BOARD International recently announced the release of Board Financial Consolidation (BFC), a solution to the consolidation and reporting requirements of international groups of companies.

Built with BOARD, the market-leading business intelligence and corporate performance management toolkit, BFC combines the power of the pre-built consolidation routines with the flexibility of the underlying toolkit. This enables each implementation to be precisely configured to the particular requirements of the organisation as well as enabling close integration with other BOARD applications such as budgeting and forecasting, management reporting, profitability analysis, key performance indicators and scorecards, as well as with the Microsoft Office suite of products.

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BFC is designed to meet the requirements of all stakeholders in a business, including management, shareholders, auditors and regulators. It reduces the time taken to prepare monthly consolidated management accounts and statutory accounts, from the automatic upload of data from source systems through to automatic consolidation elimination entries and production of final reports. Many groups of companies still consolidate monthly accounts, budgets and forecasts in Excel, with all its attendant problems of complexity, data integrity, version control, lack of flexibility and accessibility to the data. BFC solves all these problems with features such as the “single version of truth”, workflow to control submission and approval of data, multiple views, multiple versions and scenarios, automation of procedures, detailed access security settings, multiple consolidation nodes (sub-groups, management vs. statutory accounts) etc.

This BeyeNETWORK news item contains information from a recent press release by the company mentioned.