What Does A Consolidations Manager Do?

WHAT DOES A CONSOLIDATIONS MANAGER DO?

Updated: Mai 17, 2025 - The Consolidations Manager prepares monthly consolidation entries and ensures the accuracy of consolidated financial statements. This role involves leading the preparation of financial reports and conducting variance analysis while implementing and monitoring internal controls to uphold best practices. Additionally, the manager coordinates annual audits, manages lease schedules in compliance with ASC 842, and oversees the distribution of financial statements to stakeholders.

A Review of Professional Skills and Functions for Consolidations Manager

1. Consolidations Manager General Responsibilities

Multi-Currency Consolidation: Ownership of the Group’s multi-currency consolidation process for both internal management and statutory purposes.
Timely Reporting: Liaison with regional reporting entities to ensure a timely and accurate close.
Consolidated Accounts Preparation: Preparation of the Group’s consolidated accounts and associated analysis, including review of regional input data, following IFRS.
Statutory Accounts Preparation: Preparation of the Parent Company’s statutory accounts and associated analysis following UK Financial Reporting Standards at year-end.
Quality Reporting: Working with the Group Financial Planning Analyst to prepare quality consolidated reports for the senior management team.
Balance Sheet Review: Review of monthly Balance Sheet reconciliations to ensure integrity and appropriate understanding/analysis of business unit submissions and overall consolidated results.
Monthly Financial Reporting: Preparation of monthly group Balance Sheet and Cash Flow.
Cross-Functional Liaison: Liaise with other Group functions (Tax, Legal, Company Secretarial, Treasury, and Compliance) and Regional Finance teams.
Annual Report Analysis: Ensure that supporting analysis for the annual report is prepared and delivered to fulfill the Group’s reporting requirements.
External Audit Liaison: Liaison with the external audit teams.
Budgeting Support: Supporting the annual budgeting and planning processes.

2. Consolidations Manager Role Purpose

Global Consolidation Management: Manage the global consolidation of monthly financial results, including managing the intercompany reconciliation process to ensure proper elimination and researching and resolving data discrepancies.
Intercompany Transactions Oversight: Oversight of the invoicing and settlement of intercompany transactions.
Cash Flow Preparation: Manage the monthly preparation and review of the Company’s statement of cash flows.
SEC Filing Support: Provide information to support the Company's quarterly and annual SEC filings.
Statutory Statements Support: Provide information to support the preparation of statutory financial statements.
Process Improvement Implementation: Identify and implement operational process and internal control improvements as part of continuous improvement initiatives.
Business Combinations Accounting: Assist with the accounting for business combinations.
Monthly Closing Support: Assist with key areas of the monthly closing process, such as revenue recognition, inventory, fixed assets, and other asset accounts.
Special Projects Leadership: Take responsibility for leading special projects.
Best Practices Development: Developing and implementing best practice processes.
Funds Calculation Preparation: Preparation of the bi-annual aggregated and consolidated own funds calculations as of June and December for submission to the Financial Conduct Authority.
FDI Return Preparation: Preparation of the Group’s foreign direct investment return quarterly for submission to the Office of National Statistics.

3. Consolidations Manager Essential Functions

Financial Statement Monitoring: Monitoring and analysis of financial statements of subsidiaries.
Quarterly Consolidation: Quarterly consolidation of company financial statements.
Subsidiary Coordination: Coordination of administrative, accounting, tax, and corporate issues for subsidiaries abroad.
Intra-Group Billing Coordination: Coordination of intra-group billing and liquidity.
Transfer Pricing Documentation: Preparation and updating of documentation for Group “Transfer Pricing.”
Process Involvement: Involvement in subsidiary processes in close cooperation with IT and Controlling (creation of budgets, implementation of ERP, etc.).
Team Support: Supporting the wider team's delivery requirements, including ad hoc project work.
Monthly Consolidation Leadership: Lead the consolidation efforts for all Company subsidiaries monthly.
Control Verifications Leadership: Lead control verifications to ensure consolidated results are accurate.
Foreign Currency Review: Review and ensure foreign currency translations are accurately reported.
Journal Entries Recording: Record journal entries and maintain appropriate supporting documentation.
Intercompany Reconciliation Oversight: Oversee the intercompany reconciliation process.

4. Consolidations Manager Additional Details

Process Improvement Focus: A focus on process improvement, teamwork, and delivering results will be critical.
Consolidation Process Leadership: Leads the consolidation process to prepare consolidated financial statements in compliance with US GAAP and applicable SEC rules.
Accounting Records Maintenance: Maintain all accounting records, design, implement, and execute financial controls, and prepare financial reports for management.
Intercompany Transactions Ownership: Global process owner for accounting for intercompany transactions and appropriate intercompany eliminations.
Foreign Exchange Analysis Ownership: Global process owner for the accounting and analysis of foreign exchange transactions and related trends.
Analytical Review: Analytically review monthly reported consolidated results against previous periods to identify unusual activity and/or transactions.
Monthly Review Meeting Preparation: Assist in preparation for monthly review meetings to discuss unusual transactions and review consolidated financial statements.
Accounting Support: Provide overall support by investigating accounting questions by partnering with team members.
Process Improvement Identification: Identify and initiate process improvement items for functional productivity and simplification.
Ad Hoc Project Assistance: Assist with ad hoc projects assigned, including proposed accounting treatment of unusual transactions or other accounting and finance-related matters.
External Audit Support: Support the external auditors to assist in their completion of an efficient audit.
Job Knowledge Update: Update job knowledge by participating in educational opportunities, reading professional publications, maintaining personal networks, and participating in professional organizations.

5. Consolidations Manager Tasks

Month-End Close Management: Manage the month-end close requirements and financial reporting packets, including consolidated financial statements preparation, intercompany eliminations, and variance analysis.
Reporting Support: Provide regional and global reporting support.
Process Risk Review: Review existing processes to assess risk, internal control, and overall effectiveness and efficiency, as well as the risks associated with financial reporting and/or fraud.
Cross-Functional Collaboration: Work cross-functionally with various departments.
Accounting Research: Research and document accounting transactions.
Transaction Documentation Maintenance: Maintain documentation of major transactions in the Group.
Process Alignment: Ensure the alignment of the consolidation/reporting processes with the evolving structure of the Group, the evolution of the requirements of management, and the multiple compliance requirements.
Process Development: Maintain, update, and develop the consolidation/reporting processes, structure, standards, tools (maintenance of HFM…), and procedures (internal policies).
Reporting Quality Assurance: Ensure the quality and consistency of internal and external reporting amongst the various entities of the Group.
Accounting Manual Maintenance: Maintain and update the Group Accounting Manual/valuation rules/best practices glossaries, and edit FAQ forms.
Stakeholder Communication: Ensure communication with internal/external stakeholders (local accounting and Controlling teams, Corporate team, auditors).

6. Finance and Consolidations Manager Overview

Economic-Financial Summary Preparation: Preparation of economic-financial summary data (balance sheet, financial statement) of periodic and annual groups.
Financial Statements Preparation: Individual and consolidated financial statements.
Policy Implementation: Preparation and implementation of accounting/administrative policies.
Record Verification: Check accounting and budget records.
Finance Report Preparation: Prepares periodic finance reports.
Branch Coordination: Coordinate and manage activities and resources of US and China branches.
Foreign Branch Control: Accounting control of foreign branches' activities.
Administrative Coordination: Coordinate the administrative side of Italian companies.
Accounting Team Management: In charge of managing the accounting team.
Consolidation Journals Posting: Post the necessary consolidation journals.
Rationalizations and Reconciliations: Perform the necessary rationalizations and reconciliations.

7. Accounting Consolidations Manager Job Description

Consolidation Software Administration: Act as lead administrator of the Company’s consolidation software.
Financial Results Consolidation: Ensure accurate consolidation of all Company subsidiaries’ financial results every month.
Control Verification: Perform control verifications to ensure consolidated results are accurate.
Foreign Currency Reporting: Review and ensure foreign currency translations are accurately reported.
Journal Entries Recording: Record top-side journal entries and maintain appropriate supporting documentation.
Census Filings Responsibility: Responsible for Census filings.
Supplemental Forms Review: Review supplemental forms, roll forwards, and accounts on a consolidated basis as well as for each subsidiary.
Process Improvement Partnership: Partner with other functions to drive process improvements and efficiencies.
Intercompany Reconciliation Oversight: Oversee the Corporate Intercompany reconciliation process.
Year-End Audit Support: Provide support for year-end audit functions.
Monthly Close Compliance: Oversee the monthly close calendar and ensure compliance.

8. Group Finance Consolidations Manager Functions

Reporting Package Preparation: Preparation of the reporting packages and group financial statements according to IFRS, including cash flow, notes, and management reports.
IFRS Accounting Supervision: Oversee and supervise IFRS accounting for international subsidiaries under responsibility.
Intercompany Elimination Review: Review intercompany elimination monthly.
Audit Process Management: Liaise with external auditors and manage the audit process for the group and international subsidiaries.
IFRS Guideline Update: Update and amend the IFRS accounting guideline.
New IFRS Standards Implementation: Review and implement new IFRS accounting standards.
Ad Hoc Project Support: Support with ad hoc projects/topics in coordination with accounting and IFRS reporting.
Process Flow Documentation: Understand and document process flows.
Accounting Transaction Research: Research and document accounting transactions.
Process Improvement Implementation: Implement process improvements to streamline the monthly close, reduce cycle time, and improve information quality.
Financial Package Review: Review and approve financial package reports.
External Portal Maintenance: Maintain external portals for providing financial information.

9. Consolidations and Reporting Manager Accountabilities

Consolidation Process Monitoring: Monitor the consolidation and reporting processes and ensure compliance with deadlines, Group accounting standards, and internal/external reporting requirements.
Monthly Closing Execution: Perform the Group's monthly closing in compliance with deadlines and accounting standards.
Deadline Communication: Communicate appropriately the deadlines and requirements to local accounting departments.
Quality Assurance: Ensure the quality of the work by keeping a critical view of all information received.
Monthly Reporting Compilation: Ensure compilation of Group Monthly reporting, with support from other Finance functions (Controlling, Tax, Accounting, Treasury).
Forecast Consolidation: Consolidate appropriately the Group forecasts, Strategic Plans, and CF forecast.
Report Coordination: Coordinate the release of the financial sections of the Mid-Year and Annual reports following official timing and agreed content and through efficient communication with auditors, publishers, and the Corporate Communication department.
Subject Matter Expertise: Act as a subject matter expert to provide advice on IFRS and internal and external reporting-related topics and compliance matters.
Accounting Compliance Expertise: Maintain and develop expertise on accounting/compliance matters to analyze and propose solutions to accounting/compliance-related issues encountered by the Group.
Mergers and Acquisitions Accounting Support: Support CFO on accounting aspects of Mergers and Acquisitions and Corporate projects such as Purchase Price Allocations, Business Combinations, divestitures, and Capital increases.

10. Consolidations Manager Responsibilities

Monthly Consolidation Preparation: Prepare the monthly consolidation entries and ensure the accuracy of the consolidated financial statements.
Financial Statements Leadership: Lead the preparation of financial statements and related analysis, ensuring all financials are prepared in a timely and accurate manner.
Financial Reporting and Analysis: Prepare and present financial statements and related reports/analysis, and variance analysis to management.
Monthly Book Balancing Participation: Participate in monthly balancing of books and account reviews/reconciliations.
Journal Entries Preparation: Prepare monthly and ad hoc journal entries.
Accounting Issue Resolution: Research and resolve accounting and business issues.
Internal Controls Monitoring: Implement and monitor the effectiveness of internal controls.
Accounting Processes Review: Review accounting processes continuously to ensure best practices.
Audit Coordination: Coordinate annual independent external audits and liaise with external auditors.
Lease Management: Manage and update a schedule of leases and prepare regular journal entries aligned with ASC 842.
External Auditor Support: Support the company’s external auditors.
Financial Statement Distribution Oversight: Oversee the preparation and distribution of the monthly financial statements to internal and external stakeholders.