Implementation project management for consolidation is the structured process of planning, coordinating, and supervising all activities required to set up or enhance a group’s financial consolidation system. It ensures that reporting solutions are delivered on time, within scope, and in full compliance with accounting standards such as IFRS and Lux GAAP.
For corporate groups in Luxembourg and internationally, efficient project management is essential to guarantee transparent, reliable, and timely consolidated reporting.
Financial consolidation is complex, involving data from multiple subsidiaries, intercompany reconciliations, and strict compliance requirements. Without structured project management, risks include:
Delays in closing cycles
Errors in consolidated financial statements
Non-compliance with IFRS, Lux GAAP, or local regulations
Increased audit costs and investor concerns
By applying proven project management techniques, companies gain control over timelines, budgets, and reporting quality.
At the outset, a detailed plan is established. This includes defining the project’s scope, setting milestones, allocating resources, and identifying potential risks.
Effective consolidation requires input from accounting, IT, tax, and management teams. Project management ensures smooth collaboration across all departments and subsidiaries.
Financial data from diverse systems must be harmonised. Testing ensures that intercompany eliminations, consolidation entries, and reporting flows are accurate and repeatable.
The project ensures alignment with applicable accounting frameworks, such as IFRS or Lux GAAP, and prepares the organisation for external audits.
Benchmarking consolidation solutions means comparing different tools (e.g., SAP BPC, Oracle HFM, Tagetik, LucaNet) against a set of criteria:
Functionality: automation, intercompany eliminations, reporting flexibility
Compliance: support for IFRS, Lux GAAP, and local regulations
Scalability: ability to grow with the organisation
Integration: compatibility with existing ERP and accounting systems
User experience: ease of use, training requirements
Cost: total cost of ownership, including licences and maintenance
This benchmark enables companies to select the best solution that fits both their reporting needs and their IT infrastructure.
Drafting precise specifications is essential for successful tool selection and system implementation. Specifications typically cover:
Reporting structures (legal, managerial, segmental)
Data flows and consolidation levels
User roles and access rights
Automation needs (eliminations, FX translation, reporting packs)
Regulatory and compliance expectations
Interfaces with ERP or other source systems
Clear specifications serve as a foundation for vendor evaluation, system configuration, and project execution.
At Financial Services Luxembourg, we provide end-to-end project management for consolidation initiatives. Our expertise includes:
Designing project roadmaps tailored to group needs
Benchmarking and selecting the right consolidation software
Drafting detailed specifications for accurate implementation
Coordinating teams and monitoring project progress
Ensuring compliance with IFRS, Lux GAAP, and audit standards
We guarantee that consolidation projects are completed on time, within budget, and aligned with the strategic objectives of the group.
Our role in supporting companies with consolidation, outsourcing, and corporate structuring has been recognised in Le Figaro.
Financial Services Luxembourg – Expert in Company Creation and Accounting Services.
"Project management in financial consolidation is not just about meeting deadlines, it is about protecting reporting integrity, ensuring compliance, and providing decision-makers with reliable information."
Mickaël LOC, Managing Director, Financial Services Luxembourg, Accountant
If your company is considering a new consolidation tool, a system upgrade, or enhanced reporting processes, our project management service for consolidation ensures a seamless implementation from design to delivery.
Contact Financial Services Luxembourg today to secure expert guidance, reduce risks, and implement a consolidation solution that meets both business and regulatory requirements.