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Full integration into the parent company's ERP and CRM system
Business segments
Reporting of results by company, segment and business function
Stock market reporting
Consolidation of IAS/IFRS financial statements
IAS 15
Advanced mechanism for adjusting invoiced revenues
Advanced mechanism for adjusting invoiced revenues
- Integrated statutory and management consolidation system to ensure uniform and consistent financial reporting.
- Financial consolidation process within a multi-level, complex capital structure automated through built-in rules and system eliminations.
- The system uses advanced IAS 16-compliant calculation mechanisms, which are responsible for accurately calculating deferred revenue adjustments for each customer contract.
- System used in 12 countries by dozens of users, enabling scalable management of consolidation and reporting at group level.
Challenge
Consolidation and controlling in an extensive capital structure
The PBKM S.A. Group, with more than 25 subsidiaries operating both in Poland and abroad, faced the challenge of streamlining its financial and operational reporting processes.
- At the end of 2018, faced with functional limitations and difficulties in developing the previously implemented EPM/CPM class system, the company decided to implement FlexiEPM.
- The main challenge was to implement a unified system that would enable the simultaneous consolidation of financial and operational data on a statutory and management basis.
The aim was to standardise consolidation processes, ensure full integration with the parent company’s ERP and CRM and adapt the system to the requirements of listed companies in accordance with IAS/IFRS.
Solution
FlexiEPM – a complete system for financial consolidation
In response to the needs of the PBKM S.A. Group, FlexiEPM, a system for statutory and management consolidation, was implemented, which operates as a central data repository for all Group companies. The solution is systematically used by several dozen users in 12 countries.
- The integrated consolidated reporting model, based on a common database, allows a set of management reports to be prepared on a monthly basis.
- The consolidation system allows data to be presented in all cross-sections and business structures required by the company management.
- Separate and consolidated financial statements are prepared under a single model. IAS/IFRS statutory reports are produced in the system in accordance with the requirements specific to companies listed on the WSE.
The system coped very well with the scale and complexity of the PBKM S.A. Group. – as a result of the implementation, the company has a coherent repository of financial data for all consolidated companies regardless of significant differences in systems and structures of financial and accounting records maintained at entity level.
From the point of view of the monthly reporting process, control reports are particularly useful. They allow rapid verification of the consistency of local data provided by companies. The automation of the reconciliation process and intra-group settlements is also a major added value. Built-in reports allow companies to quickly identify differences in reported intercompany transactions and make appropriate adjustments.
Benefits
Consistency, automation and control in financial reporting at the Group level
The implementation of FlexiEPM has brought tangible business benefits. The system has made it possible to standardise and automate consolidation processes within a complex, multi-level capital structure, which has significantly increased the consistency and accuracy of reporting at the Group level. Key benefits include:
- Automation of consolidation processes: Thanks to built-in system rules, automatic consolidation elimination is possible, allowing faster and more accurate preparation of financial statements, including more than 500 automatic consolidation adjustments.
- Segment reporting: The system allows reports to be generated by company, segment and business function, giving management a more complete picture of the Group’s financial and operational position.
- Control and verification of local data: FlexiEPM offers control reports that support the verification of local data consistency and automate the process of reconciling balances and intra-group settlements. This allows differences in reported transactions to be faster identified and corrected.
- Scalability and flexibility: The system has proven itself in the scale of PBKM S.A. operations, enabling effective financial data management even with diverse accounting systems at the entity level.
FlexiEPM is currently used by several dozen users in 12 countries who can generate reliable, consolidated reports in line with stock market requirements. This has provided the PBKM S.A. Group with a coherent, centralised data repository that provides full control over reporting processes.
