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Consolidated Accounts Software

Which Software would you recommend ?

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The Parent company is based outside EU so is not obliged to file consolidated accounts.  However, they want to file consolidated accounts for the UK company as there are a few overseas subsidiaries underneath it

Is there any software you would recommend that can file consolidated accounts to companies house ?

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By paul.benny
02nd Aug 2019 15:11

The question is a little confused. Your client is based outside the EU but wants to file consolidated accounts at Companies House. Are they registered as an overseas company? Or is your client a UK entity with non-UK ownership?

You refer to software for filing at CH. Not sure that you really need software for filing itself. Presumably you mean software for preparing consolidated accounts for filing?

And do you mean creating the consolidation. Or preparing the financial statements with all the notes and narrative disclosures? For consolidation, it very much depends on the complexity – number of entities, currency conversion, minority interests.
For simpler groups – maybe up to a dozen active entities, I’ve built consolidations in Excel and created the financial statements in Word. For larger and more complex groups, I would expect the topco to have a consolidation tool such as Hyperion for monthly reporting, which could be used as a basis for midco stats where required.

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Replying to paul.benny:
By JimLittle
02nd Aug 2019 16:54

Thanks Paul for the reply and apologies for the confusion.

UK entity with non-UK owndership

Yes need to prepare consolidated accounts (and notes) with post acquisition reserves, minority interest etc. There is only two companies so probably can use Excel/Word but thought there might be some other software available.

This would then need to be filed at companies house -consolidated accounts and individual UK parent accounts.

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Replying to JimLittle:
By paul.benny
02nd Aug 2019 18:33

If you use accounts prep software (not working in practice, I never have) it *might* do your stats based on a consolidated TB. But then again, it might also be a lot more work to make it add in all the group accounts notes.

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Dermot Hamblin
By LangdonHamblin
08th Aug 2019 10:38

Very good answer from Paul, but Synapese Information, may be worth a look.

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Mike Cooper HJS
By mike_uk_1983
08th Aug 2019 14:57

If you are in practice a lot of software will allow you to do this. We use CCH which can do this but isn't cheap. Buying your software for one job might cost more than the fee to do it.

The Excel/Word route includes lots of time checking they add up and disclosure is correct. If under FRS 102 1A then wont be quite so bad.

One option open to you would be to outsource to someone who can do it.

Edit - I assume you are happy it doesn't require an audit based on group size which may complicate things.

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By Matrix
08th Aug 2019 21:02

How is it going Jim? I thought things were finally taking off so sorry to hear that you are still dabbling in international groups and their associated problems.

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