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accounting consolidating statements-41

In the outside world, the only revenue that counts is revenue coming from a real customer.

That’s what consolidation is all about – putting together financial statements that eliminate all the internal back and forth and focus only on “real” customer revenue.

A few additional things to note: We recommend keeping separate accounts for intercompany and external company transactions. Too often, intercompany and external transactions are mixed together, either because systems are inadequate or not set up appropriately. And in many companies, even mid-size ones, no one pays much attention to them.

Often, outside accountants create the consolidated financial statement and only the CFO Controller and/or the bank looks at it.

Often, business leaders look only at their individual statements to go about their business.

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