Board Financial Consolidation (BFC/GCR)
With Board FC, companies can perform both legal consolidation and management consolidation within the same integrated business intelligence and corporate performance management (CPM) software and gain deep insights into their financial and operational results.
As part of the only all-in-one BI & CPM product on the market, Board FC /GCR delivers all the benefits of the Board Decision Platform. This seamlessly combines analysis and reporting with planning, forecasting and simulation processes.
With Board FC, global corporations with many individual companies can meet the challenges they face today in terms of consolidation. Turnkey capabilities are used to consolidate data from multiple locations and multiple general ledgers, perform currency conversions, and eliminate time-consuming and non-compliant spreadsheet processes. Board FC’s process-driven environment helps organizations ensure data consistency and accuracy using application controls and correct inconsistencies in consolidated financial reports. This ensures that accounting principles are complied with and that incorrect decisions based on inaccurate data are ruled out.
Board FC combines powerful, out-of-the-box capabilities with the flexibility of the toolkit approach to provide unmatched customizability to the financial consolidation process.
Depending on your preference, this consolidation solution can be licensed from Board On Premises or as a cloud platform. We at BLUEBIRD Consulting will be happy to advise you in deciding which license combination is right for your company and your use case.
The main features of Board FC
- Legal and management consolidation of complex corporate structures with automation of:
- Currency translation and treatment of currency translation differences
- Validation rules
- Intercompany debt consolidation & expense and income consolidation with customizable rules
- Capital consolidation of subsidiaries incl. Calculation of the consolidation reserve
- Offsetting of profit/loss and dividends of subsidiaries & calculation of consolidated profit/loss
- Calculation of Group & Minority Interests
- Calculation of changes in the scope of consolidation
- Cash flow statement and reporting
- Auditability of the journal
… and much more
- Own integrated workflow that guides the user step by step through the processes
- Intra-group reconciliation at transaction document or currency level
- Flat and phased model for consolidation reporting
- Creation & comparison of any number of scenarios (actual, budget, forecast, etc.)
- Different, customizable closing periods (year, quarter, month, etc.)
- Multiple chart of accounts management: local, group & reporting
- Journal entries at company and group level
- User function management
- Application control for processes to ensure data quality
- Business intelligence & financial analysis at company & group level
- Business insights for users through open hierarchy capability
- Verifiability & compliance of data and processes (IT & application controls and segregation of duties)
- Disclosure: consolidated, statutory, management & divisional reporting.
- Disclosure of information in accordance with regulatory requirements
- XBRL and iXBRL
Your advantages through Board FC
1. High level of automation and faster preparation of consolidated financial statements
Board FC enables the finance team to coordinate activities and tasks across multiple entities to reduce closing and reporting cycles – without compromising regulatory compliance controls.
- Guided process with workflow (SOX)
- Centralized and decentralized management
- Control for complete, accurate and trustworthy data
- Alarms and warnings
- Consolidated & statutory financial statements
- Divisional reporting
- Predefined test reports
- Notes to the financial statements
- GAAP – local and Group-wide
- Regulatory reporting
5. Testing and compliance
Complete auditability to manage financial and IT risks.
- DB IT Controls & Application:
– Information security
– Change management
– Performance & Business Continuity
- SOC 1 Type II (ISAE 3402 , SSAE18), SOC 2, SOC 3
- Evidence control for compliance requirements
- Board Cloud – ISO27001 compliant
Technology makes it easy
Board Financial Consolidation was built entirely using the programming-free “toolkit approach,” a visual modeling technique based on drag-and-drop data-sensitive components. This revolutionary methodology allows users to use the system without extensive technical expertise. It also significantly reduces the complexity and costs associated with implementing, customizing and maintaining the application. Furthermore, Board FC is seamlessly integrated with the Board BI and CPM platform. As a result, it provides comprehensive information management capabilities that enable effortless data collection from multiple sources, advanced reporting, ad hoc queries, analytics, and easy creation of KPIs, indexes, and personalized dashboards.
For financial consolidation, Board offers you a whole range of benefits:
1. Simple data collection from multiple sources (ERP, transaction systems, data warehouse)
- Integrated ETL process
- Direct access/write-back to the central database
- SAP Connector
2. Integrated business intelligence and performance management environment
- Input and output of Board FC can be very easily connected to other Board performance management applications
- Great potential for growth & expansion
- Data traceability throughout the performance management process
3. User friendliness
- Preparation and analysis of consolidated financial reports with all supporting details
- Test report
4. Business Intelligence inside
- Reporting, analysis and scenario management are customizable
- Review and control data, monitor processes and workflow approvals, and ensure compliance with regulatory guidelines and internal administrative regulations
5. Comprehensive Microsoft Office integration
- Data entry in Excel also possible offline
- Consolidation of different scenarios (GAAP, FX simulation) with financial intelligence and calculation rules
6. Agility, scalability and security of the cloud
- Global distribution in just a few minutes, across 5 continents, always up to date
- No investment in infrastructure necessary
- The highest service level even with fluctuating workloads
- ISO27001 compliant
Cloud vs. on-premise
We offer both. Choose the best deployment model for your business!