Parallel accounting

Parallel accounting - a term peculiar to modern trends in accounting, tax and management accounting. The essence of this term is very simple - the company conducts two or more accounting of the same economic operations at the same time to meet the needs of different users of the account information and reporting, requiring to maintain records on the differing rules.

• shareholders or other co-owners of a business;
• persons engaged in the operational management of the business;
• parent companies engaged in the consolidation of accounting data by subsidiaries and providing consolidated reporting on the their location;
• units, solving the budgeting tasks;

We are ready to offer our services to meet the challenges of the organization and maintenance of a system of parallel processing in your company or group of companies together with specialists from your financial units. The main components of the system of parallel accounting should be :

• accounting policies for each of the approaches to the accounting;
• charts of accounts and rules for their use (may be included in accounting policies);
• specification methods for implementing parallel accounting for each type of business operations;
• method of control (reconciliation) of the accounting data, made at intervals not less than the minimum reporting period;
• methodology changes and fixes in each of the accounting using "backdated" or "current date" approach;
• IT systems that implement all of the above procedure. As IT systems will not always act only accounting \ ERP system. In some cases fulfilling any operation just in Excel or a separate data store can be significantly more effective than implementing and maintaining up to date similar functions in enterprise-level systems.

Some additional information you can read here.