Nissan South Africa has completed a Global Reporting and Consolidation project to bring its financial reporting system up to date with that used by Nissan’s head office in Japan.

Nissan South Africa has completed a Global Reporting and Consolidation (Global R&C) project to bring its financial reporting system up to date with that used by Nissan’s head office in Japan.

The Global R&C Project is part of an initiative aimed at standardising the reporting format of all Nissan’s subsidiaries across the world.

Nissan SA’s general manager of Group Finance, Theo O’Neil, said the new system will mean that users will be able to access reports directly rather than having to wait for the Finance Department to issue them.

Another important aim of the Global R&C project is to reduce the “close period” that occurs from each month-end until the final figures are approved and submitted to head office. This accounting period has been reduced from 12 to five days. This means that Nissan can consolidate its global financial results after five days.

The project was a joint project between Nissan South Africa and its IT services partner, EDS. The old environment was programmed to report monthly but in order to ensure that the reduced close period could be shortened, reporting had to be made as regular as possible in order that anomalies, if any, are spotted earlier, and thereby leave more time for analysis during the close period.

“This hasn’t been possible for some of the systems, but enough has been done to make the reduced close period a viable project,” O’Neill said this week.

Original article from Car