P&L that adds up, a cash flow that reconciles — none of these confirm the underlying numbers are correct. The most consequential consolidation mistakes are the ones that produce plausible-looking results while the figures inside…
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Financial Consolidation for Companies with Different Fiscal Year Starts: Challenges and Solutions
Groups that have grown organically or through acquisition often end up with subsidiaries on different fiscal year calendars. A parent with a December year-end may own a subsidiary reporting to March, another to June, and an acquired business with a September year-end. Each entity closes its own books on its own schedule. The consolidation has…
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Two Methods for Elimination Entries: Which Approach is Best for Your Business?
When posting manual elimination entries in a consolidation, there are two ways to record them: at the group level — a single journal that lives in the consolidation without referencing which entities it relates to — or at the entity-pair level, where each elimination specifies the “from” entity generating the income and the “to” entity…
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Common Elimination Entries for Balance Sheet (BS): A Practical Guide
When preparing consolidated financial statements, one of the most critical — and most error-prone — parts of the process is eliminating intercompany balances from the group balance sheet. Without these eliminations, the consolidated balance sheet will overstate assets, liabilities, and equity by including amounts that exist only because two entities within the same group have…
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Introducing Auto-Elimination in BrizoConsol: Streamline Your Consolidation Process
Financial consolidation can be a complex and time-consuming process, especially when dealing with intercompany transactions and eliminations. To simplify this process, BrizoConsol is excited to introduce its new Auto-Elimination feature. This innovative tool allows users to automate the elimination of intercompany transactions, saving time, reducing errors, and ensuring compliance with accounting standards. In this blog, we’ll explore…