HFM – a system for the reporting and integrating of financial reports
The Israeli SOX directions and the regulations enacted following the Goshen Committee report pertaining to Corporate Governance make it obligatory to comply with standards applied to information systems in terms of controls, documentation, orderly processes and more.
The integration of reports via the HFM (Hyperion Financial) system – provides a solution for complying with these mandatory requirements. We guarantee full implementation of the system in your organization within a short span of time, all the while meeting the project’s targets and the quality of its by-products.
- HFM system is a designated tool for the integration of financial reports. This tool supports reporting and report- integration in accordance with various regulatory regimes such as US GAPP, IFRS etc. It is possible to stream additional commands, automatic and/or manual, which will constitute an additional layer/cross-section of data, going beyond the data produced by the local, Israeli standardization.
- The system supports all methods of integration (full integration, relative integration, equity, etc.) and executes the integration in accordance with the structure of the “tree” which is being integrated (statutory/managerial integration) whilst displaying interim results (“interim integrations”) whenever necessary.
- The HFM system is multi dimensional in that it enables a drilling down into various hierarchies and various dimensions – such as the time axis, companies, customers, products, accounts, etc.
- The system enables the creation of a uniform accounting language to be used by all system users.
- The system enables the making of comparisons and compatibility between the statutory report and the managerial report.
- The system automatically executes all that is necessary for the purpose of calculating the integrated report: cancellations of capital and of investment, cancellation of equitable profits, ascription of original differences, calculation of minority holding, conversion into the currency used by the holding company, calculating the converted capital fund, etc.
- By using the various reporting tools provided by the system – it is possible to automatically generate all financial and managerial reports from within the system, including the balance-sheets, profit/loss reports, changes in equity, cash-flow report, explanatory notes ancillary to reports, work-plans, and more.
- Whenever necessary, the user is able to interject and to capture additional, manual commands at reporting/integrating entity level.
HFM system – transitioning from operational excellence to managerial excellence
The benefits of using this system:
- Significant cut down of the time it takes to close and integrate financial reports, mostly in terms of collection of data, defining a single “language” to be used at corporate level, inter-corporate activity maximization, calculation of principles, conversions, etc.;
- The system is SOX compliant;
- Minimizing the costs of controls exercised by external CPA firms;
- Enhancement of efficiency of the financial team (it is no longer necessary to spend extra man hours on monitoring, data cleansing and data collection and on manual typing. Employees’ time and efforts are channeled toward data analysis);
- Minimizing the number of problems emanating from human error;
- The information is available to all, at anytime, subject to authorizations. So man hours are reduced as a result of no longer having to wait for input by the various subsidiaries and company offices around the world, who are operating in different time zones;
- The availability of data and the use of the sophisticated report generation wizards provided by the system, allow for quick and flexible generation of a great number of reports of various types, without having to invest costly resources for developing these reports;
- Changes in corporate structure do not obligate the company to initiate the dramatic process of adjusting the reporting packages and/or of adjusting the integration process;
- The time required for generating restatement reports or for devising simulations is reduced;
- Reducing the time required for transitioning from a display which is based on one accounting standardization to a display which is based on another accounting standardization;
- Using a single database for both accounting and managerial requirements. This cancels the need to carry out reconciliations and comparison checks between the various types of data; The source of the data is one single source and therefore the results will always be identical;
- The accessibility of information received from subsidiaries, down to a single account in the Accounting Department, sometimes even down to a single movement – saves precious time whereby the source of the information no longer has to be monitored and it is no longer necessary to depend on replies from subsidiaries’ Accountancy Departments, mainly regarding inter-corporate reconciliations;
- Data cleansing at the assimilation stage, while using the tools provided by the system and its built-in, reliable, analytical controls – ensures credible and reliable data, thereby saving numerous man hours;
- The inputs which the company has to invest in the setting up the system are minimal compared to the advantages afforded by this system (company’s inputs are necessary mainly in the characterization and testing stages);