SAP Financial Consolidation

SAP Financial Consolidation helps create financial statements in multiple currencies and among varying levels of departments, entities, mergers, and acquisitions. It also helps streamline compliance and meet management/global regulatory requirements when it comes to financial close reporting. The solution will help meet accounting standards such as IFRS and GAAP.

SAP Financial Consolidation Key Features

• Automated consolidation processes: Streamline the production of financial statements and meet reporting requirements such as local Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
• Matrix consolidation: Satisfy both statutory consolidation and management reporting requirements by using two different reporting unit rollups in a single consolidation.
• Performance: Run all processes with a fully traceable audit trail that doesn’t compromise performance.
• Reporting structures: Combine legal and management reporting structures in a single consolidated view. Compare what-if simulations side-by-side to analyze organizational changes, mergers, or acquisitions.
• Real-time reporting: SAP Financial Consolidation runs on the SAP HANA^® platform, in addition to Microsoft SQL and Oracle.
• Open integration: Seamlessly integrate data and master data from both SAP and non-SAP sources into financial planning and consolidation environment.
• Compliance: Includes version control and granular audit trails to track all adjustments made during consolidation.
• Risk management: Allows users to generate scenario analyses and what-if simulations to predict the impact of currency fluctuations, market changes, or acquisitions.
• Role-based assess: Facilitates segregation of duties among users and role-based permissions to ensure only certain personnel can access financial data.

SAP Financial Consolidation Alternatives

1 Prophix

A multi-user financial software application with budgeting, planning, financial consolidation, management reporting, and analysis tools.

Prophix One

What We Like

Cloud and on-premise implementation

Spreadsheet-style interface

Supports all types of financial and non-financial budgeting

What We Don’t Like

Could be more user-friendly for non-admins

Free trial is limited

Pricing details not readily available

Overview

Price Range: $$$

Client OS: Windows, macOS, iOS, Android, Web

Deployment: Cloud or On-Premises

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2 CCH Tagetik

An enterprise performance management (EPM) software offering budgeting, forecasting, consolidation, and performance reporting.

CCH Tagetik

What We Like

Capable of handling complex consolidations

Cloud-based platform is very stable

Expands to meet changing regulations

What We Don’t Like

New configurations are difficult

System can slow when adding new users

Requires a lot of data manipulation to get accurate forecasting

Overview

Client OS: Windows, iOS, Android, Web

Deployment: Cloud or On-Premises

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3 OneStream

A corporate performance management (CPM) software providing data management, financial close, consolidation, planning, reporting, and analytics.

OneStream

What We Like

Versatile platform with unique data management capabilities

Streamlined financial close and consolidation process

Powerful reporting and analysis capabilities

What We Don’t Like

Some areas require manual workarounds due to limitations

Limited Excel integrations

Lacks an integrated scheduling tool

Overview

Price Range: $$$

Client OS: Windows, iOS, Android, Web

Deployment: Cloud or On-Premises

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