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On July 27, at FPT Tower Hanoi, a Workshop on Technology Application in implementing consolidated financial reporting took place: “Practice and Solutions”. The event had the participation of more than 150 business guests including financial directors, chief accountants and business leaders.
Consolidated Financial Statements provide an overall picture of the enterprise’s financial situation and business operations. However, this is not a simple task for businesses. The process of manually preparing consolidated financial statements requires significant time, resources, and has the potential for errors. Especially for large-scale businesses, the ecosystem includes many subsidiaries, member companies, affiliated companies, complex internal transactions, many business fields, etc. Consolidated financial statements are often very difficult because the information serving the consolidation process is scattered or incomplete, the consolidation process is not consistent between levels… Therefore, reporting people are required to handle it fairly. Complex operations, requiring highly specialized skills, meticulousness, and extensive financial and legal knowledge.
Mr. Nguyen The Phuong, Deputy General Director and Chief Financial Officer, FPT Group, said that the company itself has also faced the above difficulties. FPT is a technology corporation operating mainly in the fields of information technology, telecommunications, investment and education. Currently, the Group has 8 direct subsidiaries, 72 indirect subsidiaries, 9 affiliated companies with nearly 350 sets of separate and consolidated accounting books divided into 6 levels, operating in many countries and regions. territory. We are accounting in 35 different currencies, including nearly 50 sets of accounting books of units located outside of Vietnam.
“To make consolidated financial reports, FPT Group must have a strict accounting information system to collect and synthesize accurate and reliable data from subsidiaries,” Mr. Phuong said. “At FPT, we have a data-based management culture, and bring technology into management very early. FPT has been developing many products related to data and tools to support business operations and management. I believe that these experiences will help Vietnamese businesses quickly apply and manage data effectively.”
In 2019, FPT developed and deployed FPT CFS consolidated financial reporting software internally on a group-wide scale. From successful experiences over the past four years, FPT decided to package and share experiences in data management with other businesses in the digital transformation trend, through FPT CFS solution of FPT Smart Cloud.
FPT CFS is a comprehensive financial reporting and accounting book closing software solution, helping to standardize and automate the process of preparing separate financial reports as well as consolidated financial reports, including: Balance Sheet For Accounting, Business Activity Results Report, Cash Flow Report, Financial Statement Notes, fully meet the requirements for preparing and presenting Financial Statements according to VAS, IFRS or other standards .
Automate the process of preparing consolidated financial statements with FPT CFS
Obviously, the first noticeable benefit when applying the FPT CFS solution is the ability to automate up to 99% of the complex steps in preparing and issuing financial reports, shortening the time by 80%. staff’s efforts.
According to FPT Group Chief Accountant, Mr. Hoang Huu Chien, FPT CFS solution is considered the most comprehensive today, allowing the integration of many different data sources to identify, compare, and quickly process transactions. Internal transactions and balances, transactions and balances with third parties at various corporate levels, supporting most automated consolidation operations and procedures, including those requiring complex calculations complicated, helping reporters quickly handle arising operations with the least requirements from users.
For example, FPT CFS helps businesses identify and eliminate internal debt transactions, consolidate internal investment capital, including cross-investment at many levels; Calculate the interests of controlling shareholders and the interests of non-controlling shareholders; EPS, adjusted EPS, diluted EPS; Automatically create highly complex notes such as equity fluctuations.
Besides, instead of having to perform many boring, repetitive manual operations, accountants can focus on tasks that bring higher added value. Automation also helps minimize errors that may arise due to human factors. At the same time, compliance with standards is also guaranteed thanks to the automatic system to meet the complex and rigorous requirements of consolidating reports according to VAS, IFRS or other standards through a simple mouse click.
