Now fully supporting global consolidated accounting for overseas management companies

Money Forward, Inc. now supports the switching of “consolidation currency” for financial consolidation and the “number of decimal places” required for financial consolidation in US dollars, euros, and other currencies in Money Forward Cloud Consolidated Accounting. This enables not only domestic consolidation operations but also financial consolidation operations by overseas management companies to be performed on the same system. All screens can now be displayed in English to fully support consolidated accounting on a global basis.

Furthermore, with the provision of this functionality, YCP Holdings (Global) Limited (Headquarters: Singapore, Director and Group CEO: Yuki Ishida, hereinafter referred to as “YCP Holdings”), which operates various businesses globally, has decided to introduce the product.

Money Forward Cloud Consolidated Accounting is a consolidated accounting system that enables performing consolidated accounting operations for group management in the cloud. It streamlines data collection and file management for each group company and enables real-time visualization of the business condition.

Until now, “Money Forward Cloud Consolidated Accounting” had supported English-language display so that English-speaking employees of overseas subsidiaries can enter individual financial statement data on their own. In addition to the expanded display in English, the product now offers complete global support by providing a “consolidation currency” switching function that allows switching of the consolidation currency used for financial consolidation and a “number of decimal places” switching function required for consolidation in USD, EUR, or other currencies.

This will enable not only the completion of input operations from overseas subsidiaries on the cloud but also allow centralized management of consolidated financial statements in different currencies at overseas management companies.

Money Forward Cloud Consolidated Accounting will continue to realize efficient creation and effective utilization of group business management information.

■Selecting “Consolidation Currency” and “Number of Decimal Places” Function
The “consolidation currency” and “number of decimal places” selection functions allow users to arbitrarily select the “consolidation currency” and “number of decimal places” when creating the target consolidation accounting unit. By selecting the “consolidation currency” and “number of decimal places” when creating a consolidation accounting unit, the display and processing will be automatically performed according to the selected “consolidation currency” and “number of decimal places”.

Target User: Users who are using Money Forward Cloud Consolidated Accounting with the authority of “Person in charge of consolidation” or “Viewer”.
Support Site URL: https://biz.moneyforward.com/support/consolidated-accounting/news/20240423.html

Screen image
・Overseas financial consolidation screen supports display in English and selection of number of decimal places

・Currency setting screen

◾️Implementation at YCP Holdings
YCP Holdings, which operates a variety of businesses globally, required financial consolidation not only for its domestic businesses but also for various other units. Under these circumstances, the company decided to introduce Money Forward Cloud Consolidated Accounting as the product completed its global support rollout through the provision of functions to select “consolidation currency” and “number of decimal places,” making it possible for the company to handle consolidated accounting operations at its overseas management company.

・Comment from YCP Holdings
Mr. Keita Kakimoto, Group Co-CFO
Our group has its ultimate parent company in Singapore, and our financial consolidation is reported in US dollars. However, we are required to manage sub-consolidations by investee companies, including those in Japan, sub-consolidations for intermediate holding companies overseas, and segments spanning multiple currencies, in both US dollars and local currencies, across various scenarios.
As our group frequently conducts M&A and capital restructuring within the group, the flexibility to set multiple consolidation units and consolidation currencies, which is a feature of Money Forward Cloud Consolidated Accounting, is very attractive to us.
In addition, since our consolidation teams are located in multiple countries, we believe that a cloud-based consolidation system would be the best choice.

■About Money Forward Cloud Consolidated Accounting
Money Forward Cloud Consolidated Accounting is a consolidated accounting system that streamlines data collection and file management for each group company and visualizes business conditions in real-time. Not only does the API linkage with Money Forward Cloud Accounting and Money Forward Cloud Accounting Plus enable automatic data collection, but the product also supports the import of Excel files, making it possible to use it together with other accounting systems.
URL：https://biz.moneyforward.com/consolidated-accounting/

■ About Money Forward, Inc.
Name: Money Forward, Inc.
Location: 21F Tamachi Station Tower S, 3-1-21 Shibaura, Minato-ku, Tokyo 108-0023
Representative: Yosuke Tsuji, Representative Director, President and CEO
Establishment: May 2012
Business: Development and delivery of PFM services and Cloud services
URL:https://corp.moneyforward.com/en/
Main Services:
“Money Forward ME”, a service to visualize personal finance https://moneyforward.com/me/
“Money Forward Cloud”, SaaS platform for back-office operations https://biz.moneyforward.com/

*All company names and product/service names (including logos) are trademarks or registered trademarks of their respective owners.

For further information, please contact
Public Relations: pr@moneyforward.co.jp