The project in five facts.
Challenge, approach and results.
In the last decade, the need for grouping or consolidation of financial statements has become increasingly evident, both from the perspective of legal regulation and even more so due to management's need for information on the financial position and assets of related companies, which it requires for business planning and decision-making. The diploma thesis presents the advantages of introducing application support for the preparation of consolidated financial statements with the aim of providing users with fast and accurate information on the business and financial position of the group. On the basis of theoretical and practical findings, the process of establishing a new system for the preparation and import of data into the programme, with the help of which consolidated financial statements will be prepared, will be presented in more detail.
Problem
In the last decade, the need for grouping or consolidation of financial statements has become increasingly evident, both from the perspective of legal regulation and even more so due to management's need for information on the financial position and assets of related companies, which it requires for business planning and decision-making. The diploma thesis presents the advantages of introducing application support for the preparation of consolidated financial statements with the aim of providing users with fast and accurate information on the business and financial position of the group.
The group is too large and extensive to be able to provide timely and accurate information in the future without application support.
Solution and Method
On the basis of theoretical and practical findings, the process of establishing a new system for the preparation and import of data into the programme, with the help of which consolidated financial statements will be prepared, will be presented in more detail. The company decided to introduce application support for the preparation of consolidated financial statements and notes to consolidated financial statements, thereby following the requirements of the regulator Bank of Slovenia, the external auditor and the requirements of the management board or supervisory board with the aim of monitoring business operations.
With the introduction of application support, complex data collection processes have been simplified, the time for preparing consolidated financial statements has been shortened, the content of reporting has been precisely and thoroughly defined, insight into company reports at an analytical level has been enabled, the transparency and traceability of obtained data has been improved, the flow of information is faster, monitoring of the operations of companies in the group is more efficient, the possibility of errors has been reduced, and the foundations for the preparation of quality analyses and reports have been enabled.
Module, programme and stories.
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