Financial Consolidation Software

Get the best financial consolidation software for your business. Compare product reviews, pricing below. Read our buyer’s guide for more help.

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Adaptive Insights Screenshot
Adaptive Insights
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Adaptive Insights provides business planning through corporate performance management (CPM), sales planning, and workforce planning. The Adaptive Insights Business Planning Cloud leads the way for people in companies to…
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Web
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Cloud Hosted
Host Analytics Screenshot
Host Analytics is a cloud-based enterprise performance management (EPM) suite consisting of web-based applications including budgeting, planning, forecasting, scorecarding, dashboarding and financial consolidation…
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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…
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Web, Windows, iOS, Android
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Cloud or On-Premises
CCH Tagetik Screenshot
CCH Tagetik
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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…
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Android, Web, Windows, iOS
Deployment
Cloud or On-Premises
Sage Intacct Screenshot
Sage Intacct
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Sage Intacct is a web-based, SaaS accounting and financial management software system designed for use by small and mid-size organizations. Sage Intacct was built by finance professionals, for finance professionals, providing…
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Web
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Cloud Hosted
AccountsIQ Screenshot
AccountsIQ
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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…
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$60/month
Client OS
Web
Deployment
Cloud Hosted
LucaNet Screenshot
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…
Client OS
Mac, Windows, iOS, Android
Deployment
Cloud or On-Premises
Board Screenshot
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…
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Web, Windows, iOS, Android
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Anaplan Screenshot
Anaplan Is a Leading Platform Provider Connecting 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…
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…
Client OS
Windows
Deployment
Cloud or On-Premises
SoftLedger Screenshot
SoftLedger is your system of record for all things financial, across your entire organization. By utilizing the latest cloud technology, we provide a flexible financial management solution that includes best in class…
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Starting Price
$45/month
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…
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$5/month
Client OS
Web
Deployment
Cloud Hosted
Sigma Conso CPM Screenshot
Sigma Conso CPM
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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…
Client OS
Web, Windows, Mac
Deployment
On-Premises
NetSuite ERP Screenshot
NetSuite ERP
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NetSuite ERP is a cloud-based, developer-hosted, cloud ERP software platform offered on a software-as-a-service (SaaS) basis. NetSuite advertises its ERP solution as “the world’s most deployed cloud ERP” solution. NetSuite…
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Starting Price
$99/month/user
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…
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Starting Price
$160/month
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iOS, Android, Web, Windows
Deployment
Cloud or On-Premises
Budget Maestro Screenshot
Budget Maestro
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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…
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$10,000/year
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Windows, Web
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Cloud or On-Premises
Prophix Screenshot
Prophix
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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…
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Mac, Web, Windows, iOS, Android
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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…
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Web, iOS, Android
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Cloud or On-Premises

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Financial Consolidation Software 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.