BeyondSquare FinAlyzer - Your partner for Financial Consolidation, Close, Analytics & Reporting

Automating the Financial Consolidation Process Financial reporting and consolidation  is often a manual, time consuming and potentially error prone process in most companies. With Companies Act 2013, it has become even more important to evaluate and implement systems and controls  for preparing Consolidated Financial Statements. Companies should seriously evaluate the possibility of automating their process for financial reporting and consolidation: As it is mandatory to provide consolidated financials as per regulatory framework To ensure data consistency between internal MIS statements and other financial statements For Legal consolidation as per the shareholding structure For speeding up time consuming manual process in completing statutory audits and preparation of final consolidated reports For standardisation of multi-geography reporting (e.g. Sch VI, US GAAP, IFRS etc.) For having one...

BeyondSquare Financial Management Suite BeyondSquare Financial Management is a scalable application for financial consolidation, financial performance reporting and disclosure management. For more, visit us at www.beyondsquare.com.

Whether you are a simple investor, or a decision maker in a company, the ability to understand the performance of a company by analysing the financial data is a mighty useful skill to have. A Financial statement is a summary of the financial performance of a company. The three main reports in a financial statement are the Balance Sheet, Income Statement and the Cash Flows statement.   By knowing  how  to  examine  a  financial  report,   you  will  gain  good understanding  of   the  general  trends  and  performance  of   a  business. One excellent way of analysing a financial statement is through financial ratios .   A ratio is quite simply,   dividing an item with another. For example, gross profit margin is calculated by dividing gross profit by net sales .   There are different types of   ratios that help...

The title of this blog is sure to raise a few eyebrows. Many of my accountant friends who have spent long hours and months coming to grips with XBRL are probably frowning. But seriously, you are an accountant for god’s sake. What makes sense to you is the familiar world of numbers. Things like “accumulated depreciation” and “contingent liabilities” are music to your ears. You would rather defer your movie plans than stop computing deferred taxes. You have cash flows for breakfast, assets for lunch and provisions for dinner. You tread bravely, where a lesser mortal would shudder to go. With enough on your plate already, the world has conspired to burden you some more. A cursory glance at the XBRL jargon is sure to make you dizzy. XBRL experts don’t think twice before casually using terms like linkbase, dimensions, domains, hyper-cubes, tagging and facts; as if it is the natural thing for everyone to know. Let me let you in on a secret – it is not your job to understand any of this. I...

The advent of XBRL has undoubtedly introduced an exciting era in the world of Business Reporting. The ultimate goal of XBRL is to enable speedy and efficient access to information, improve corporate communication with stakeholders and most importantly reduce enterprise risk by accurate consolidation and analysis of data. However, as it stands today XBRL is mostly limited to regulatory reporting.  This is understandable, because most technology tools were developed as a response to regulatory diktats. While most companies in the initial XBRL adoption phase have looked it from a purely tactical perspective, they should gradually plan to broaden the scope of their XBRL initiative by making the under-lying source systems XBRL aware. By doing this, companies can generate different types of reports and dashboards and enable interaction among disparate applications and systems.  Using XBRL as an enterprise wide strategic tool will eliminate manual collation of data, stream-line ...

This article was published in the July 2012 issue of FOCUS , the monthly magazine of ICSI-WIRC. You can send your feedback to the authors by writing to info@beyondsquare.com or leave inline comments on this blog. CA Rangan Varadan (CEO and Director, Beyond Square) Karthik Ganeshan (Director, Beyond Square) INTRODUCTION In a highly networked world, organizations are measured as much by their efficiency and transparency as they are by their results. Information exchange within the enterprise, stakeholders, partners and regulators should not only be efficient and painless but also consistent. With disparate systems and disparate entities within an organization, bringing in standardization in the way data is collated and reported would rate as one of the top organizational challenges. XBRL, now over a decade old, has provided an answer to this long standing challenge. XBRL was developed to enable speedy and efficient access to information, improve corporate communication wit...