A centralized financial consolidation solution

How long does it take to perform your month-end close? Wolters Kluwer’s OneSumX Financial Consolidation provides a state-of-the-art experience that will help you to manage your group financial, prudential or other consolidation accounting processes. This includes all month-end closing and intercompany reconciliation. Our financial consolidation software solution provides a single source of reference. It drives down reporting time, reduces data duplication, the number of reconciliations required, and minimizes excessive spreadsheet use.

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Reduce data duplication

Reduce data duplication and increase data and process ownership for different types of consolidation. Minimize the number of application dependencies by centralizing consolidation accounting and closing in one platform.

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Save time and effort

Reduce the time to close financial and reporting periods. Get more time for the review and validation of your regulatory reporting.

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Achieve faster results

Designed for fast navigation, the OneSumX solution provides an intuitive user interface, stores personal preferences and includes deep self-service analytics.

Financial consolidation challenges

We understand the common challenges faced with financial management, reporting and consolidation accounting. There is pressure from financial supervisors to have an integrated, holistic perspective on business risks. Our solution can help overcome those challenges.

Regulatory requirements

Regulators are increasingly inclined to seed financial consolidation requirements into their frameworks and guidelines. Examples include BCBS 239 data risk aggregation, and prudential consolidation under Basel and the Capital Requirements Directive.

Variety of financial consolidation needs

Many consolidation requirements and different methods e.g. internal reporting or management accounting means consolidation is needed on multiple sub-consolidation levels.

Decentralized processes

Treating consolidation in a decentralized way builds inefficiencies and errors into a team’s processes. E.g. manual interventions, ungoverned spreadsheets, data and work duplication, as well as the inefficient use of resources.

OneSumX Financial Consolidation features

Our solution not only provides consolidated financial statements, but serves as a direct input for regulatory reports and risk calculations. Centralized data management, clear governance and processes help to reduce data sourcing and keep duplication to the bare minimum.

Generate end-of-period figures in less time, with less complexity. The OneSumX platform covers financial consolidation management and regulatory compliance, and eliminates the siloed approach between your finance and reporting departments, freeing up more time to spend on strategic initiatives that create value.

  • Centralized data management

    • Create efficiencies through integrated, unified processes on a single platform
    • A hierarchy manager allows you to drag and drop entities to set up consolidation group hierarchies with intermediate sub-consolidation levels
    • Run the financial consolidation process for the whole hierarchy or on a sub-consolidation level, and work your way up to the top entity
    • Set up as many hierarchies as you like, while avoiding data duplication
    • Manage multiple use cases centrally, including IFRS, GAAP, Basel prudential consolidation, and internal and management reporting
    • Consolidation processes can be scheduled, run or rerun manually.
  • Clear data sourcing, validation and reconciliation

    • Direct link to our ledger data model to avoid data duplication and facilitate data sourcing
    • Align solo entity balances with the central consolidation chart of account using our derivation solution
    • Automate consolidation adjustments
    • Set up journal policies to assure the validation and approval of any incoming balances
    • Set up controls and limits to manage out-of-range results
    • Reconcile and eliminate intercompany information with configurable reconciliation rules
    • Central view of all unreconciled entity combinations and drill down to the lowest level of detail
    • Check off reconciliation results and create recommended adjustment journal lines with a simple click.
  • Customizable features

    • Create personal result views to quickly show the information that matters most to you
    • Immediately source the consolidated balances to regulatory reporting or risk calculations
    • Automate journal line generation for your hierarchy with consolidation lifecycle management
    • Manage ownership changes, disposals and acquisitions, and explore hypothetical scenarios involving these corporate actions
    • Keep track of changes made over time, ensuring that all steps are well governed and auditable
    • Track changes between periods and disclose movements in equity and non-controlling interest
    • Calculate the currency translation difference on multiple consolidation levels.
  • Financial consolidation lifecycle management

    • Complements your existing data warehouse and links to our powerful business analytics capabilities
    • Reduces data duplication and increases data and process ownership for different types of consolidation - financial, prudential, and for liquidity or local GAAP
    • Minimizes the number of application dependencies by centralizing consolidation accounting and closing into one platform.
  • Modular configuration

    • Includes different functionalities, covering basic, multi-scope and advanced consolidation needs
    • Offers a unique link to regulatory reports and the flexibility to cover local and prudential consolidation in the context of Basel guidelines
    • Takes care of multi-currency and multi-GAAP elements
    • Highly granular so you can tie it immediately to your reporting and ledger processes within the same platform.

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