One of the largest meat products and sausages producers in Bulgaria – Boni Holding automated its financial statement consolidation process through the software solution Consolidation implemented by Balkan Services. The purpose of the project is to accelerate the process of preparing consolidated statements and minimize the risk of errors.
In order to limit the time for consolidation, data are automatically extracted from the operational reports of all 15 companies of the holding, using the LucaNet.Financial Consolidation solution. The system helps eliminate receivables and payables, revenues and expenditure between related companies, unrealised gains in current inventories, and fixed assets.
“A valuable advantage of LucaNet.Financial Consolidation is the fact that the solution allows for business analysis in fields other than financial consolidation, too. The system can virtually be useful in making additional references, too, independently from the consolidation process, calculation of key performance indicators (KPIs) using data from the companies’ individual statements.”, said Hristo Stoyanov, Financial Director at Boni Holding.