Background
In today’s digital economy, the demand for near-time access to accurate financial data seems to increase constantly. Internal management, parent companies, regulatory authorities, and other external stakeholders now expect almost immediate access to accounting statements and the underlying data. For many finance professionals, the ability to instantly meet demand can be hindered by divergent accounting standards, overseas jurisdiction needs, multiple currencies, and even other languages.
Many ERP systems, excellent at supporting line-of-business operations, and with solid accounting functionality, are also often stretched by constantly evolving global financial compliance requirements. They increasingly look to specialist partner solutions – particularly in areas such as tax and financial reporting – to provide local controllers with the tools needed to respond appropriately.
Challenge
In distributed corporations, global controllers must often consolidate data from multiple ERP systems, integrate different charts of accounts structures, and deal with multiple currencies. They need to support the decision-making needs of internal management, while also creating GAAP-* and IFRS-compliant** consolidated financial statements for external audiences such as auditors, banks, investors, and analysts.
Individual company accountants need to balance the need to adopt corporate reporting standards, with sometimes conflicting disclosure and data management regulations imposed by local authorities. And as governments in a growing number of countries look to protect revenue sources and expose fraudulent activity, they have created an additional burden for companies by requiring electronic tracking of individual transactions and almost real-time electronic report submission.
Solution
Products like Mondial CRx, from Mondial Software, help customers bridge the gap from traditional reporting to today’s need for immediacy and flexibility at all levels. Mondial CRx is an intuitive and powerful on-line financial reporting solution that helps each customer create the exact management, consolidation and statutory financial reports needed.
Offered as a web-based subscription service, Mondial CRx can accept transaction-level data from any ERP-system, located anywhere in the world, through its open, documented API’s. Every General Ledger, Accounts Payable and Accounts Receivable transaction from the source system is stored in Mondial’s own multi-ledger accounting structure, making data from every group company available immediately on a standard and consistent basis.
Supported by an additional capability to post final adjustment journals, Mondial CRx holds every accounting transaction for every group company, and offers a true system-of-record. This reduces audit risk when compared with ERP systems that require additional spreadsheet adjustments, or Business Intelligence products that produce financial reports based only on balance-level data.
The intuitive and powerful Mondial CRx report writer gives the user the ability to create, apply, and electronically distribute high-quality user-defined reports for one or more group companies, in any required management or statutory reporting format, and in any currency.
Summary
The demand for improved flexibility, accuracy and timeliness in financial reporting is unlikely to abate. Businesses are increasingly embracing the opportunity to move away from rigid accounting and reporting systems that require frequent manual intervention, towards tools designed to meet the needs of today’s and tomorrow’s electronic reporting world more fully.
Mondial CRx represents a new level of flexible financial report writing that ensures customer compliance with changing global reporting requirements, while protecting the broader investment they have made in their underlying ERP-system.
