Solving Financial Consolidation Challenges with Jedox:
A Real-World Case Study by Finlytyx AI Labs

 Introduction: Tackling a Common Financial Challenge in Today’s Complex Business Landscape

Managing financial consolidation across multiple entities is no easy task—especially for multinational companies with diverse operations, multiple currencies, and evolving regulatory frameworks. Our client, a globally recognized retail brand operating across 20+ countries, was experiencing major roadblocks in their month-end closing process. Despite having a seasoned finance team, they were bogged down by manual work, inconsistent data, and delayed reporting.

Their finance leaders recognized the need to modernize and streamline their processes but lacked the in-house capability to design and implement a scalable solution. That’s where Finlytyx AI Labs stepped in.

As a premier provider of data analytics consulting services, we helped this client deploy Jedox, a powerful and flexible financial consolidation platform. This case study highlights the transformation journey—detailing the challenges, our step-by-step solution, and the measurable results achieved.

The Challenge: Where the Bottlenecks Were Happening

Our client was grappling with five primary issues:

1. Manual Data Collection Across Entities

Subsidiary-level financial data was being collected through emailed Excel spreadsheets. This led to:

• Version control issues
• Data mismatches
• Wasted time in manual corrections
• Lack of auditability

2. Cumbersome Intercompany Reconciliation

Intercompany transactions had to be manually identified and matched. Without automation:

• Finance teams spent days combing through ledgers
• Discrepancies often went unresolved
• Closing timelines were consistently delayed

3. Currency Translation Complexity

With business units operating in various currencies, FX adjustments were inconsistent and error-prone:

• Exchange rates were applied inconsistently
• Translation differences weren’t clearly tracked
• Consolidated statements lacked accuracy

4. Manual Compliance and Audit Processes

Compliance with IFRS, local GAAP, and internal reporting standards required manual adjustments, creating:

• Audit trail gaps
• Time-consuming back-and-forth with auditors
• Higher risk of non-compliance

5. Lack of Real-Time Visibility

Senior leadership couldn’t access up-to-date financial reports until after the close, limiting their ability to make data-driven decisions quickly.

The Solution: A Purpose-Built Financial Consolidation Framework Using Jedox

At Finlytyx AI Labs, we don’t believe in one-size-fits-all. We engaged with the client’s finance, IT, and compliance teams to design a custom Jedox-based solution, leveraging our deep expertise in BI consulting, financial modeling, and process automation.

Here’s how we addressed each pain point:

1. Streamlining Excel-Based Data Integration

Instead of forcing the client to abandon their familiar tools, we:

• Built automated import workflows to pull financial data from Excel templates into Jedox
• Designed custom upload interfaces that mirrored their current data entry format, reducing the learning curve
• Applied data validation rules to catch errors at the point of entry

Result: More accurate data, faster imports, and reduced manual effort

2. Standardizing the Chart of Accounts (COA)

A fragmented COA across entities was a major source of inconsistency. To resolve this:

• We created a centralized, unified COA inside Jedox
• Mapped each entity’s local accounts to this standardized structure using flexible mapping tables
• Built logic to automatically harmonize financial data for consolidated reporting

 Result: Accurate and consistent reporting across all business units

3. Automating Intercompany Reconciliations

To eliminate tedious manual matching:

• We configured Jedox business rules to detect and match intercompany entries
• Built custom workflows for reconciliation approvals and discrepancy handling
• Integrated reconciliation dashboards showing real-time matching status

 Result: Days saved in reconciliation, improved data accuracy, and audit-ready logs

4. Implementing Currency Translation Logic

With Jedox’s powerful FX module, we:

• Applied standardized monthly exchange rates using a centralized rate table
• Configured translation rules for assets, liabilities, and income/expense accounts
• Automatically calculated translation differences per entity and at group level

 Result: Reliable multi-currency consolidation aligned with IFRS requirements

5. Enabling Real-Time Consolidation and Dashboards

We built a real-time consolidation engine using Jedox’s multidimensional OLAP capabilities:

• Enabled on-demand financial statements at group, regional, or entity level
• Added drill-down features for detailed transaction-level visibility
• Designed interactive dashboards for CFOs and controllers

 Result: Immediate access to financials with zero manual aggregation

6. Strengthening Compliance and Audit Readiness

Jedox was configured with compliance in mind:

• Set up audit logs and data trails to capture all changes
• Created IFRS-aligned reporting templates
• Automated disclosure schedules and supporting documentation

 Result: Reduced audit prep time by 60% and eliminated manual compliance steps

The Results: Transformational Improvements Backed by Data

After implementation, the impact was profound:

 Closing Time Cut by Over 50%

• Month-end processes that used to take 10–12 days were reduced to 5 days.

 Improved Accuracy and Transparency

• Consolidated reports reflected fewer errors, and real-time data checks minimized backtracking.

 Real-Time Reporting Empowered Leadership

• Dashboards provided instant visibility into performance metrics, trends, and variances.

 Compliance Confidence

• Auditors praised the transparency and ease of access to documentation and adjustments.

Conclusion: Why Jedox Stands Out for Financial Consolidation

This case proves that Jedox isn’t just a tool—it’s a platform that can evolve with your business. With a thoughtful implementation strategy, companies can go beyond compliance and start delivering timely, trusted insights to stakeholders.

At Finlytyx AI Labs, we combine financial domain expertise with deep experience in business intelligence consulting, ensuring clients receive not just technology—but lasting transformation.

Author

  Pranav Lal 

Senior BI Analyst 
Finlytyx AI Labs Pvt Ltd