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CLOSE YOUR BOOKS FASTER WITH ACCURACY AND EXTENSIVE ANALYTICS
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Date
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Thursday, 25th February 2010
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Venue
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SAFFRON SPICE - Saffron House, Plot No 34 , M.I.D.C., Near Akruti Center Point,
Andheri (E), Mumbai - 400 093 Tel: Tel : 022-66880909
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Time
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15:00 hrs to 18:00 hrs
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Who should attend
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CEOs, CAs, CFOs, Analysts, Accountants, Auditors and finance professionals involved
in Financial Consolidation, Financial & Management Reporting, statutory compliance
and regulatory reporting and analysis.
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Speaker
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CA Ashwin Dedhia, Director - Solutions, MAIA Intelligence
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There is always a challenge to close the accounting books quickly & publish the
statutory balance sheets with profit and loss accounts statement or for that matter
internal financial MIS for monthly quarterly or yearly. There are various challenges
when there are group of companies, local subsidiaries, international subsidiaries,
branches, strategic business units, sister concerns, joint ventures, merger, acquisitions,
investment companies, SPV’s etc. data to be consolidated in single financial
report.
CFO team is always under pressure to publish quarterly, half yearly and yearly statements
based on Indian GAAP or US GAAP or IFRS or any other formats of publishing data.
There are challenges to map and consolidate data from multiple entities, multiple
accounting period and multiple currencies. Finance team lead by CFO works days and
weeks on multiple spreadsheets to arrive a final statement. While doing this exercise
finance team faces several challenges.
Technology can also be a barrier to close books faster. Companies that use desktop
spreadsheets to manage their accounting, closing takes about 25% longer to get it
done. If the company is still busy closing its books, it can and should do better.
We help companies CLOSE YOUR BOOKS FASTER WITH ACCURACY AND EXTENSIVE ANALYTICS.
1KEY Financial Consolidation software is a complete data warehouse model with standard
statutory reporting requirements for publishing financial statements and with extensive
analytical reports. It provides financial managers the ability to rapidly close
and report financial results, meet global regulatory requirements, reduce compliance
costs and provide confidence in the numbers.
Accelerate closing cycle and improve the quality of data – remove the pain
of consolidation of financial management & reporting cycle. Organizations that
are able to close their books quickly & deliver faster & more accurate information
can gain a competitive advantage in a rapidly changing market. Provide financial
managers the ability to rapidly close & report financial results, meet global
regulatory requirements, reduce compliance costs with trust in numbers.
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CLOSE BOOKS – Faster | Error Free | with Extensive
Analytics is the strategic and exclusive Financial Technologies event
that presents the challenges, solutions for Financial Consolidation from industry
thought leaders in an interactive knowledge-sharing environment.
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The CLOSE BOOKS - Faster | Error Free | with Extensive Analytics
event will include presentations by experts and interactive panel discussion to
address the challenges faced by the industry in this area.
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Panel Discussion - 'Reducing Timelines For Reporting Cycle'
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Speakers at Panel Discussion:
Mr. Devendra Parulekar, Partner - Advisory Services, Ernst & Young
Mr. Sandeep Batra, Director - Finance, Pidilite Industries Limited
Mr. Vinay Nigudkar, Head IT, Reliance Capital Asset Management
“Pidilite is known for its brand 'Fevicol' among other products. We do have operations
in India and abroad as well, with some acquisitions we did around 3-4 years back.
Over in all we have about 19 units which we consolidate and quite honestly, that
is the area where we are tremendously benefited because of 1KEY. Earlier we used
to publish our consolidated results once a year but since last year we took a decision
that we do so quarterly and had it not been with 1KEY, we would have struggled to
beat our timelines. The ease at which we are able to consolidate the given different
backgrounds that all our subsidiaries are from, companies which we acquired of various
sizes. By just pulling the Trial Balance from these units, we are able to publish
consolidated results of the company. We find that the speed at which we are able
to consolidate using 1KEY really gives us lot of time saving. Now we can publish
results for shareholders and investors much quicker. The biggest advantage with
1KEY is that the finance team now gets time to analyze results, rather than spend
time just to compile the financial figures.”
- Sandeep Batra, CFO, Pidilite Industries Limited
“We have been extensively using 1KEY Agile BI Suite as a standard Business Intelligence
tool for around last 3 years. We have generated 200 reports across all the departments
viz. Risk, Front Desk, Operations, Sales, IT department. 1KEY has now become a default
& effective reporting tool across the organization which connects to multiple databases
and multiple applications. We have reached a stage where we cannot do without 1KEY
and we are very happy with this easy-to-use and scalable BI tool.”
- Vinay Nigudkar, Head IT, Reliance Mutual Fund
“Our industry has multiple business units and many subsidiaries within and outside
India. We are using 1KEY FCM for the consolidation of financial results. Earlier
we used to have Excel based consolidation of the finances. Since last one & half
year we started using 1KEY FCM and the results are so fantastic that today our results
are published within 5 working days of the closure of the period and consolidation
also happens in maximum 10 days for all subsidiaries. Even we have started getting
the compliments from the investors desk, that they are getting the right inputs
for their business at the right time.”
- Prasad Parab, CIO, Pidilite Industries Limited
“We often work with our clients in the capacity of auditors and accountants or IT
advisors and we often find that lot of our clients face challenges in their book
closing processes. Some of these challenges are related to excel consolidation,
inter-company transfers and transactions. These challenges could be related to the
currency due to operations in different countries or these could be related to the
mergers and acquisitions that happen through the year and consolidating the numbers.
Or it could be reporting to the stock exchanges. And we also find that despite having
ERP tools like SAP or Oracle, our clients eventually end-up doing lot of manual
processing of financial data. Excel usage is high among the end user computing to
arrive at this consolidation. The need is often felt for a tool which can help automate
this process; may be some kind of common Chart of Accounts with mapping of ledger
accounts across various entities or subsidiaries companies wherein the intelligence
built in and the consolidation is performed in a very seamless manner. This would
mean that very little amount of manual intervention or probably human intelligence
is being applied. This would also necessarily mean that the tool would have to be
intelligent and audited and validated such that the errors in calculations would
be absolutely zero. So our expectation from this kind of a tool is that to be fast,
smooth, easy to administer, easy to implement and most importantly at a descent
price. I hope MAIA Intelligence’s 1KEY FCM has all such capabilities and features."
- Devendra Parulekar, Partner - Advisory Services, Ernst
& Young
“We are using 1KEY FCM for almost one and half year now. All our overseas subsidiaries
consolidation is happening through this tool provided by MAIA Intelligence. Now
we are able to do the financial consolidation on quarterly basis in just 4-5 days
over yearly basis earlier with excel. So this is a great achievement and now with
1KEY FCM our finance department is looking forward to monthly consolidation as well.”
- Rajesh Panchal, Head IT, Pidilite Industries Limited
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Vikram Kole, Head Marketing, MAIA Intelligence welcoming the CFOs
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CA Ashwin Dedhia, Director - Solutions, MAIA Intelligence presenting the Financial
Consolidation challenges and solutions
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The Attendees at CLOSE YOUR BOOKS ON TIME, ERROR FREE WITH EXTENSIVE ANALYTICS -
An exclusive CFO event on Financial Consolidation
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CFO audience at the event
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Sanjay Mehta, CEO, MAIA Intelligence
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Sunjoy Poddar, Sr. VP (F&C), Grasim Industries Ltd. with Vikram Kole
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Mayuresh Kulkarni, Partner Alliance Manager, Microsoft, Sharad Seth, Solution Sales
Specialist, Microsoft with Vikram Kole
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Devendra Parulekar, Partner - Advisory Services, Ernst & Young with Sanjay Mehta
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Vinay Nigudkar, Head IT, Reliance Capital Asset Management with Sanjay Mehta
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Vinay Nigudkar, Devendra Parulekar and Sandeep Batra, Director - Finance, Pidilite
Industries Limited
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Sanjay Mehta, CEO, MAIA Intelligence moderating the panel discussion ‘Reducing Timelines
For Reporting Cycle’
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Panelists Vinay Nigudkar, Devendra Parulekar and Sandeep Batra
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Sandeep Batra giving his views on reducing reporting time lines and standardizing
financial consolidation process
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CA Ashwin Dedhia presenting a memento to panelist Vinay Nigudkar
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CA Ashwin Dedhia presenting a memento to panelist Devendra Parulekar
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CA Ashwin Dedhia presenting a memento to panelist Sandeep Batra
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Hiten Rathod, Head - Strategic Alliances & Channels, Vikram Kole, Devendra Parulekar,
Ashwin Dedhia, Sandeep Batra, Vinay Nigudkar and Sanjay Mehta
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Sanjay Mehta, Prasad Parab, CIO, Pidilite Industries Ltd., Rajesh Panchal, Heaad
IT, Pidilite Inds. Ltd. and Rajendra chaudhary, Sr. Correspondent, Express Intelligent
Enterprise
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CA Ashwin Dedhia
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CA Ashwin Dedhia interacting with the attendees
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Attendees interacting at the event
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Attendees having snacks & networking
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