With my work, I always contribute to moving things forward. It is important to me that my knowledge is also available to my clients after my mandate.
I currently moderate a group of experts “DDIM.finance within my professional association “DDIM”. In this the exchange on current challenges is the top priority. I use this knowledge specifically for my clients. I use this knowledge specifically for my clients.
The balance sheet reporting must meet numerous valuation requirements:
USGAAP / IFRS / Local GAAP
Those who do not have “ledger accounting”, such as that offered by SAP, usually develop their own solutions for this outside of the normal accounting systems, e.g. Excel. Here, a lot of time is spent on reconciling the figures, checking formulas and eliminating input errors. One plausibility check follows the other, usually at the expense of time that would be better spent on clarifying valuation methods or other, technically exciting questions.
The account solution for consolidation described below provides a very efficient method of meeting reporting requirements in a timely manner.
It enables balance sheet valuation differences to be posted immediately after clarification in the individual financial statements. The balance sheet reporting is thus always up to date. Reconciliation work with ancillary systems is no longer necessary; the documentation can be found and documented at any time via the posting documents.
The principle can be applied to any group accounting system. Integration into the consolidation according to the different balance sheet rules is thus conceivably simple.
Processual requirement
As is well known, the annual financial statement begins on the first day of each business year. If you follow this basic rule consistently, you will achieve a very high quality already in the monthly interim financial statements and considerably reduce the time-consuming work on the annual financial statements.
The booking of the monthly accruals or the formation of the intra-year provisions is carried out exclusively by the financial accounting department, of course in close cooperation with the controlling department, i.e. the bookings are made in the accounting department and not in the downstream controlling system.
Tanja Magnus is a member of the DDIM and currently head of the finance section of the DDIM.
She is a full-blooded controller with an excellent understanding of balance sheets and a wealth of experience in the operational business orientation of more than 20 companies.
The aim of this thesis paper is to stimulate a discussion on making the traditional finance sector fit for the future. (November 2021)
“World-class companies have not necessarily achieved excellence in all areas, but they have found the right balance between efficiency and effectiveness through the application of selected best practices. As a result, they can create conditions that allow them to compete with the best companies in the world, even if they are not global organizations themselves. World-class organizations have achieved their superior levels of performance because they have made the right trade-offs and choices in terms of the processes they use and implemented them very well.”
(Source: www.thehackettgroup.com)
An article by the DDIM.fachgruppe // Finance (May 2020)
An old hat? Everything already said? Maybe. So what?!
In times of crisis, liquidity management becomes much more important for companies. An essential point of liquidity management is receivables management, so I would like to take a closer look at this topic here from the DDIM specialist group Finance due to current events.
For the members of DDIM, as well as for our clients, we are the central contact for all financial issues.
In the specialist group, we jointly develop our individual expertise and also see ourselves as the link to other specialist associations.
The DDIM.fachgruppe // Finance in the umbrella organization Deutsches Interim Management e.V. consists of experienced interim finance managers. It offers the concentrated expertise of crisis-tested managers with many years of experience in all areas of finance.
We see ourselves as business partners who can support companies quickly and efficiently in interim management and answer questions on complex financial issues. The team of experts works on selected issues from the areas of finance & accounting, controlling, financing, treasury, internal audit and tax. If you have any questions about these or other finance-related matters, please feel free to contact me.
Fin & Control Management Consulting
Tanja Magnus
Graduate engineer
Europaring 97
64521 Groß-Gerau
Tel.: +49 173 3800 840
