Sunrise Apparels Ltd. (SAL) is a listed textile manufacturing company with three subsidiaries located in Tamil Nadu, Gujarat, and Bangladesh. Two…

Since SAL prepares consolidated financial statements for three subsidiaries, Robotic Process Automation can materially streamline this process. Software "bots” can be configured to automatically extract financial data from each subsidiary's system and feed it into the parent company's financial system, performing the necessary currency conversions where the Bangladesh subsidiary reports in a foreign currency. Because Ind AS 110 requires intercompany transactions to be eliminated to avoid double counting, the bots can also be programmed to identify such transactions within the consolidated data, adjust the corresponding accounts and generate the elimination entries automatically. Once the eliminations are complete, the bots can apply the consolidation adjustments, compute non-controlling interests and other comprehensive income attributable to the parent and non-controlling shareholders and generate the consolidated balance sheet, statement of profit and loss, statement of changes in equity and statement of cash flows, thereby improving both the speed and accuracy of the group's reporting cycle.Cloud-based collaboration tools such as Microsoft Teams or Google Workspace would further help SAL's finance teams across the three locations work on the same set of consolidation workings simultaneously. Team members can update revenue, cost and expense figures in real time from their respective locations, while version-control features maintain an audit trail of every change made to the workings, which is useful both for internal review and for the statutory auditors. Access controls within these platforms would also ensure that only authorised personnel can view or edit sensitive financial data, addressing the confidentiality concerns that are heightened after the recent cyber incident.