Category: Consolidation
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The Complete Guide to Intercompany Eliminations in Consolidation
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When companies grow into multiple entities, transactions between those entities become inevitable. But when it comes time to prepare consolidated financial statements, these intercompany balances can distort the true financial picture. That’s where intercompany eliminations come in. In this guide, we’ll walk through what intercompany eliminations are, the challenges finance teams face, the different types…
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Consolidation vs Aggregation – What’s the Difference (and Why It Matters)
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When it comes to financial reporting across multiple companies, the terms “consolidation” and “aggregation” are often used interchangeably—but they are not the same thing. Understanding the difference is essential for any finance leader managing a group of entities. What Is Aggregation? Aggregation simply means combining data by stacking it together. If you have three subsidiaries…
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The Role of a Common Chart of Accounts in Group Consolidation
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When managing a group of companies, especially across different countries or business lines, one of the most critical challenges in financial consolidation is chart of accounts (COA) inconsistency. Each subsidiary may have its own naming conventions, account structures, and classifications—making group-level reporting a nightmare. That’s where the Common Chart of Accounts (CCOA) comes in. It’s…
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How Do I Run Consolidated Group Financial Statements in MYOB?
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Introduction: The Challenge of Consolidation for MYOB Users MYOB is a trusted accounting platform for thousands of businesses across Australia and New Zealand. It’s known for its local tax compliance, payroll tools, and general accounting features. However, as your business expands into multiple entities—whether due to geographic spread, structural complexity, or group ownership—you’ll likely encounter…
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How Do I Run Consolidated Group Financial Statements in QuickBooks?
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Introduction: The QuickBooks Challenge for Multi-Entity Companies QuickBooks is widely used by small to mid-sized businesses for its user-friendliness, affordability, and rich feature set. It helps companies manage bookkeeping, invoicing, payroll, and taxes efficiently. However, as businesses scale and operate across multiple entities—whether due to expansion, acquisitions, or international operations—they often run into a major…
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How Do I Run Consolidated Group Financial Statements in Xero?
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Introduction: Xero and Multi-Entity Reporting Xero is a powerful cloud-based accounting platform used by businesses worldwide. It’s widely appreciated for its simplicity, real-time access, and integrations. However, one common challenge arises for businesses that operate across multiple entities: consolidated financial reporting. By default, Xero is designed to manage the financials of a single entity. It…
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Managing Multi-Currency Entities: Challenges and Best Practices
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As businesses expand globally, managing multi-currency entities becomes a critical part of financial operations. However, this process is fraught with challenges, ranging from complex exchange rate management to compliance with different accounting standards. In this blog, we’ll explore the common pain points of managing multi-currency entities and how the right financial consolidation tool can make…
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Mastering Multi-Country Financial Reporting: Challenges and Pitfalls
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For businesses operating in multiple countries, financial reporting can be a complex and time-consuming task. Each country comes with its own accounting standards, tax regulations, currencies, and fiscal periods, creating a maze of financial data that must be accurately consolidated and presented. Without the right tools and processes, this can quickly turn into a logistical…
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Managing Multiple Companies in BrizoSystem: Simplifying Financial Consolidation with Virtual Groups
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As businesses grow and expand, they often find themselves managing multiple companies, subsidiaries, or business units. This structure, while beneficial for scaling operations and reducing risk, introduces a significant challenge: financial consolidation. This process involves combining financial data from multiple legal entities into a single, unified view for accurate financial reporting and analysis. BrizoSystem is…
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The Hidden Costs of Using Excel for Multi-Company Consolidation
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For many small and medium-sized businesses, Excel is the go-to tool for financial management. It’s flexible, widely available, and familiar to most finance professionals. However, as your business grows and you add multiple entities, using Excel for financial consolidation can become a costly and risky choice. In this blog, we’ll explore the downsides of using…