How Finnivo Works
Finnivo offers a simplified reporting process. Here's how it works:
Here is a brief example of how you can use Finnivo to simplify and automate your reporting or planning process. This example is based on monthly management reporting.
- You design a report template for presenting your consolidated results. This would be your end result and could include an income statement, balance sheet, cash flow statement and sections for collated financial information (such as a property, plant and equipment reconciliation, or head count information). You can design this template in Excel and it can include formulas based on any information captured or imported to the report template.
- You set up a new reporting application in Finnivo and upload the reporting template that you have designed. You also list all the cost centres in your group and, using Finnivo’s drag and drop functionality, you build the various reporting structures you want to view your consolidated results in. You then list the users responsible for the cost centres and assign security and access rights to them.
- You or another assigned user then map your trial balance to the report template (for example, you map several revenue accounts to the revenue line in your income statement). The import module can also be configured to link directly to the source database (such as your enterprise resource planning system). Transactional or group-level detail can also be mapped and imported.
- Users responsible for their cost centres can then log in and import their own trial balance information that has been mapped to the report template.
- Users can then open their report packs (at a cost centre or at sub-consolidation level) to view their imported results and to capture additional ancillary information that could not be imported (such as non-trial balance information).
- Once completed, users can lock their packs, which will alert you that the report pack is complete. You can set the system to restrict packs from locking if certain reconciliations have not been completed accurately.
- Once all packs have been locked, you can simply open the report template at any consolidated level to view the aggregated results. You will be able to drill down into any number or text commentary field to view the breakdown per cost centre or to analyse the trial balance or transaction details that make up the total amounts.
- You can post journals for your elimination entries or you can make use of our automatic consolidation functionality.
- You can also reconcile all inter-company transactions and balances and generate various exception reports to highlight differences between the breakdowns submitted by the various cost centres.
- You can then print the consolidated report directly to Excel.
- You are also able to write and refresh various extra reports and calculation models that can be designed to pull information directly to Excel or Word and perform additional calculations.
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