Category: Consolidation
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How Do I Run Consolidated Group Financial Statements in MYOB?
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?
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?
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
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
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
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
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…
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Understanding Intercompany Dividend Elimination in Financial Consolidation
Why Intercompany Dividends Must Be Eliminated When consolidating financial statements across multiple entities within a group, one essential adjustment is the elimination of intercompany dividends. These are dividends paid by one subsidiary to another entity within the same group—such as a holding company or another subsidiary. While dividends are legitimate transactions between companies, they must…
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Why Do We Eliminate Intercompany Transactions in Financial Consolidation?
Seeing the Group as One When a group of companies is under common control—such as a parent company with several subsidiaries—the goal of financial consolidation is to present their financials as if they were one single economic entity. This means transactions between the entities in the group are internal, not external, and do not represent…
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AI and Financial Consolidation: The Future of Multi-Entity Reporting
Introduction: A New Era in Finance Financial consolidation has traditionally been a complex, manual process requiring significant coordination across departments, countries, and systems. As businesses grow through acquisitions or international expansion, consolidation becomes even more challenging. Multiple entities mean multiple sets of financials, charts of accounts, currencies, and compliance requirements. Artificial Intelligence (AI) and Machine…