Financial Consolidation
More Robust and Scalable
Digitize your financial consolidation process to eliminate errors and save time
Financial Consolidation Consulting and Implementation
Financial consolidation is a complex process for enterprises with multiple legal entities.
Finance professionals often spend countless hours preparing consolidated financial statements manually for subsidiaries and associate companies. The complexity is further enhanced due to foreign currency translation, elimination of inter-company transactions and acquisitions calculations as well as different international regulatory reporting requirements.
Icon provides specialized solutions and expertise to help you navigate and manage your financial consolidation process effectively. Our solutions provide finance professionals with the ability to rapidly consolidate and report financial results, meet global regulatory requirements and reduce the cost of compliance.
Service Offerings
Consolidation Strategy and Consulting
Our Financial Consolidation Strategy and Consulting services are designed to help organizations streamline and optimize their financial consolidation processes. By understanding your unique business needs and challenges, we provide tailored guidance to design and develop an accurate, compliant and efficient consolidation platform. We offer strategic insights, technical expertise and industry best practices to support complex financial reporting and regulatory requirements.
Our services encompass the following
- Requirement analysis and understanding
- Strategic advice and recommendations
- Consolidation platform design and optimization
Implementation Services
Our implementation services focus on configuring and deploying the application to meet your organization’s financial consolidation and reporting needs. We follow a structured, best-practice approach to ensure accurate and robust consolidation logic and scalable design that supports statutory and management reporting requirements.
- Environment design and setup
- Setup of chart of accounts, group structures and company structures
- Mapping of general ledger data to consolidation structures
- Configuration of consolidation rules
- Automated data collection and validation setup
- Automated journals and data validation
- Multi-currency consolidation and FX translation
- Intercompany elimination and reconciliation setup
- Setup of minority interest, associate and joint venture accounting
- Automation of statutory and management reports
Migration & Upgrade Services
Seamlessly modernize your financial consolidation platform with expert-led migration and version upgrades. We ensure minimal disruption while moving between systems or environments.
Icon can help you to
- Modernization from legacy systems or older versions
- Support for transition from on-prem to cloud (SaaS/PaaS) and vice-versa
How we help our clients
Featured Industries
We help manufacturing organizations streamline financial consolidation and gain visibility across the following areas
- Automation of NCI and equity method consolidation
- Cost center & product line profitability
- Intercompany balance & intercompany profit eliminations
- Capital expenditure report
- Consolidated statutory reporting as per IFRS/GAAP
- Variance analysis (actual vs budget)
We help FMCG businesses manage complex financial environments and improve compliance through
- Handling the complex group structures
- Consolidation of subsidiaries across geographies
- Inter-branch/company online matching
- Brand margin analysis
- Segment-wise reporting
- Industry-specific regulatory compliance
We help transportation and logistics companies strengthen financial control and compliance through
- Comprehensive financial reporting/IFRS compliance
- Intercompany reconciliation
- Route and region-level profitability
- Cash flow management
- Cost/revenue allocation
- Multi-currency consolidation
We help hospitality groups streamline financial consolidation and reporting through automation and structured data alignment in the following areas
- Automation of data upload from different ERPs/PMS
- ERPs COA (Chart of Accounts) mapping to Global COA
- Inter-group dividend elimination
- Consolidated management reporting
- Property-level performance tracking
- Group/Entity level consolidation adjustment
Customer success stories
Manufacturing
Icon supported a global paint manufacturing group operating across diverse geographies and 25+ local currencies by automating financial consolidation through rule-based logic. The solution reduced manual errors, accelerated month-end and year-end closing and ensured accurate treatment of ownership structures. It provided real-time financial visibility, detailed audit trails and flexible, self-service reporting eliminating reliance on spreadsheets and enabling scalability across complex group structures.
Healthcare & Pharma
Icon helped a global healthcare service provider streamline financial consolidation across 90 countries and 1,200+ subsidiaries. With increased accuracy in eliminations tailored to each consolidation type and proper accounting based on ownership, they achieved improved financial reporting, enhanced transparency through drilldown capabilities and more efficient reconciliation. Finance users can now independently manage the reconsolidation system with minimal reliance on IT or consultants. Moreover, the entire consolidation for the Group’s actuals, budget and forecast is now being done through the system. The system is also being used for the entire monthly, quarterly and annual management and statutory reporting.
Transportation & Logistics
Icon enabled a leading logistics company to streamline financial consolidation with faster close cycles, precise eliminations and ownership-based accounting. The solution delivered enhanced transparency through drilldowns, efficient reconciliation and detailed segment reporting empowering finance teams to manage consolidation independently with minimal IT reliance.