Company Name:
NUMA SOLUTION SDN BHD (635526-M)
Sector
Digital Finance, Islamic Digital Economy
Tech Enabler
Artificial Intelligence (AI) and/or Big Data Analytics (BDA)
Overview:
The finance function is faced with challenges in performing financial consolidation, be it manually or by using convoluted systems. Our Numa Consolidation solution facilitates the financial consolidation process of groups of companies. Users are enabled with ease of use and automation of the financial consolidation process.
Under this use case, LTH needs to prepare a consolidated financial statement periodically, which includes the financial results of its subsidiaries, subsidiary groups, jointly controlled entities, and associates. This includes entities that are situated abroad as well.
Pain Points:
1. The financial consolidation process was performed manually using spreadsheets (MS Excel). It took a month for the subsidiaries to carry out their individual submissions of financial statements to the group and another 2 weeks to run the consolidation processes at the group level, as well as multiple reviews and quality control checking.
2. Due to this, the consolidated group results will only be available after 1.5 months after the quarter-end.
3. In addition, given the complexity of the TH’s group structure, this adds up to the challenges of the manual consolidation process.
Solution/Services:
Numa Consolidation
The Numa Consolidation solution fits into the financial consolidation processes, where it integrates with the data sources to capture the financial results of the subsidiaries, as well as automating the financial consolidation of the group of companies in producing the group financial statements.
Key Features and Functionalities
• Multi-structure & multi-level consolidation setup
• Mapping of chart of accounts
• Integration to data sources
• Data input from non-structured sources
• Validation
• Submission process
• Workflow
• Reclass, adjustments and journal entry
• NCI proofing
• Intercompany reconciliation
• Currencies management
• Financial Reporting and Disclosure
• Self-service analytics tool
• Integration to Excel
• Audit Trail
• System administration
Implementation:
• This implementation was performed on premise technology infrastructure. It can also be performed on the cloud.
• Configuration and customisations on reports were performed to gather greater value out of the system, where we have also automated the preparation of their management reports and dashboard.
Benefit:
• Previously, the consolidation process, which took 1.5 months for each cycle, has now been reduced to several days.
• Furthermore, the system has been extended to the budgeting and planning modules as well.