TracFCM Consolidation - An Effective rollout process


Tri Trac Technologies provide financial and accounting advice and assistance on every aspect of the consolidation and reporting process. Because financial processes are interlinked with business processes throughout the organization, streamlining reporting and consolidation helps to realize significant benefits in validating data and providing a better audit trail.

Our approach to a successful implementation to maximize your ROI with is guaranteed through different phases of TracFCM SELF SERVICE consolidation automates the whole consolidation process starting from data collection and consolidation until reporting. right from planning and installation to operation.

Understand

  • Understand and assess the group needs.
  • Hierarchy
  • Chart of Accounts

Stage I: Understand

Our approach to establish a consolidation process includes our assessment of the Groups need. This stage includes understanding the organization structure and hierarchies. Identifying the financial data source either the data extraction is directly from the core ERP or Accounting system or input files are the Excel.

Plan & Execute

  • To collect and Add financial data of holding cos and subsidiaries
  • Streamline map COA
  • Design input templates and Reports

Stage II: Plan & Execute

  • To make each entity Trial balance ready to be imported in TracFCM.
  • TracFCM inbuilt predefined master definition for Schedule VI helps faster implementation and error free mapping.
  • TracFCM inbuilt predefined master definition for Schedule VI helps faster implementation and error free mapping.
  • TracFCM provides an Interface for mapping groups to the Individual Ledger Codes - for each company.
  • Inter-Company elimination is provided in TracFCM software.
  • Multi-Currency input and import options made available in TracFCM. This module shall be able to capture the local currency along with INR for reporting.
  • TracFCM provides an interface to capture the Year-end / Period-end Foreign Exchange Rates for Financial Reporting and automatic recalculation of FOREX Gain/Loss is provided.
  • User friendly Notes to Accounts feature in TracFCM helps the users to add textual notes while the figures get automatically fetched from previous financial year or current financial year reports. Additional to this the Users can manually enter the text or copy from any document and paste it in the Notes section or the users can also import the entire word document in the notes section.
  • Reports to analyze values for select location or group of locations, to empower better MIS and performance analysis across regions.
  • The published financial data of a previous quarter or month is imported in TracFCM software to generate the Schedule VI Balance Sheet and Profit&Loss. This dry run is vetted with the previous published data. This Dry run gives confidence to the Users for the next quarter/ month consolidation & close.

Deliver

  • Consolidate Financial Statement
  • MIS
  • Dry run
  • End User Training

Stage III: Deliver

  • Deliver Revised Schedule VI Consolidated and individual level
  • Carrying out dry run of the consolidation
  • Deliver MIS for management
  • End User Training

Support

  • Provide post GO Live support if required for first year at no extra cost.
  • Provide support for new structure or activities.

Stage IV: Support

  • First year Post Go Live support if required is at no extra cost.
  • Provide support for new structure or activities.
  • Revised Schedule VI format