9.5
Editor’s Rating:
Best Overall
CCH Tagetik: CCH Tagetik Top Down Planning
CCH Tagetik
  • Capable of handling complex consolidations
  • Cloud-based platform is very stable
  • Expands to meet changing regulations
8.9
Editor’s Rating:
Best for EPM
OneStream: Long Term Plan
OneStream
  • Versatile platform with unique data management capabilities
  • Streamlined financial close and consolidation process
  • In-depth reporting and analysis capabilities
7.8
Editor’s Rating:
Best for Business Intelligence
Prophix: Unified Platform
Prophix
  • Cloud and on-premise implementation
  • Spreadsheet-style interface
  • Supports all types of financial and non-financial budgeting

Adding financial consolidation software to your business helps automate financial close with real-time processes. Using our review methodology, we’ve created a list of the top financial consolidation software on the market:

1 CCH Tagetik - Best Overall

Why We Chose It: CCH Tagetik is an enterprise performance management software that includes financial consolidation tools. It unifies all of a finance organization’s processes, including budgeting, forecasting, consolidation, and performance reporting. This means the software stores disclosure management data in the same database as consolidated actual and plan data, allowing for a full audit trail of all changes from consolidation through disclosure.

CCH Tagetik integrates with other software, including Excel, which allows for additional reporting options. However, this system can be highly complex, requiring users to undergo training to meet the steep learning curve.


CCH Tagetik: CCH Tagetik Top Down Planning
CCH Tagetik: CCH Tagetik Forecasts
CCH Tagetik: CCH Tagetik Dashboard
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

2 OneStream - Best for EPM

Why We Chose It: OneStream is an EPM which simplifies financial consolidation, planning, reporting, analysis, and data quality for enterprises. Available in both cloud and on-premise formats, OneStream’s modular design allows for gradual software enhancements, reducing initial costs and complexity.

Key features include comprehensive financial consolidation and reporting, intercompany eliminations, and foreign exchange and cash flow reporting. Additionally, OneStream’s capabilities in financial budgeting, forecasting, and strategic planning and modeling further solidify its utility. The platform is also equipped with advanced reporting and analysis tools.


OneStream: Long Term Plan
OneStream: Financial Consolidation
OneStream: Dashboard Reporting
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
Overview
Price Range: $$$
Client OS: Windows, iOS, Android, Web
Deployment: Cloud or On-Premises

3 Prophix

Why We Chose It: Prophix is a BI and financial software application widely used for budgeting, planning, analysis, and financial consolidation. It uses a familiar spreadsheet-style interface yet is designed to overcome the limitations of traditional spreadsheets. The result is a familiar, end-to-end solution that includes budgeting, forecasting, consolidation, data mining, reporting, personnel planning, and scorecarding.

This software is particularly tailored for large organizations, offering powerful budgeting and financial reporting features​. Prophix’s flexibility allows for both simple and complex data presentation, adapting to varied company requirements.


Prophix: Unified Platform
Prophix: Revenue Planning
Prophix: Profitability Analysis
Prophix: Member Properties
Prophix: Ad Hoc Analysis
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

4 Planful

Why We Chose It: Planful is a cloud-based FP&A platform designed for continuous planning and financial consolidation. It forms part of an EPM suite that integrates web-based applications including budgeting, planning, forecasting, scorecarding, dashboarding, and financial consolidation. This integration allows businesses to streamline FP&A and financial close processes by automating and accelerating planning, reporting, and consolidation processes.

Planful’s approach to consolidation, driven by accounts and dimensions, simplifies the process and assures data integrity. Its powerful OLAP calculation engine enhances data analysis and consolidation accuracy.


Planful: Planning Control Panel
Planful: Employees
Planful: Input
What We Like
Automates planning, reporting, and consolidation
Integrates with QuickBooks, Sage Intacct, etc.
What We Don’t Like
Steep learning curve due to dense feature set
Pricing requires consultation call
Overview
Price Range: $$$$
Client OS: Web
Deployment: Cloud Hosted

5 Workday Adaptive Planning

Why We Chose It: Workday Adaptive Planning integrates with other applications such as SAP and Oracle to better consolidate data for accurate and efficient processing and analysis. This integration is crucial for companies working with Excel spreadsheets, as it enhances the accuracy of reports and simplifies data management.

Workday is particularly suited for medium to large scale companies, providing an array of features that streamline the financial planning process. Its capabilities include customizable dashboards, in-memory data models for faster and more scalable processing, and support for multiple forecasting models. The platform also boasts a user-friendly interface with advanced reporting features for diverse financial management needs.


Workday Adaptive Planning: Consolidation Report
Workday Adaptive Planning: Adaptive Insights HR Dashboard
Workday Adaptive Planning: Adaptive Insights Capacity and Quoting Plan
Workday Adaptive Planning: Office Connect Reporting Example Adaptive Insights
Workday Adaptive Planning: Finance Dashboard
Workday Adaptive Planning: P&L statement template in Adaptive Planning
Workday Adaptive Planning: Expense Variance Analysis Report
Workday Adaptive Planning: Adaptive Planning Sheets & Data Visualization
Workday Adaptive Planning: Adaptive Planning Cash Flow
Workday Adaptive Planning: Adaptive Planning Balance Sheet
What We Like
Customizable dashboards
Easily drill down into transactions and customer data
In-memory data model for faster and more scalable processing
What We Don’t Like
Hard to modify existing reports without creating new ones
Not intended for small business
Setup is difficult
Overview
Price Range: $$$
Starting Price: $25,000/year
Client OS: Web
Deployment: Cloud Hosted

6 Board

Why We Chose It: Board is a budgeting and forecasting solution which includes financial consolidation functionality. By combining the functionalities of business intelligence and corporate performance management (CPM) within a single product, Board streamlines various functions such as data integration, analysis, and reporting. And the toolkit approach allows users to create sophisticated models for distribution, allocation, and reclassification without extensive technical know-how.


Board Intelligent Planning: Boad Dashboard
Board Intelligent Planning: Balance Sheet and Cash Flow
Board Intelligent Planning: Budget-Volume Predictive
Board Intelligent Planning: Scenario What-If
Board Intelligent Planning: Strategic Planning
Board Intelligent Planning: Version Configuration
Board Intelligent Planning: Strategic Initiatives
Board Intelligent Planning: Strategic Planning
Board Intelligent Planning: Budget-Top Down Revenue
Board Intelligent Planning: Settings Manager-Strategic Plan Admin
Board Intelligent Planning: Revenue Dashboard
What We Like
Speedy consolidation between different locations
Facilitates quick and easy creation of data models for business intelligence.
Offers easy-to-read reports, enhancing workflow and planning efficiency.
What We Don’t Like
Formatting issues may arise when exporting data to Excel
PDF export process is not particularly fast
Requires consult call for pricing
Overview
Price Range: $$$$
Client OS: Windows, iOS, Android, Web
Deployment: Cloud or On-Premises

7 Anaplan

Why We Chose It: Anaplan, primarily focused on business intelligence, offers another option for companies seeking software for financial consolidation. This cloud-based platform incorporates the Hyperblock modeling and calculation engine to enable speedy consolidation across different locations and facilitates effective monitoring of precisely defined KPIs.

As a Connected Planning platform, Anaplan is designed to support collaborative planning, allowing various stakeholders within a business to participate actively throughout the process​.


Anaplan: Cost Ledger
Anaplan: Labor Plan
Anaplan: Innovation Forecast
What We Like
Connected Planning platform enables collaborative planning
Hyperblock™ modeling and calculation engine
Unified cloud-based software
What We Don’t Like
Pricing is on the high end
No embedded ETL tools in base plan
Specific pricing details unavailable from developer
Overview
Client OS: Web
Deployment: Cloud Hosted

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 generates financial reports and improves the audit trail of your organization through intercompany matching and eliminations.

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 finances for budgeting or financial planning purposes, financial consolidation software provides a unified approach for reporting and strategizing.

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

Financial Consolidation Software Functionality

  • 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. Using software reduces the hours needed to handle these tasks manually. 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. Most solutions automate 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

Another key benefit comes from the ability to create comparative views between different time periods or locations. Consolidation software makes 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 make 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.

All Products

No products found
CCH Tagetik Screenshot

CCH Tagetik

★★★★★
★★★★★
(1)
CCH Tagetik is an enterprise performance management software that emphasizes strong Excel integration. It supports various financial functions, including consolidation, budgeting, planning, and reporting. The software handles industry-specific requirements for insurance companies, such as SolvencyII and IFRS. The software is available for deployment across multiple platforms, including cloud and on-premise setups.
Client OS
Windows, iOS, Android, Web
Deployment
Cloud or On-Premises
Workday Adaptive Planning Screenshot

Workday Adaptive Planning

★★★★★
★★★★★
(3)
Workday Adaptive Planning is an enterprise performance management software for long-term budgeting and forecasting. It enables financial data consolidation, journal entries and reports, multi-currency management, and detailed audit trails. Workday also provides personalized dashboards, color-coded scorecards, a variety of KPIs, and cost and profitability analysis.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$25,000/year
Client OS
Web
Deployment
Cloud Hosted
OneStream Screenshot
OneStream is a corporate performance management (CPM) platform designed to streamline complex financial processes. It offers a unified solution for data management, financial close, consolidation, planning, reporting, and analytics. Enhanced with seamless Excel integration and a powerful, versatile platform, OneStream facilitates financial forecasting and decision-making. Its adaptability to business growth and change, coupled with a wide array of functionalities on a single platform, positions it as a strategic tool for large organizations seeking to optimize their financial operations.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows, iOS, Android, Web
Deployment
Cloud or On-Premises
Planful Screenshot

Planful

★★★★★
★★★★★
(1)
Planful (formerly Host Analytics) is an enterprise performance management (EPM) software, featuring financial applications for modeling, planning, consolidation, reporting, and analytics. Key features include scenario analysis, rolling forecasts, budgeting, and forecasting. The platform can integrate with Salesforce, QuickBooks, Sage Intacct, and more popular apps.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Web
Deployment
Cloud Hosted
Prophix Screenshot

Prophix

★★★★★
★★★★★
(3)
Prophix is a multi-user financial software application with Budgeting, Planning, Financial Consolidation, Management Reporting and Analysis tools. This software also includes features for reforecasting, data mining, score-carding, and personnel planning. Prophix offers the familiarity of a spreadsheet-style interface without the common limitations of spreadsheets. The financial and data analysis tools bring accountability back to the business process, so key internal and external stakeholders have access to relevant information. End-to-end offerings include products, professional services, education, and technical support.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows, macOS, iOS, Android, Web
Deployment
Cloud or On-Premises
Board Intelligent Planning Screenshot

Board Intelligent Planning

★★★★★
★★★★★
(2)
Board is designed to empower decision-making in various business contexts. It offers a unified platform for planning, predictive analytics, and business intelligence, enabling companies to leverage their data effectively. By providing a complete view of business information, Board helps organizations gain actionable insights and maintain control over their performance.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows, iOS, Android, Web
Deployment
Cloud or On-Premises
Anaplan Screenshot

Anaplan

★★★★★
★★★★★
(3)
Anaplan Connected Planning platform helps companies improve business performance in real-time. The cloud-based platform connects real-time data, people, and plans across your business. Modules offer functionality in sales, supply chain planning, marketing, IT, and workforce management. 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. The powerful in-memory engine, Hyperblock, supports detailed and complex planning models.
Client OS
Web
Deployment
Cloud Hosted
Quick Consols Screenshot

Quick Consols

★★★★★
★★★★★
(3)
Quick Consols is a financial reporting software. It simplifies the complex task of consolidation and reporting for businesses with varying fiscal year-ends, multiple currencies, and different ERP systems. It does this through a versatile reporting approach that allows for detailed data analysis. The software supports unlimited users and is equipped to handle various reporting needs, including management, non-financial, and statutory reports.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$85/month
Client OS
Web
Deployment
Cloud Hosted
Sage Intacct Screenshot

Sage Intacct

★★★★★
★★★★★
(46)
Sage Intacct is a browser-based, GAAP-compliant financial management software system. It features multi-entity financial reporting, customizable reports, and a user-friendly interface. The AICPA has endorsed the platform as a “preferred provider of financial management application.”
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$8,580/year
Client OS
Web
Deployment
Cloud Hosted
AccountsIQ Screenshot

AccountsIQ

★★★★★
★★★★★
(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
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
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
SAP Financial Consolidation Screenshot
SAP Financial Consolidation is a software for current SAP customers with complex tax and statutory requirements. Key features include automated consolidation processes, matrix consolidation for diverse reporting needs, and real-time reporting capabilities on platforms like SAP HANA. [SAP Financial Consolidation is still being maintained and supported by SAP](https://blogs.sap.com/2023/07/07/sap-financial-consolidation-providing-continued-maintenance-to-protect-customers-during-a-rocky-economic-recovery/), with mainstream maintenance extended until December 31, 2030.
Client OS
Windows
Deployment
Cloud or On-Premises
SoftLedger Screenshot

SoftLedger

★★★★★
★★★★★
(1)
SoftLedger is an accounting software that handles accounts payable and receivable, cash, and financial reporting. It provides support for cryptocurrency accounting and integrates with major cryptocurrency exchanges. SoftLedger also offers real-time inventory tracking across multiple warehouses and consolidated accounting for multi-entity organizations. Finally, the software delivers automated cash reconciliation and bank feed processes and can generate detailed financial reports.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$750/month
Client OS
Web
Deployment
Cloud Hosted
Joiin Screenshot

Joiin

★★★★★
★★★★★
(1)
Joiin is a financial consolidation software. Key features including consolidated reporting for multiple clients or subsidiaries, customizable reporting, and multi-currency support. Joiin supports budgeting and forecasting by integrating budget data from connected platforms or via Excel.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$19/month
Client OS
Web
Deployment
Cloud Hosted
Sigma Conso CPM Screenshot

Sigma Conso CPM

★★★★★
★★★★★
(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

★★★★★
★★★★★
(25)
Oracle’s NetSuite is well-known in the ERP world for its customization and scalability. It’s a multi-tenant ERP software supporting finance, operations, sales, service, and HR needs.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$99/user/month
Client OS
Web
Deployment
Cloud Hosted
Jedox Screenshot

Jedox

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
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$160/month
Client OS
Windows, iOS, Android, Web
Deployment
Cloud or On-Premises
Planning Maestro Screenshot

Planning Maestro

★★★★★
★★★★★
(8)
Planning Maestro by Centage is a cloud-based planning and analytics platform designed for small to midmarket organizations. Previously Budget Maestro, this software offers sophisticated financial intelligence for budgeting, forecasting, and performance reporting. These features make it accessible and valuable for businesses of various sizes. Planning Maestro software stands out for its ability to synchronize profit and loss, balance sheet, and cash flow while ensuring GAAP compliance, offering both short-term and long-term financial health views. Additionally, it comes equipped with 40 customizable GAAP/IFRS-compliant reports​.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$950/month
Client OS
Windows, Web
Deployment
Cloud or On-Premises
deFacto Planning Screenshot

deFacto Planning

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
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
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
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$2,500/user/month
Client OS
Web
Deployment
Cloud Hosted

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