Checklist

The multi-entity consolidation checklist

42 points across 5 phases: entity-level close, inter-company transactions, eliminations, foreign currency, and consolidated reporting. Built for finance teams where a missed elimination or inter-company mismatch costs more than the fix.

Built by CoCountant’s controller-led finance team.

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Trusted by CEOs at 3 to 100 person teams who demand enterprise-grade control.

What’s inside the checklist

Entity-Level Close

Bank reconciliations, revenue recognition, accruals, prepaid amortization, depreciation, AP/AR aging, trial balance review.

Intercompany Transactions (8 Points)

Recording in both entities, balance agreement, transfer pricing documentation, management fee allocations, shared cost postings.

Elimination Entries (8 Points)

Intercompany receivables, payables, revenue, COGS, interest, dividends, profit in inventory, and investment in subsidiary.

Foreign Currency (7 Points)

Functional currency determination, balance sheet at period-end rates, income statement at average rates, CTA calculation.

Consolidated Reporting (7 Points)

Trial balance ties out, minority interest calculation, consolidated P&L, balance sheet, cash flow, and board package assembly.

Scoring Rubric & Risk Assessment

Monthly audit scoring: 38–42 is audit-ready, under 28 indicates consolidation risk with material errors possible.

What our clients say

These founders and operators switched to controller-led accounting and now make faster, clearer decisions.

Close time cut 20 days → 10 days

Their controller and accountants are consistently and readily available for chats and meetings whenever we need them. We definitely want to continue using them because of their expertise, availability, and the seamless support they bring to our team.

Colleen Rupp

COO Hollywood.com

Recovered 200 K in overdue AR

Their controller took it upon himself to work on our outdated AR and brought in a couple hundred thousand AR dollars for us that seemed unrecoverable. Our reporting to board members and shareholders has also improved significantly.

Waynewright Malcom

CFO, Backpack Group

12 hours exec time saved per month

Extremely friendly to tight budgets. Their monthly calls to go over the books help immensely and save me money. With reconciled accounts and their timely updates, I have a clear picture of my revenue, expenses, and cash flow.

Mark Arthur

Founder & CEO Coast2Coast HR, LLC

Audit-ready and tax-smart

They helped us with compliance and tax planning, streamlining our financial management system and accounting processes. They're dedicated to our success and really understand our needs.

Peter Hansen

Founder Gemini Brass & Woodwinds

Custom chart of accounts → Category level insight

They came in and helped me with exactly what I needed: setting up QuickBooks, detailed bookkeeping, building custom categories specific to my business so I know where I'm spending to improve cash flow, and monthly calls to review transactions.

Jillian Wells

Founder Palo Verde Botanicals

Systems streamlined, operations simplified

CoCountant team is very thorough with their review of my transactions, and their bookkeeping service help keep my books updated to provide a clear financial picture.

Ravi Bajracharya

Co-founder & CTO, Datum

Huge ROI, efficiency up, costs down

The value-to-cost ratio is amazing. I save so much time using CoCountant’s bookkeeping services, and I get more strategic intelligence on our financial situation than I could create on my own. Wonderful service for busy entrepreneurs.

Edwin Goutier

CEO, LaunchPath Innovation

14 months cleaned, current, and reconciled

Hiring CoCountant in 2024 was the best decision I’ve made in a long time. Each month they do a great job of managing our books and reporting.

Oscar J. Muro

Founder, Rhino Web Group

Who this checklist is for

This checklist is for the finance leader managing two or more legal entities who needs a repeatable, auditable monthly consolidation process.

This is for you if

You manage the monthly close across 2 or more legal entities
Your monthly consolidation takes too long or produces errors you catch late
You’ve had intercompany balances that don’t reconcile between entities
You’re not confident your elimination entries are complete each month
Your consolidated financials have been questioned by auditors or investors
You’re preparing for a roll-up, acquisition, or multi-entity audit
You want a structured monthly process, not a scramble before board reporting

This may not be for you if

You operate a single-entity business with no subsidiaries
You have a full-time consolidation accounting team already in place
Your entities are dormant or inactive with no monthly transactions
You need tax consolidation only, not GAAP financial consolidation
You are outside the US and consolidate under IFRS, not US GAAP

Still not sure? The checklist takes under 30 minutes to review and will show you exactly where your consolidation process has gaps.

Get the free checklist

How CoCountant handles multi-entity consolidation

CoCountant’s controller-led team runs the monthly consolidation process end-to-end. Here’s what that looks like across your entities.

Entity-level close completed before consolidation begins each month
All intercompany balances reconciled and agreed between entities
Elimination entries reviewed and signed off by a dedicated controller
Foreign currency translation applied per US GAAP methodology
Consolidated P&L, balance sheet, and cash flow prepared monthly
Board-ready consolidated package delivered with entity-level detail within 10 working days