Ensure your company’s financial information integrity
Does all the information contained in your company’s financial reports emanate directly from the financial system? Can you be certain of the accuracy of the financial statements? Is your financial reporting process exposing your company to risk? These are some of the common areas of concern companies have about their financial information.

Using our tools we will quickly analyze how your chart of accounts (COA) is organized and actually used in financial reporting. We will then help ensure that all information contained in the financial statements emanates directly from the financial system.

Improve financial reporting with our Remediation Services
If your company has one of the major ERP financial systems and it uses a spreadsheet or a reporting product that transforms the data (automatically or otherwise) for financial reporting, you have a low-cohesion reporting process.

This means your reporting needs are not being met by your source data, and it’s disjointed – you need manual intervention and other systems in order to perform financial reporting. Low cohesion in the financial reporting process equals increased risk, and it may be an indication of inherent weaknesses with the financial data as well.   

GL Associates will set up a tool that will enable you to produce all the financial statements directly from the financial system and related subsystems in a highly-cohesive manner.

Reduce your financial closing cycle and improve accuracy
With three decades of experience at more than several hundred companies, we can say that many companies spend more time than necessary closing the financial books. We’ve helped companies reduce their closing cycles from 50% – 75% and made improvements in accuracy as well. Our analysts will scour your closing process activities and evaluate each one against our experienced-based value and improvement criteria. Then we will prepare a plan that will help you to decrease your closing cycle and improve your financial reporting accuracy.

Automate the intercompany accounting process
Managing the process for eliminating and reconciling intercompany account transactions and balances can be challenging, particularly when different general ledger accounts and multiple systems are involved. It’s a task that’s on the financial closing cycle’s critical path – when time is of the essence, and then the race is on to get finished. So there are always issues to follow up on, only to go through the same exercise again next month.

Fortunately, the entire intercompany process becomes a non-event with GL Associates FII tools. Our tools will keep your enterprise’s intercompany account balances synchronized among all the companies, so they’re always fully reconciled, in balance, and ready for monthly eliminations – automatically.

Track minority interest and automate monthly journals
Enterprises with minority investments in subsidiary companies need to track their ownership interest and journal the monthly transactions to adjust their investment and equity balances according to US GAAP. For companies having multiple, or many, subsidiaries with varying ownership interest, this complex task is often handled using an unstructured database or by spreadsheets with elaborate calculations, which then become the documentation for the monthly journal. Besides being a labor-intensive task, this process has major flaws including an error-prone balance calculation process, no historical transaction support, and a lack of security and a manageable data governance process.

GL Associates Investment in Subsidiaries Consolidation System is structured for tracking ownership interest in subsidiaries and for generating the monthly journals for adjusting ownership interest and for recognizing profit and loss. The system is integrated with the JD Edwards, Oracle, and PeopleSoft ERP systems, so there are no extra steps, and its role base security supports a rigid data governance policy.