Konsolidator automates Excel corporate reportingby
Danish developer Konsolidator is bringing a new, cloud-based corporate reporting and consolidation tool to the UK market.
Konsolidator acknowledges the spreadsheet’s ubiquitous role in compiling group accounts, but organises trial balances and direct data integrations into pre-defined reporting frameworks. The consolidated figures are output to a spreadsheet for management reports and statutory filing.
The brainchild of a trio of Danish finance and software executives, Konsolidator grew out of founder Claus Finderup Grove’s frustration with using Excel to consolidate the accounts of a small corporate group. In the absence of an affordable alternative, he worked with the other founders to build one, reasoning that there must be thousands of other financial professionals in the same boat.
“Konsolidator is designed to plug the middle gap and take the work out of doing a complicated consolidation process,” explained the company’s new UK country manager, Lianne Gatti.
Graphical layout tool
Within the software, the corporate reporting structure is built using an intuitive, graphical layout tool,” she explained. “The structure can be designed for statutory reporting or management accounting and you can put in minority interests, too,” Gatti added.
Based on the designated structure, the trial balances for each entity are fed into pre-programmed system journals that drive the consolidation. If needed, the user can plug in their own journals for adjustments.
Konsolidator will then output a full set of consolidated P&Ls, cashflow statements and balance sheets as Excel spreadsheets. The software can handle intercompany eliminations and will output reports for audit review once the company is satisfied with the results.
While the product evolved to streamline a core financial process, customers are increasingly using it as a platform for more effective management reporting and performance monitoring. “Around 40% are now using Konsolidator to connect reports to Power BI to produce really exciting KPI reports,” said Gatti.
“We have two routes to market: direct to business finance managers, but also the practice market, where more firms are interested in a tool that can help them provide consolidation as a service.”
UK expansion plans
Having established itself in Scandinavia and gained a listing on the Nasdaq stock market last year, Konsolidator is now ready to expand into the UK. Konsolidator already handles XBRL tagging and as part of its expansion it is working with a partner company to do automatic iXBRL conversions for UK accounts.
Coming to a country caught up in the Covid-19 pandemic and Brexit aftermath may not be the most opportune time for expansion, but Gatti was not deterred by the obstacles in her path.
“It is a difficiult time,” she replied. “But a lot of businesses will be focus on group structures to incorporate new EU subisiaries. For a lot of reasons good and bad companies will be undergoing valuations, so accurately consolidated data is really important.”
In the past, the cost of consolidation software limited automated approaches, but with prices for a small group starting from £300/month and implementation times no longer than 25 hours, Gatti said Konsolidator was ready to meet the challenge.
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