{"id":249490,"date":"2023-10-31T15:06:11","date_gmt":"2023-10-31T14:06:11","guid":{"rendered":"https:\/\/www.altermes.fr\/use-case\/consolidation-of-financial-statements\/"},"modified":"2023-12-06T17:51:18","modified_gmt":"2023-12-06T16:51:18","slug":"consolidation-of-financial-statements","status":"publish","type":"use-case","link":"https:\/\/www.altermes.fr\/en\/en-use-case\/consolidation-of-financial-statements\/","title":{"rendered":"Consolidation of financial statements"},"content":{"rendered":"\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n<h2 class=\"wp-block-heading\">Mission context<\/h2>\n\n<p>We were asked by a client operating in the chemicals sector to take over the consolidation of the accounts of a group of companies.  <\/p>\n\n<p>The group has sales of around \u20ac125 million and a dozen subsidiaries, half of which are based outside France.<\/p>\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" width=\"656\" height=\"438\" src=\"https:\/\/www.altermes.fr\/wp-content\/uploads\/2023\/10\/Chimie.jpg\" alt=\"\" class=\"wp-image-249291\" srcset=\"https:\/\/www.altermes.fr\/wp-content\/uploads\/2023\/10\/Chimie.jpg 656w, https:\/\/www.altermes.fr\/wp-content\/uploads\/2023\/10\/Chimie-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 656px, 100vw\" \/><\/figure>\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n<h2 class=\"wp-block-heading\">Course of the mission<\/h2>\n\n<p>The assignment entrusted to us consists in producing the monthly consolidation reports and the annual consolidated financial statements.  <\/p>\n\n<h3 class=\"wp-block-heading\">Mission challenges<\/h3>\n\n<ul class=\"wp-block-list\">\n<li>Lack of closing processes within the group<\/li>\n\n\n\n<li>High staff turnover in subsidiaries<\/li>\n\n\n\n<li>Lack of expertise in subsidiary consolidation techniques<\/li>\n\n\n\n<li>Lack of English language skills on the part of some speakers<\/li>\n<\/ul>\n\n<h3 class=\"wp-block-heading\">Action plan<\/h3>\n\n<p>To carry out our mission, we have set up the following actions:<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>analysis of the customer&#8217;s needs and areas of dissatisfaction <\/strong>with the previous service provider;<\/li>\n\n\n\n<li><strong>audit of the <\/strong>existing <strong>closing process <\/strong>and proposals for optimization ;<\/li>\n\n\n\n<li>familiarization with the consolidation file and<strong> review of the main restatement\/consolidation operations ; <\/strong><\/li>\n\n\n\n<li>Discussions with the financial managers of foreign subsidiaries to <strong>understand their <\/strong>local <strong>challenges <\/strong>, any difficulties they may have in meeting deadlines and their level of mastery of consolidation concepts;<\/li>\n\n\n\n<li><strong>drafting of closing instructions <\/strong>to clarify the expectations of Group management and harmonize the collection of documents transmitted by subsidiaries.<\/li>\n\n\n\n<li>successive <strong>monthly closings <\/strong>, ensuring <strong>regular follow-up with the customer and <\/strong>foreign subsidiaries, with a view to<strong>continuous improvement<\/strong>.<\/li>\n<\/ul>\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n<h2 class=\"wp-block-heading\">Tools used<\/h2>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.amelkis-solutions.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Opera from Amelkis<\/a> was used as consolidation software<\/li>\n\n\n\n<li>Communication with subsidiaries is mainly by e-mail and telephone in English.<\/li>\n<\/ul>\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n<h2 class=\"wp-block-heading\">Results<\/h2>\n\n<p>Our work enabled us to <strong>secure the annual closing<\/strong> by ensuring that <strong>deadlines were met<\/strong> and that<strong> the consolidated accounts were of high quality<\/strong>.<\/p>\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<p>  \ud83d\udcde If you&#8217;d like us to provide you with advice or support in consolidating your accounts, <a href=\"https:\/\/www.altermes.fr\/en\/contact\/\"><strong>contact our teams of experts<\/strong>!<\/a> <\/p>\n\n<p>\ud83d\udd0e Would you like to find out more about Alterm\u00e8s? <strong>\n  <a href=\"https:\/\/www.altermes.fr\/expertise-comptable\/consolidation-des-comptes\/\">our accounts consolidation offer<\/a>\n<\/strong> !<\/p>\n\n<p><\/p>\n\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/media.giphy.com\/media\/v1.Y2lkPTc5MGI3NjExb3czejl5a3BnbGo3MmRiOTBieHl2NW83OHZkOHVvZzcyc2xvODAzciZlcD12MV9pbnRlcm5hbF9naWZfYnlfaWQmY3Q9Zw\/hFc6mEicbUnusZ0rGh\/giphy.gif\" alt=\"\"><\/figure>","protected":false},"excerpt":{"rendered":"<p>Mission context We were asked by a client operating in the chemicals sector to take over the consolidation of the accounts of a group of companies. The group has sales of around \u20ac125 million and a dozen subsidiaries, half of which are based outside France. Course of the mission The assignment entrusted to us consists [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":249296,"parent":0,"menu_order":0,"template":"","categories":[54],"class_list":["post-249490","use-case","type-use-case","status-publish","has-post-thumbnail","hentry","category-accounting-expertise"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.altermes.fr\/en\/wp-json\/wp\/v2\/use-case\/249490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.altermes.fr\/en\/wp-json\/wp\/v2\/use-case"}],"about":[{"href":"https:\/\/www.altermes.fr\/en\/wp-json\/wp\/v2\/types\/use-case"}],"author":[{"embeddable":true,"href":"https:\/\/www.altermes.fr\/en\/wp-json\/wp\/v2\/users\/6"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.altermes.fr\/en\/wp-json\/wp\/v2\/media\/249296"}],"wp:attachment":[{"href":"https:\/\/www.altermes.fr\/en\/wp-json\/wp\/v2\/media?parent=249490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.altermes.fr\/en\/wp-json\/wp\/v2\/categories?post=249490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}