ifb Packaged Solution for Financial Consolidation

Release the full potential of SAP Group Reporting

ifb has developed a leading-edge and complete packaged solution to fasten and greatly improve your financial close processes. We have blended SAP best practices with our learnings from a multitude of projects implementing S/4HANA Finance and Group Reporting.

Using our well-established REFRAMETM method, all the key building blocks for financial consolidation have been pre-modelled in templates. ifb Packaged Solution for Financial Consolidation compiles a comprehensive amount of IP unifying best practices into one reliable and predictable implementation project for a fixed price at the same time allowing client-specific modifications.

Common Challenges

Common Challenges

Financial Consolidation should be a reliable and straightforward process. But in real life, many companies are still struggling with disconnected systems and error-prone manual processes while their financial function is facing internal and external pressure: Internally, it is required to deliver better and faster information in the form of high-quality analytics and real-time, daily close data about the organization’s financial performance. Externally, regulators and shareholders demand specific data (non-financial, ESG, risk) and compliance.

Recent investments in the finance transformation and migration to the S/4HANA platform offers the Chief Financial Officer (CFO) a huge potential to develop a seamless integration between the transactional data and the financial reporting using the SAP Group Reporting solution. It provides a unique financial consolidation functionality based on the in-memory data integration and flexibility to use data from all kind of different data sources.

Unleashing this potential is key to exploit competitive advantages and significant cost reductions through a consolidation application delivering an integrated, fast, auditable and automated financial consolidation process. Your financial close will then be a complete end-to-end process (record to report), solving the integration of SAP and non-SAP data sources as well as non-financial data while eliminating all manual processes to improve quality and speed.

Core Offering and Optional Extensions

ifb Packaged Solution for Financial Consolidation consists of a core offering with optional extensions. Within the scope of the core offering we provide you an end-to-end statutory consolidation solution based on your own Chart of Accounts (CoA) and your business and reporting requirements. It builds upon a standard set of templates and use cases.

The implementation approach includes the initialization and setup, data integration with source systems, the configuration of Group Reporting, test support, go-live and one month of hypercare through our experienced experts for a fixed price. It offers a seamless integration with your S/4HANA Finance accounting systems or any other GL/ERP platform enabling you to efficiently achieve compliance.

We make use of SAP Best Practices and have built our templates in a modular structure to give you all the flexibility to extend Group Reporting for other accounting processes and reporting solutions. 

Significantly Reduce Time Using Templates and Use Cases

Significantly Reduce Time Using Templates and Use Cases

The Group Reporting licenses are delivered with a great amount of pre-defined business content: SAP Best Practices. There is a lot of value in this content as it allows you to deploy it in an efficient and effective manner.

Our Packaged Solution leverages all this content in a structured way in the form of templates and use cases. On the basis of our proven implementation methodology the implementation of Group Reporting can be achieved in an elapsed period of only six to nine months. This includes the integration with your core accounting/GL system (SAP and non-SAP) and go-live support.

This rapid deployment of Group Reporting accelerates the realization of the business benefits while lowering resource impacts and implementation costs.

 

Your benefits at a glance: 

  • Improve your financial close and consolidation
    Use the most modern and complete consolidation solution to improve your financial close processes (daily, monthly, quarterly, yearly). Quality and speed will come together by having better integration, one data set and full automation at a lower cost of ownership.
  • Best Practice S/4HANA integration
    Group Reporting will leverage the S/4 accounting best practices offering a full integration between operational data and financial reporting (record to report). This integration will allow you to support daily close requirements, offer you the required full audit trail and data lineage and expand your analytical capabilities to support local and group management.
  • Clear governance, guidance and a proven methodology
    Benefit from our clear implementation approach REFRAMETM via templates with proven deployment success like accelerated setup, use of standard SAP content, testing approach and data handling. ifb group introduces its broad knowledge across multiple advanced consolidation projects to ensure a smooth, fail-safe process allowing you and your team to focus on the outlier requirements. 
  • Reduce your implementation timeline risk significantly
    Our project approach aims at the delivery of immediate tangible results in weeks instead of months. This limits business impact allowing your key users, such as controllers, finance and compliance officers, to review versus define and build. Our team will refine the best practice content hands-on and without the undue burden of conceptualization.
Modular Package Extensions to Add Value

Modular Package Extensions to Add Value

ifb Packaged Solution for Financial Consolidation is allowing optional, modular extensions to add value to our clients beyond the financial close and to leverage the accounting platform for advanced analytics (SAC) integrating the actual data with plan and forecast models.

Group Reporting can also share the data with Disclosure Management to produce the external reporting in any type of format, including the XBRL and iXBRL filings.

 

More Information

IFRS 17 | Accounting

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IFRS 17 | Reporting

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S/4HANA Finance

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Flexible Financial Instruments Accounting

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Take the first step to an efficient and reliable financial close

We are confident that our Packaged Solution for Financial Consolidation offers an attractive advantage to S/4 users who want to benefit from the integration with Group Reporting.