Unified Accounting & Reporting Requirements
A big step towards automated reporting and consolidation
Unified Group Chart
of Accounts (Group COA)
Prepare the ideal Group Chart of Accounts (Group COA) meeting Statutory/IFRS/GAAP/Group reporting and Consolidation requirements in Emfino!
The Group COA is essential for high-quality reporting and business decision-making, especially when structured to accurately represent a company's overall financial health.
Unified Group Dimension Structure
Create the ideal Group Dimension structure (departments, profit/cost centers, team structure, project codes, product codes, etc.) in Emfino to perform Activity-Based Costing analysis and assess the profitability of the profit centers!
Other Group Requirements & Policies
Publish other unified Group accounting requirements, e.g., fixed assets and depreciation policy, provisions policy.
Users, especially from finance teams, should know what?/ /how?/when? has to be recorded in each account and dimension.
DEFINE Unified Group Accounting & Reporting Requirements
The Unified Group Accounting Requirements include Group Chart of Accounts (Group COA), Group Dimension Structure, and Other Group Accounting policies. These requirements define all relevant information for “in-depth” information to all stakeholders.
The Emfino set-up process starts at the very bottom—with the definition and set-up of the Group COA and Group Dimension Structure (if dimensions are used). Usually, the definition is performed by the Group's parent company; if necessary, Emfino team has significant experience and is ready to help. Other Group Accounting policies can be added later to share with users.
The more effort is devoted to defining high-quality and well-thought-out accounting and reporting requirements, the easier it will be to create high-quality automated reporting for statutory, management, and IFRS / GAAP needs and consolidation.
Accounting data in our Group companies?
Various formats
Different Local Chart of Accounts
Several ERP systems
NO necessary “in-depth” information
NOT reliable
NOT understandable
Difficult to consolidate
SHARE Group Requirements with
All Finance Teams and Other Users
The Unified Group Accounting & Reporting requirements are shared with system users in the Academy section. The better the requirements' descriptions, the better the quality of bookings and understanding of actual data, as well as the higher the quality of budgeting.
VALIDATION and MAPPING of Incoming data against Unified Accounting Requirements
After set-up of Unified Accounting Requirements, the data imported in Emfino from various ERP systems are validated, checked (Link to Import checks), and if necessary, mapped against Unified Group Accounting Requirements.
Emfino Mapping differs from other systems where data mapping is performed during data import process. Emfino performs mapping every time a report is generated. We call it “on the fly” mapping. If Company decides to change mapping for some Local accounts to Unified Group accounts, there is no need to reimport data.
Both the accounts from Group COA and the Local COA are available in the Academy section and in the reports.
Where to Start?
If Your Company’s Accounting & Reporting Requirements are poorly defined and need improvement to succeed in the accounting reorganization process, Emfino is here to help.
EmFino Demo system provides sample Group Chart of Accounts (Group COA) and dimension structures for companies in various industries with detailed descriptions and suggestions. Our customers often use the Group COA and the Dimension structure of the Demo system, adapting them to their companies' requirements.
Emfino team is there for advice and assistance in the reorganization process. It is our passion to participate in the creation of meaningful, accurate, and accessible data!
Benefits
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Emfino is designed to be the right place to define Unified Group Accounting and Reporting requirements in detail to ensure all accounting, reporting, consolidation, and budgeting needs.
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Emfino is specially designed to be the right system for Sharing the requirements with all Users.
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Emfino will ensure the validation of any incoming data against Unified requirements and the conversion of data into the Unified format.
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“On the fly” Mapping – no need to reimport data if the mapping has been changed
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Emfino DEMO system provides a sample Chart of Accounts and Dimension structures with detailed descriptions.
