The situation
To meet their clients’ growing demand, ParFi Group set up a consolidation & reporting department at the end of 2018.
Until then, ParFi Group offered tax and accounting services.
More and more holding companies and groups in Luxembourg have been asking ParFi for consolidation support as their needs in this area were becoming more and more complex:
- Complex, international group structures,
- Several currencies,
- Frequent changes in consolidation scope,
- Various reporting requirements.
A consolidation manager was hired, in the person of
Paul De Vuono. Paul was familiar with Sigma Conso Consolidation & Reporting software from his previous experience in the fiduciary field and this is the solution that he recommended when setting up the consolidation and reporting department.
ParFi Group needed consolidation software:
- Flexible, to fit to any structure, any group profile,
- of intuitive ease-of-use,
- which allows the teams to set up the consolidation packages in total autonomy.
The results
With Sigma Conso Consolidation & Reporting, ParFi's consolidation & reporting department is totally autonomous, and can meet their clients’ various requests.
ParFi Group's portfolio of clients includes industrial groups with a strong international presence, working with numerous currencies, with varied needs in terms of reporting frequency and format. But ParFi consolidation and reporting team also deals with less complex projects, requiring an annual consolidation. The flexibility of Sigma Conso software allows ParFi to respond perfectly to these different cases.
- Full autonomy in the application set-up
One of the reasons that led ParFi to select Sigma Conso is the possibility to fully set up the application by themselves. As an example, the new Luxembourg Chart of Accounts could be set up internally. ParFi's consolidation accountants set up the accounts according to this new chart of accounts, as well as the calculated accounts, the online bundle, and the user reports, all this without the help of external consultants.The flexibility provided by Sigma Conso makes it possible to customise the application to provide a tailor-made service to each customer: customisation of reports, etc.
- A comprehensive consolidation & reporting software
Sigma Conso also facilitates the audit, thanks to the comprehensive set of reports provided with the software: equity justification, impact of adjustments, audit trail per company (vision of the group structure as it is in the software), interco reconciliation report, currency report,... All these reports give a complete view of the content of the consolidations and allow to quickly spot possible errors.
Paul De Vuono, Consolidation Manager with ParFi Group explains:
“What I like most about Sigma Conso software is its flexibility. We have complete control of the software. The quality of customer service is also very good, we have good contacts with the Sigma Conso teams, both in terms of account management and support. I always receive the right answers to any technical question. Last but not least, the flexibility and performance of the application allows us to deliver a high value-added service to our customers, whether it is consolidation outsourcing or support and consulting.”
