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

In today’s business context, life of a CFO is that of the radar as well as the captain of a moving ship. Today’s CFO is expected to contribute well beyond the traditional role of cost management and operational controls. The CFO needs to play a delicate balancing act across multiple dimensions, some of which include: Impact of globalization: having an effective finance function that can account for the increasing complexities of running a global business Regulatory adherence: Global regulatory requirements are constantly changing and continually increasing, and CFOs have a personal stake in regulatory adherence Risk management: the nature of risks that an organization faces keep changing Reporting requirements: managing the ever broadening and often burdensome reporting requirements The CFO needs to do all this, while also keeping a keen eye on rigorous ongoing cost management and operational efficiencies to fuel profitability and strategic reinvestment. All this under...

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 ...