A private-equity-backed manufacturer of aerospace components. The business operates four distinct entities who provide services and goods between themselves creating a large volume of intercompany transactions and balances.

Financial reporting for the entity is largely done at the consolidated level requiring a manual reconciliation and excel-based reporting template to produce financial statements at each month-end. On average, it was taking 20+ business days each month before senior management was in a position to review consolidated financial information. Charger has approached automated consolidations in a number of unique ways dependent upon the underlying processes of our clients: the creation and maintenance of a separate “reporting” entity containing only intercompany transactions (in inverse) allowing for a system-generated “combination” net of intercompany amounts; leveraging data flags native to certain ERPs which allow for the segregation of intercompany amounts; or by leveraging our unique onboarding and Prism process which allows for certain vendor-customer relationships to be defined as intercompany for the purpose of exclusion during consolidations.

For this particular client, we leveraged our onboarding and Prism process to identify those relationships which needed to be eliminated for consolidated financial reporting. The client now has the ability, through our front-end Pulse financial reporting platform, to view in near-real time the financial statements and performance for each of the reporting entities on a stand-alone basis as well as at the consolidated level without waiting 20+ for the financial close process to complete.