Financial Consolidation of a Conglomerate with a turnover of over USD 8 Billion

Client: Petrochemicals

Our Role: Assignment for consolidation of Accounts / Financials of a corporate having consolidated turnover of around USD 8 Billion, employing 16000+ personnel with business spread across 23 subsidiaries worldwide

Approach: IBS completed the complex assignment considering different accounting standards & policies followed for different countries, different accounting years, different currencies, different accounting Softwares and more. This required deep domain expertise as well as an understanding of practices and policies in different countries. We went ahead and developed accounting excel tool inhouse, to consolidate the above accounts.

Impact: We facilitated the reengineering of the processes, which further brought about operational efficiencies.  Also, as per our suggestion, the company went ahead for implementation of SAP Software across its subsidiaries.

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