Author: BrizoSystem
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Introducing the Drill-Down Feature: Uncover Detailed Insights in Your Reports
We’re excited to introduce the latest enhancement to BrizoSystem’s reporting capabilities: the Drill-Down feature! This new tool gives you the power to dive deeper into your financial data, providing greater transparency and insight into your consolidated company reports. What Does the Drill-Down Feature Offer? With the Drill-Down functionality, you can: How Will This Feature Help…
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Understanding Minority Interest Adjustments in Financial Consolidation
Introduction When consolidating financial statements, one crucial aspect is adjusting for minority interest, also known as non-controlling interest. Minority interest represents the portion of a subsidiary not owned by the parent company, reflecting the ownership held by outside shareholders. Properly accounting for minority interest ensures that consolidated financial statements accurately present the financial performance and…
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Understanding Financial Consolidation: Bringing Financial Data Together
Introduction Financial consolidation is a critical process for companies that own multiple subsidiaries or operate in different regions. It involves combining the financial statements of parent companies and their subsidiaries into a single set of financial statements. This provides a clear picture of the overall financial health and performance of a group of companies. Accurate…
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Understanding VAT and GST: A Guide to Indirect Taxes
Introduction VAT (Value-Added Tax) and GST (Goods and Services Tax) are two of the most commonly used indirect taxes worldwide. They play a crucial role in raising government revenue while directly impacting businesses and consumers. Although VAT and GST share similarities, they also have distinct features depending on the country implementing them. Understanding these taxes…
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Understanding Amortization: Spreading Costs Over Time
Introduction Amortization is a fundamental accounting and finance concept that involves spreading the cost of intangible assets or loan repayments over a specific period. Like depreciation, amortization helps businesses allocate expenses systematically, ensuring financial statements reflect an accurate financial position. Whether you’re managing a company’s intangible assets or repaying a loan, understanding amortization is crucial…
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How to use Journal Entries
The video demonstrates how to use journal entries in BrizoSystem. It begins by navigating to Journal Entries under settings. Users can create entries for scenarios like Actual, Forecast, or Budget. By clicking “Add a new journal entry,” they input a Journal ID, description, date, debit and credit accounts, and the amount to apply. Once confirmed,…
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Understanding Depreciation: A Key Concept in Accounting
Introduction Depreciation is a fundamental accounting concept that reflects the gradual reduction in the value of an asset over its useful life. It is an essential aspect of financial reporting and tax calculations, allowing businesses to allocate the cost of tangible assets over their productive use. Understanding how depreciation works helps businesses make better financial…
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Introducing Custom Reports: Tailor Your Financial Insights with BrizoSystem
We’re excited to announce a powerful new feature in BrizoSystem: Custom Reports! This enhancement allows you to create personalized financial reports that meet your unique business needs, giving you more control over your data and insights. What’s New? With the Custom Reports feature, you can: Why Use Custom Reports? See It in Action To see…
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Built in Reports and Custom Reports
The video explains how to navigate and create reports in BrizoSystem. It starts by showcasing various pre-built reports under categories like Financial Statements and Profitability. Users can view these reports, adjust settings, and export them to Excel or PDF. For custom reports, users can click “Add a new Report,” enter a name, set categories, and…
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Elimination Entries for Multiple Company Consolidations
Understanding Elimination Entries in Consolidations When consolidating financial statements for multiple entities, one key aspect to address is the removal of intercompany transactions. These transactions, which occur between entities within the same group, must be eliminated to avoid inflating the group’s overall financial performance. Elimination entries ensure that the consolidated financial statements present an accurate…