Financial Consolidation
Take control of financial consolidation and closing.
Automate consolidation, shorten your close cycle, and make every figure traceable and auditable. Unify rules, entities, and currencies in a single solution so you can report with confidence.
Financial consolidation software: a faster, auditable close
Our approach combines methodology, technology, and expert guidance for a fast, controlled, and fully traceable process:
End-to-end automation:
Automated data collection, business rules, user data-submission workflows, intercompany eliminations, and publishing.
Rules and calculation engine for IFRS/GAAP, multi-currency, and scope:
With full consistency.
Intercompany reconciliation and eliminations:
Centralized and auditable.
Standardized data model:
With an audit trail for every entry and owner.
Custom reports:
Build dashboards, reports, and ad hoc analysis.
Dashboards:
With close and data-quality KPIs (time-to-close, issues, % of adjustments).
Integration with ERP/BI and Microsoft Office:
To speed up the close and reduce errors.
Financial consolidation: the problems that drag out your close
- Excel dependency and manual processes prone to errors and multiple versions.
- Complex intercompany: slow eliminations, difficult reconciliations, and poor traceability.
- Multi-currency and scope changes (adding/removing entities, mergers) that are costly to maintain.
- Multi-framework compliance (IFRS/US GAAP/local GAAP) with scattered adjustments.
- Long close cycles and time-consuming audits caused by a lack of centralized evidence.
The result: slow closes, questionable data, and teams spending more time reconciling than analyzing.
Key features and capabilities of the financial consolidation solution
Our Financial Consolidation solution unifies and standardizes the process to shorten the close, improve accuracy, and guarantee an audit trail for every adjustment. It brings entities, multiple currencies, IFRS/GAAP frameworks, and business rules together in a single model, with centralized intercompany eliminations and automatic reconciliation.
With prebuilt dashboards and a flexible calculation engine, you can quickly adapt to scope changes (adding or removing entities), new regulations, or accounting structures—while keeping end-to-end visibility and audit-ready evidence.
Financial consolidation dashboards (prebuilt)
Automatic and intercompany reconciliation with full traceability
Calculation engine and complex consolidation rules
Multi-currency management and exchange-difference control
Automatic, configurable intercompany eliminations
IFRS/GAAP adjustments with audit trail and evidence
Ad hoc reports for consolidated reporting
Microsoft integration
Benefits of automated financial consolidation
Automated consolidation delivers close agility, data quality, and transparency across the entire process. By centralizing information and reducing manual tasks, you cut errors and rework, improve reporting times (statutory, tax, and management), and strengthen confidence in every figure through a complete audit trail.
The result is a more efficient finance function that’s ready to scale: lower operating costs, greater focus on analysis, and better decisions backed by consistent, timely reports.
Close agility and scope changes.
Shorten the time to produce financial statements and complete the close, adapting quickly to changes such as new accounts or entities.
Confidence and quality of consolidated data.
A more robust financial consolidation process builds greater trust in the resulting data.
Adjustment traceability and audit transparency.
Keep the full detail behind every figure, with control over data and manually posted adjustments—for greater transparency across the finance function.
dvanced functionality for consolidation rules and KPIs.
The powerful calculation engine lets companies implement any business rule or KPI.
Cost savings and operational efficiency.
By cutting the hours spent collecting and processing information and gaining autonomy in managing the model.
Better decisions with financial analysis and reporting.
Powerful data analysis and reporting capabilities—both tabular and graphical—help companies make more informed decisions.
Real-world applications of financial consolidation and close
- Statutory, tax, and management consolidation in a single model.
- Intercompany eliminations and balance reconciliation with difference tracking.
- Multi-currency and exchange-difference control.
- Adjustments by accounting framework (IFRS, US GAAP, local GAAP).
- Scope changes (additions/removals, acquisitions, methods).
- Reporting and auditing with traceable evidence and export to Office/BI.
Want to validate one of these use cases in your company?
About Nova: EPM and financial consolidation experts
We support finance leaders in implementing robust, auditable, and flexible consolidation models. Our roadmap:
01
Express Diagnostic:
Current close, rules, and critical pain points.
02
Consolidation blueprint:
Data model, rules, eliminations, and KPIs.
03
MVP in weeks:
First operational use case (e.g., monthly consolidation + intercompany).
04
Iteration and scaling:
Multi-GAAP/IFRS, multi-currency, scope, and advanced reporting.
05
Governance and Training:
Knowledge transfer and support for ongoing and corrective maintenance.
We measure impact: lower time-to-close, fewer issues, and smoother audits.
Manufacturing Partners
At Nova, we implement solutions for the consolidation of the following manufacturers.
Frequently asked questions about financial consolidation
What's the difference between statutory and management consolidation?
Statutory consolidation complies with IFRS/GAAP and publishes official statements. Management consolidation analyzes internal performance by business, region, or product.
How do automatic intercompany eliminations work?
They standardize rules, balance reconciliation, and adjustments between entities. They leave an audit trail for each transaction and speed up the financial close.
How are multi-currency and exchange differences handled?
Historical exchange rates are stored, amounts are converted to the consolidation currency, and foreign-exchange gains/losses are calculated.
Can I consolidate in parallel under IFRS and GAAP?
Yes. Adjustments are applied by ledger and reported by accounting framework (IFRS, local GAAP, US GAAP) with audit-ready evidence.
What happens when the scope changes (adding/removing entities)?
The model supports mergers, acquisitions, and changes of control while preserving history, consolidation methods, and rules.
What does a modern consolidation solution include?
A rules engine, intercompany, multi-currency, multi-GAAP/IFRS, Microsoft Office/BI reporting, and an audit trail for every adjustment.
What close-time improvements are typical?
Time-to-close typically drops from weeks to days, depending on your starting point and level of automation/intercompany.
Does it integrate with the ERP and Microsoft Office?
Yes. It imports balances from the transactional ERP system, publishes reports in Word/Excel/PowerPoint, and exports to BI or a data lake, with role and permission controls.
We'll help you identify your financial and data management challenges and figure out how to solve them.
Automate the close, standardize rules, and gain real-time visibility to report with confidence.
We'll help you identify your financial and data management challenges—and how to solve them.