When it comes to consolidating financial statements, many business owners and finance managers are familiar with the same pain points: deadlines are approaching, reconciliations take forever, and there’s always some discrepancy that needs to be investigated. In corporate groups with multiple subsidiaries, the process quickly becomes a stress factor.
But what if we told you that you could drastically reduce this effort? The solution is closer than you think – and it begins with a unified chart of accounts. einheitlichen Kontenrahmen.
Imagine working with five subsidiaries, each with its own chart of accounts, its own booking logic, and often even different software. Some companies might be using SAP, others might rely on widely used local accounting software, or even Excel.
The problem? Without a unified chart of accounts and standardized processes, the subsidiaries are literally speaking different "languages." This leads to:
A unified chart of accounts ensures that all subsidiaries speak the same language – regardless of the software being used. Bookings are clearly assigned, reconciliations go faster, and errors are identified early.
One company we assisted shows just how big the difference can be:
A medium-sized business with six subsidiaries previously needed an average of 10 days for consolidation – with high stress and many corrections. After implementing a unified chart of accounts, the process was reduced to just 3 days. At the same time, the error rate in intercompany reconciliations was reduced by 80%.
The benefits are clear:
Intercompany accounts are often the bottleneck. Discrepancies in bookings between subsidiaries are a common stumbling block – whether due to misbooked transactions, unclear assignments, or missing bookings.
With a standardized chart of accounts and a modern consolidation system, this process becomes nearly automated. You can check IC balances at the push of a button, identify discrepancies, and quickly correct them – regardless of which software the subsidiaries are using.
A unified chart of accounts is the first step, but real efficiency is achieved when you combine it with a modern consolidation system like LucaNet. Such tools allow:
The key to success lies in the proper setup: When your data is clean and the basic structure is right, the consolidation process becomes a true efficiency driver.
Then it may be time to consider a unified chart of accounts and a professional consolidation system.
A unified chart of accounts is more than just a formality – it’s the foundation for smooth and efficient consolidation. Combined with a powerful consolidation tool, you can not only save time and effort but also significantly improve the quality of your financial statements.
If you want to learn how to optimize your consolidation process, talk to us. Together, we will find a solution that perfectly suits your company, so you can focus on what matters most.
