A Manufacturing, Food & Beverage Company
Revenue: USD 160 Million
PROBLEM
- Multiple entities within the holding group with different accounting systems, making the consolidation process and data collection very long
- Different data storage system with various number treatment across the systems
- Different accounting code across the entities, causing the matching process to be difficult and higher chance in error
- Multiple currency data across different entities depending on their country operation
SOLUTION
- Streamlining the Accounting Code that applied to all the entities without changing the original accounting code
- Mapping the accounting code from each entity to the Group Accounting Code
- Create different data load to cater for different data treatment and stored in cloud with the same accounting system
- Using Exchange rate at the consolidation level to display consolidated data in the same holding level currency
RESULTS
- Mapped Group accounting code with multiple entities accounting code which is easy to maintain
- Data load become 1 click button from each entity regardless of their data source
- Consolidation done at higher level with better accuracy and faster turnover rate>/li>
- Separate book from each entity can be reviewed before and after the consolidation / adjustment
- At the entity level, data can be seen in both local & group currency based on the exchange rate provided
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