The Best Financial Consolidation Software

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Quick Consols Screenshot

Quick Consols

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(3)
Quick Consols is a financial reporting tool aimed specifically at complex companies and groups that need to prepare monthly and annual consolidated accounts. The cloud based software automates complexities around consolidating and reporting for groups with multiple year ends, currencies and ERP systems with a slice and dice approach to reporting. While retaining the structure, control and validation needed in a financial reporting tool, it provides the flexibility required to work in your
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Starting Price
$50/month
Client OS
Web
Deployment
Cloud Hosted
Workday Adaptive Planning Screenshot

Workday Adaptive Planning

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(3)
Workday Adaptive Planning provides business planning through corporate performance management (CPM), sales planning, and workforce planning. Workday Adaptive Planning leads the way for people in companies to collaborate, gain insights, and make smarter decisions faster. Powerful modeling for any size organization, yet so easy for everybody who plans. Workday Adaptive Planning enables a comprehensive set of cloud-based software solutions supported by a powerful, in-memory technology platform that
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Client OS
Web
Deployment
Cloud Hosted
Planful Screenshot

Planful

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(1)
Planful (formerly Host Analytics) is a cloud-based FP&A platform for continuous Planning. The enterprise performance management (EPM) suite consisting of web-based applications including budgeting, planning, forecasting, scorecarding, dashboarding and financial consolidation functionality which is tightly integrated with its business intelligence analytics and reporting software. The solution aims to help enterprises streamline FP&A and financial close processes and will let a business automate
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Web
Deployment
Cloud Hosted
OneStream Screenshot
OneStream is a corporate performance management software aimed to help enterprises simplify their financial consolidation, planning, reporting, analysis, and data quality. OneStream is a CPM solution meant for use in all areas of your enterprise and is available in the cloud or on-premise. OneStream can be utilized on a per-module basis, meaning your company can manage and upgrade your software by adding one application at a time. This allows the software to have a lower cost of entry and can
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Windows, iOS, Android, Web
Deployment
Cloud or On-Premises
CCH Tagetik Screenshot

CCH Tagetik

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(1)
CCH Tagetik is an innovative software solution for corporate performance management that unifies all of your finance organization’s processes. From strategic and operational planning to disclosure reporting, Tagetik’s open architecture has only one database, one set of data, and one calculation engine. CCH Tagetik CPM software leaves finance and technology executives with more time to focus on analyzing, optimizing and expanding their business. @youtube Expense Planning; Cash Flow Analysis;
Client OS
Windows, iOS, Android, Web
Deployment
Cloud or On-Premises
Sage Intacct Screenshot

Sage Intacct

★★★★★
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(46)
We like Sage Intacct for its multi-entity financial reporting, powerful integrations, and industry-specific services. For example, Intacct offers out-of-the-box functionality, from comprehensive fund accounting to healthcare financial management.
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Starting Price
$8,580/year (Add $2,880 per extra user)
Client OS
Web
Deployment
Cloud Hosted
AccountsIQ Screenshot

AccountsIQ

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(2)
accountsIQ is a full featured multi-currency business and accounting software solution delivered as a pay per use service. It uses the latest technology to allow full collaboration across multiple businesses, at anytime from anywhere, via the Internet from a highly secure SAS 70 Type II hosting facility. This affords you the advantages of managing multiple entities in real time on a single platform without the cost of the IT infrastructure to link the multiple entities. @youtube The
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Starting Price
$60/month
Client OS
Web
Deployment
Cloud Hosted
LucaNet Screenshot

LucaNet

LucaNet is a financial performance management software that creates consolidated financial statements and aids in financial planning and reporting. The software is available in the cloud or on-premise. LuaNet will streamline your financial reporting process by closing your statements error-free, predicting the future, using your data for financial intelligence reports, and collect data about your business. @youtube Financial consolidation; IFRS 16; Management reporting; BI and analytics;
Client OS
Windows, macOS, iOS, Android
Deployment
Cloud or On-Premises
Board Screenshot

Board

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(2)
Within one single product BOARD offers all the functionalities needed to build any Business Intelligence Software and Corporate Performance Management application solutions, without the use of any programming. Its revolutionary toolkit approach, as well as delivering unrivaled speed in BI and CPM applications building, customization and maintenance, provides end-users with an advanced interactive interface.This unique capability turns the self-service creation of any report or analysis into the
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Windows, iOS, Android, Web
Deployment
Cloud or On-Premises
Anaplan Screenshot

Anaplan

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(3)
Anaplan Connected Planning platform helps businesses turn response time to real time. The leading platform provider helps connect data, people, and plans across your business. Large and fast-growing organizations use Anaplan’s planning platform in every business function to make informed decisions and drive faster, more effective planning processes. Connected Planning will connect every facet of your company, from sales, finance, supply chain, IT, marketing, workforce, and more. The Anaplan
Client OS
Web
Deployment
Cloud Hosted
SAP Financial Consolidation Screenshot
SAP Financial Consolidation helps create fast and accurate financial statements with multiple currencies and among varying levels of departments, entities, mergers, and acquisitions. SAP Financial Consolidation is a way to streamline compliance and meet management/global regulatory requirements when it comes to reporting your financial close. The solution will help you meet accounting standards such as IFRS and GAAP. ::: alert This product is only available for current users of SAP solutions,
Client OS
Windows
Deployment
Cloud or On-Premises
SoftLedger Screenshot

SoftLedger

★★★★★
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(1)
SoftLedger is a cloud-based accounting and reporting platform that’s fast to implement, easy to learn, and adapts to your organization. SoftLedger was designed by accountants and developers, working side by side, to provide a powerful accounting platform for forward-thinking organizations. Our full-featured system includes: General ledger; Consolidations; AR; AP; Cash management; Inventory; Light manufacturing; Crypto asset management; and REST API. SoftLedger is fast to implement, easy to
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Client OS
Web
Deployment
Cloud Hosted
joiin Screenshot
joiin is a cloud financial reporting and consolidation software that provides a zero-hassle way to create financial and management reports from your data sources. This includes balance sheets, trial balance, budgets, inter0company eliminations, CSB company imports, reporting by company, reporting by category, cashflow, and profit and loss reports. Consolidated reporting; Key financial reports; Business KPI reports; Multi-currency; Flexible report periods; Custom reports; Graphs and charts;
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Starting Price
$5/month
Client OS
Web
Deployment
Cloud Hosted
Sigma Conso CPM Screenshot

Sigma Conso CPM

★★★★★
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(1)
Sigma Conso CPM Software provides financial consolidation and reporting, intercompany reconciliation, and budgeting/planning/forecasting capabilities. All subsets of Sigma Conso CPM are 100% web-based, ready-to-use, and easy-to-learn, along with full customizations available to it’s users. This consolidation and reporting tool pulls together actual, budgeting, and forecast data. It can handle multi lingual, multi-currency, and multi-standard pieces of data through automated data import. The
Client OS
Windows, macOS, Web
Deployment
On-Premises
NetSuite ERP Screenshot

NetSuite ERP

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(21)
We like NetSuite for its advanced features, extensive customization, and powerful integrations. NetSuite offers industry-specific software editions to generate leading practice reports and boost out-of-the-box functionality.
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Starting Price
$99/user/month
Client OS
Web
Deployment
Cloud Hosted
Jedox Screenshot
Jedox is an enterprise performance management and BI unified software solution. Jedox aims to streamline your planning process, unite users and data on one platform, and improve your businesses budgeting and forecasting. Jedox lets your plan, analyze, and report through one integrated EPM software. The corporate performance management solution gives insights and guidance to everyone in your company whether they are in the finance department, sales, or human resources. If your staff is stubborn
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Starting Price
$160/month
Client OS
Windows, iOS, Android, Web
Deployment
Cloud or On-Premises
Budget Maestro Screenshot

Budget Maestro

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(8)
Budget Maestro offers mid-market companies a more efficient and reliable way to budget and plan. The software automates many of the time consuming and error-prone tasks associated with using spreadsheets and generates more accurate, driver-based business budgets and financial forecasts. Intuitive built-in modeling capabilities handle everything from workforce planning to expense detail, revenue recognition, and capital assets. It’s the only solution that offers synchronized P&L, Balance Sheet
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Starting Price
$10,000/year
Client OS
Windows, Web
Deployment
Cloud or On-Premises
Prophix Screenshot

Prophix

★★★★★
★★★★★
(2)
PROPHIX is a multi-user financial software application used by thousands of users worldwide for Budgeting, Planning, Financial Consolidation, Management Reporting and Analysis. PROPHIX offers the familiarity of a spreadsheet-style interface with added benefits for handling multiple users and managing data. PROPHIX helps you go beyond the limitations of spreadsheets and provides an end-to-end offering including products, professional services, education, and technical support. PROPHIX financial
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Windows, macOS, iOS, Android, Web
Deployment
Cloud or On-Premises
deFacto Planning Screenshot
deFacto Planning was built from the ground up as a unified Corporate Performance Management (CPM) solution, using standard Microsoft technology with the ability to connect to any ERP or other data source, regardless of database platform. It is supremely flexible in how it can be deployed as well, so it will complement just about any IT strategy. On the back-end there are 3 components to deFacto Planning SQL Server Relational, SQL Server Analysis Services (SSAS) and the deFacto Web service. These
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iOS, Android, Web
Deployment
Cloud or On-Premises
Fluence Technologies Screenshot

Fluence Technologies

Fluence is the only pure-play financial consolidation, close and reporting software for high-growth businesses. Customers can go live in weeks, close their books in days and report intelligence in real time. This software deliver game-changing efficiency gains and trusted, timely numbers to customers so they get the time, control, and confidence they deserve. Fluence is out-of-the-box, no-coding software with a full Excel interface and enterprise-grade capabilities for immediate adoption and
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Starting Price
$2,500/user/month
Client OS
Web
Deployment
Cloud Hosted

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Buyer’s Guide

What is Financial Consolidation Software?

Financial consolidation software helps speed-up the act of making consolidated financial statements for larger, more complex companies. These companies face the issues of decentralized accounting, inter-entity transactions, dealing with multiple currencies, and more. Financial consolidation software improves the audit trail of your organization through intercompany matching and eliminations, defines control groups between main accounts, defines legal entities, converts currencies and interest rates, and generates financial reports.

Consolidation software automates your financial close with real-time financial consolidation processes and intercompany eliminations. It’s best used in conjunction with ERP systems other business management systems as part of a greater corporate strategy. When consolidating financial figures from other areas of the business for budgeting or financial planning purposes, financial consolidation software provides a unified approach for reporting and strategizing.

Adaptive Insights Consolidation Report Consolidation Software
Create consolidation reports in Adaptive Insights.

Features of Financial Consolidation Software

  • Reclassifications: A financial statement reclassification is a journal entry that transfers an amount from one general ledger account to another. Account for debits vs credits and currency conversion.
  • Workflow: Streamline your close process by viewing a snapshot of completed work and work that is yet to be done. Monitor which entities have unfilled tasks and still need to send their financial data to the primary financial consolidation software user.
  • Management Roll-up: Map all general ledgers into a single chart of accounts for a unified and consistent global report among your entire organization.
  • Financial Reporting: Create reports that let you view trends pertaining to company financials and sales. Use varieties of hierarchies, location/level/department combinations, and more to validate business performances and make key decisions to the future of the business.
Onestream Financial Consolidation Software
Financial consolidation being handled in OneStream.

Benefits of Financial Consolidation Software

The automation offered from financial consolidation software will help you shorten your month-end closing time by eliminating manually processes or workarounds from using spreadsheets like Excel. The software will also help reduce the number of hours of labor needed to handle these tasks manually. Including these, some other benefits of financial consolidation software include:

Streamline Your Financial Consolidation Methods

Consolidation software tools provide an easy-to-use method of automating your journal entries, eliminations, and adjustments. Companies want quick results and financial consolidation software will quickly automate any reclassifications necessary. Most solutions handle these conversions in real-time and do not require batch jobs, or any other sort of long-running process, to be performed.

When it comes to international organizations, larger companies who deal with more complex multi-currency financial consolidations can take comfort knowing that currency can be automatically converted and translated into the appropriate formats upon receipt.

LucaNet Financial Consolidation Software Automation
Some software, such as LucaNet, will automate the consolidation process for you.

Compare Financials Among Varying Organization Levels

A key business benefit of financial consolidation software is the ability to create comparative views between months or quarters of similar business operations. A business may have two similar businesses operating at different locations, and needs to figure out which is performing better financially. Consolidation software will make it easy to bring in the financial data of each location and create comparative trial balances, receivables/payable reports, or balance sheets.

Being able to get a real-time view of reports and analytics across all your companies will let you know who is meeting goals and expectations set forth by upper management. This lets you reward locations that are performing admirably or create benchmarks for underperforming branches.

SAP Financial Consolidation Software Reporting Units
View all reporting units in SAP Financial Consolidation.

GAAP and IFRS Support

Financial consolidation software will help you conform to all activities and workflows within your financial statements in line with the latest accounting standards. The benefit of doing so is to ensure you have a more structured and streamlined way of creating balance sheets, income statements, and cash flow statements that combine data from multiple sources.

GAAP stands for generally accepted accounting principles, which is the accounting standard set by the U.S. securities and exchange commission. Accountants in the US will use the guidelines set forth by GAAP in their financial reporting. Multiple entities that abide by GAAP will have an easier time being able to transfer data with each other, as it will not require a large amount of legwork to reformat data into a unified set of details that can be turned into a financial report.

The European Union has a different set of guidelines called the International Financial Reporting Standards (IFRS). These standards are issued by both the IFRS Foundation and International Accounting Standards Board (IASB) with the goal of providing a common language for business affairs. In consolidation software, this helps makes finances comparable across a variety of boundaries, borders, and geographical locations.

Many consolidation software options will claim to be both GAAP and IFRS compliant. This simply means the software can present financial statements and statements of cash flows in a manner that would be approved by these reporting agencies.

joiin financial consolidation software chart of accounts
joiin can help keep your chart of accounts compliant with traditional accounting standards.

Stand-Alone Options Vs. Multi-Entity Accounting

Some solutions, such as multi-entity accounting software, have consolidation capabilities built into the program. These solutions provide the benefit of being able to store information on dozens, hundreds, and sometimes thousands of entities. These unified accounting databases improve cash flow and can set up capabilities such as centralized AP and AR.

A core feature found within these multi-entity systems is the ability to create consolidated reports. These help drill-down to a specific location or department, or upwards to look at the financial performance of your organization as a whole. These solutions work best in a cloud-based environment, where all facets of the company can access the solution from any of their locations, and record financial data for their location only. There is usually a central accounting department that handles monitoring the rolled-up financials for the organization as a whole.

Financial consolidation software gives an organization the ability to use their preferred type of accounting systems without being limited to options that can handle multi-entity records. For example, a business with 5 locations across the country may use 5 completely different types of accounting software. Another scenario is where all 5 locations have their own copy of specific software, however, the general ledgers are all operated separately from one another at each location. In these scenarios, a financial consolidation software becomes a way for management to centralize the financial records from all locations and create consolidated reports.

Sage Intacct Multi Entity Accounting Software
Control multiple entities complete with financial consolidation in Sage Intacct.