Centralized consolidation for approximately 50 entities
Entity reporting packages are consolidated within one platform. Imported data is recalculated automatically, eliminating the manual combination of multiple workbooks.
Multi-currency reporting and historical translation
Entities report in their local currencies, while balance sheet and income statement reports can be presented in PLN, EUR, or local currency. The platform applies the appropriate current and historical exchange rates.
Governed account mappings
Account mappings are managed centrally and include effective dates and a complete change history. Authorized users can see who introduced a change, when it was made, and from which reporting period it applies.
Drill-down to source data
Users can investigate every balance sheet and income statement position down to the underlying entity, account, and source entry without opening additional files or requesting explanations by email.
Project overview
The project centralized and standardized financial consolidation across a complex and internationally operating group.
The implementation covered:
- consolidation of reporting packages submitted by domestic and international entities;
- multi-currency processing and historical exchange-rate translation;
- centrally governed account mappings with time-dependent validity;
- auditability and controlled access to financial data;
- drill-down from consolidated reports to underlying entries;
- alerts for new or unmapped accounts;
- preparation of the organization for further growth and acquisitions.
The main implementation stages preceding the first consolidation performed in FlexiEPM took approximately nine months. The work was completed in parallel with the finance team’s regular reporting responsibilities.
A significant part of the project involved preparing, validating, and structuring historical data.
Customer perspective
Director Wirtualna Polska Holding Group
Challenge
The original consolidation process was performed almost entirely in Excel.
At a smaller organizational scale, this approach had been sufficient. As the Group grew, however, it created increasing operational risk.
The process involved:
- dozens of entity reporting packages exchanged by email;
- manual combination of data in consolidation workbooks;
- limited control over account-mapping changes;
- risk of errors in currency translation;
- growing workloads whenever a new entity joined the Group;
- no single, centrally governed source of consolidation data.
Multi-currency reporting was particularly demanding. Each entity reported in its local currency, requiring the finance team to maintain exchange rates, apply historical translation rules, and verify calculations manually.
The finance team concluded that Excel had become both a bottleneck and a material source of process risk.
Solution
FlexiEPM was implemented as the central platform for Group financial consolidation.
The system took over the core components of the process:
- central collection of entity data;
- automated account mappings;
- effective-dated mapping history;
- current and historical currency translation;
- equity translation;
- drill-down to source-level data;
- alerts for new or unmapped accounts;
- reporting in PLN, EUR, and local currencies.
Historical data was used to validate the new consolidation model. Previous Excel-based consolidations were compared with results calculated in FlexiEPM, allowing the finance team to understand and reconcile differences and to identify errors originating in earlier manual processes.
The implementation also standardized data structures for disclosures and established consistent relationships between the balance sheet, income statement, and additional reporting dimensions.
Business impact
FlexiEPM changed both the operational and organizational model of consolidation.
The Group eliminated manual workbook consolidation and established one controlled environment for data, mappings, currency translation, and consolidated reporting.
The main benefits include:
- significantly faster preparation of the first consolidated reporting package;
- elimination of manual file consolidation;
- full control over account mappings and their historical validity;
- reduced risk of foreign-exchange and translation errors;
- faster responses to ad hoc management questions;
- greater confidence in the accuracy and traceability of financial data;
- consistent reporting standards across the Group;
- scalability for future entities and acquisitions.
The system provides the finance team with data that can be traced, explained, and supported during management review and audit.
