One ledger for a group of companies
In a group of several companies, each one often keeps its books its own way and consolidation is pieced together by hand at quarter end. We bring every entity onto a shared chart of accounts and master data in IFS Cloud and set up intercompany transactions and consolidation. For group-wide analytics we can add a Snowflake warehouse.
- Consolidation is built in Excel and takes weeks
- Intercompany balances do not match between entities
- Each entity uses its own chart of accounts and master data
- Shareholders or lenders ask for reporting that is hard to produce
- Every company in the group follows the same rules
- Consolidated reports are produced without manual assembly
- Intercompany balances reconcile automatically
- Management sees results for each company and for the group as a whole
Four steps
Group model
We map the ownership structure, currencies and each country’s reporting requirements, and agree a shared chart of accounts and dimensions.
Shared master data
We align counterparties, items and accounting policy to common rules, keeping local variations where the law requires them.
Intercompany
We set up mirrored postings between group companies, currency revaluation and eliminations on consolidation.
Reporting
We build management reporting for the group and for each company, moving analytics to a warehouse when data volumes call for it.
Industries
Common questions
How long does an IFS Cloud rollout take?
The first phase usually takes 3 to 9 months, depending on the number of modules, sites and users and on how ready the data is. We give an exact plan after the diagnostic stage.
What does it cost?
The cost is the IFS Cloud subscription plus implementation work. The subscription depends on users and modules; the work depends on configuration, integrations and data migration. After the diagnostic stage we give an estimate and a five-year cost of ownership.
Can we keep 1C?
Yes. Often 1C stays for statutory accounting and tax reporting while IFS runs procurement, inventory, production, maintenance and management accounting. The two systems are integrated so nothing is entered twice.
Cloud or our own servers?
IFS Cloud can run in the cloud or on the company’s own servers. The choice depends on data-residency requirements, IT policy and budget. We compare the options at the design stage.
Do we have to roll out every module at once?
No. Most companies start with finance, procurement and inventory, or with asset management, and add other modules in later phases. It is one platform, so new modules work with the data already in it.
What happens after go-live?
In the first weeks after go-live we stay close to users and fix whatever gets in their way. After that comes support under a contract with clear response times, IFS updates and changes for new needs.