Cpic Group's Financial Consolidated Reporting System

As increasing such investment activities as merger, partnership and reorganization complicate equity investment in a group enterprise, and there are more frequent and complex inside transactions than ever in a growing number of such groups; it becomes more perplexing to prepare consolidated statements that can give an overall reflection of the financial position, cash flows, and results of operations in such a business entity. More, demanding request from government as well as investors for information disclosure and surveillance makes it one of the most important tasks for a group' s financial department to release on a timely basis such consolidated statements. Nowadays, most of the work is done in an old-fashioned way, which is inefficient and arduous to operate with multiple worksheet examination, cross-check and entry adjustments. EXCEL spreadsheets also serve in some cases but engender complaints on confidentiality, randomness and limited data processing. Some components in several general accounting software products can help too, but for general purposes instead of satisfying specific requirements. And some other flaws, e.g. complex operations and data redundancy, make them less appealing to a particular customer. Specialized applications for consolidated statements emerged abroad dozens of years ago, for example, HFM (Hyperion Financial Management), which has occupied a share in the domestic market. However, there is little research literatures on them. In this article, the author enunciates the whole preparation process, studies into the relationship between the preparation and IT support, and demonstrates his research results with a clinical case (CPIC). He also shares some research findings in HFM implementation and technical configuration, for the reference of HFM users and interested customers.