Business Case Alter Domus
- Business sector: Consolidation, company management and administration, and funds management services
- Clients: Alternative investment funds, multinationals and private clients
- Consolidation department: 14 people solely dedicated to consolidation and IFRS
- 28 consolidation files on Consolidation & Reporting
About Alter Domus
Alter Domus is an independent company founded in Luxembourg in 2003. It has seen very strong international development since 2007. Currently, 550 highly-specialised professionals provide administration services in 15 offices on four continents (New York, Hong Kong, Singapore, China, the United Kingdom, Luxembourg, the Netherlands, Malta, Cyprus, etc.). Alter Domus provides consolidation services for a wide range of clients with, however, a primary focus on Real Estate and Private Equity funds.
The range of consolidation services offered is designed to provide effective, personalised service to meet the specific needs of clients including:
- Multiple consolidation frequencies
- The use of multiple currencies
- The use of different accounting standards (LuxGAAP, IFRS, USGAAP, etc.)
- Reports in several languages
- The implementation of customised reports
- Accounting information reporting using different procedures.
Alter Domus wanted a reliable, flexible, multi-client, multi-currency, multi-standard, and multilingual solution to handle its consolidation files and provide its clients with the best possible quality while meeting shorter and shorter completion deadlines. It also wanted software based on the latest IT technology to be prepared for the future needs of its international clientele.
The solution used by Alter Domus to date was no longer satisfactory in these areas. The product was reaching the end of its life cycle. There was little maintenance, no full-web solution, a lack of flexibility in the use of different languages and for parametering in general, prior processing was opaque, etc.
At stake for Alter Domus was the need to find a tool suited to the types of consolidation handled by a fiduciary business in return for a reasonable and manageable investment. In addition, the solution sought had to provide Alter Domus with a great deal of independence from the software provider in terms of tool use.
Several major international software companies were contacted. It became clear that the solutions they offered were not well suited to the type of consolidation files managed by a fiduciary firm.
Consolidation & Reporting from Sigma Conso stood out in terms of meeting all of Alter Domus’ requirements.
With Consolidation & Reporting, the company has a truly flexible solution at all levels, enabling true multi-client management with all the specificities this entails. In addition, the solution’s easy parameter setting makes Alter Domus very independent of Sigma Conso.
Implementation and training were quick and effective and were completed on schedule.
In addition, thanks to the different data interfacing possibilities provided by Consolidation & Reporting, data recovery from the old software was handled primarily by Alter Domus and completed very easily.
Most notably, the installation of Consolidation & Reporting has enabled significant time savings.
Given the transparency provided by Consolidation & Reporting in terms of both automatic and manual processing, and thanks to the many retrieval statements and analysis reports, the review of both internal and external consolidated accounts has been greatly facilitated and sped up.
In conclusion, the Alter Domus team assigned to consolidation work is now equipped to provide its clients with a very high-quality service.