How can we configure balance sheet to meet the compliance requirement as well as specific requirements of top management
As of now our Balance Sheet is properly configured for compliance and approved by our CA. But management has a different requirement from Balance Sheet. They want to be able to use it as a control tool in real time as all the financial data is already there. How can we configure balance sheet to meet the compliance requirement as well as be useful to the management as a tool. For filing, balance sheet as well as PNL is organized under different legal entities and we have proper drill down to get balance sheet of entire organization, a particular legal business entity (company) or a branch. For management this division is not important. They need to see the classification across entities but under different dimensions.
Can we do it ourselves without help from Tuhund support so that we can do it on continual basis as and when required?
There are several ways of doing this.
- Balance sheet can be configured to satisfy both needs.
- You can have multiple balance sheets for same organizational group with strong access control. While auditors and accounts can have access to only primary balance sheet, there could be a separate additional balance sheet for management.
- From your query it appears that you need none of the above. Your requirement is very simple and very common scenario. You can manage this with cost centers. Cost centers can be auto linked to departments and / or business lines. You can have three levels (three dimensions) of cost centers with graphs plotted against three axes.