This tutorial compares the top 10 BEST Financial Consolidation Software. Select the one that fits best according to your need:
The word consolidation literally means to merge, unite, combine or incorporate something. Financial Consolidation, as the name suggests, is calculating the net worth of an enterprise through the assets, liabilities, bills and payments, transfers, and balance sheets being merged together.
We will review and compare the top Financial Consolidation tools available along with some FAQs.
What You Will Learn:
- Financial Consolidation Software
- List Of Financial Consolidation Software
Financial Consolidation Software
Through a Financial Consolidation Software, one can simply finalize the financial report by consolidating the data of two or more companies into one, by doing the necessary actions like inter-company matching and eliminations, currency conversion (if needed), and more, in a way that the final data represents one parent company.
A Financial Consolidation Software eases and speeds up the process of financial reporting, budgeting, consolidating, and analyzing large & complex data of companies.
In this tutorial, we will be doing a quick study of the top 10 Financial Consolidation Software and compare them based on some known facts. By the end of this tutorial, one can comfortably decide which software would best suit them.
Frequently Asked Questions
Q #1) What is Consolidation in Finance?
Answer: Consolidation in Finance means merging up the data of the sub-companies so as to get a finalized document that reflects the unified data of the parent company. One can use software for consolidating finances and thereby make the process less time consuming and trouble-free.
Q #2) How to decide which software is the best fit for consolidating?
Answer: Which software best fits you, depends on the features you need. You should simply go through the comparison table which differentiates several available consolidation software on the basis of price, features, range, category, utility, and hence decides for yourself.
Q #3) What are the features of an effective Financial Consolidation Software?
Answer: An effective Financial Consolidation Software should have the following features:
- Currency conversion
- Intercompany eliminations of credits/debits and expenses/revenues.
- Elimination of investment in subsidiaries of the company.
- Cash flow calculation and reporting.
- Creation and comparison of unlimited scenarios.
- Management of multiple charts of accounts.
- Multiple customizable closing periods.
- I/C reconciliation at transaction document or currency level.
- Flat and sub-consolidation models.
List Of Financial Consolidation Software
Here is a list of the top 10 Financial Consolidation Software:
- Workday Adaptive Planning
- Wolters Kluwer
- Cipher Business Solutions
- deFacto Planning
Comparison Of The BEST Financial Consolidation Tools
|Tool name||Implementation||Features||Price||Free Trial||Best for|
|OneStream||On Cloud or on-premises||• Financial reporting,|
• Business performance management.
|starts at $10 per month||NA||Solving planning complexities for upper mid-market to the largest enterprise class customer in the market.|
|Planful||Cloud hosted||• ‘what if’ scenarios|
• Budget central
• Cost analysis
• Customizable reporting
• Financial analysis
• Microsoft office integration
• Multi currency
• Performance support
• Predictive modelling
|NA||Available (no credit/debit card required)||Productivity, speed and accuracy.|
|Board||On premise, on hosting or on cloud||• Data recovery|
• Granular security
• Server clustering
• Multi language
• HTML 5
• Multi user concurrent data entry
• Planning and forecasting
|NA||NA||analyzing, stimulating, planning, forecasting and creating in one single platform.|
|Centage||on cloud||• Planning|
• Reporting and Analytics
|Starting at $5 per user per month (for small business under 25 employees)||Not available||Small and medium sized companies for delivering features like budgeting, forecasting and reporting performance.|
|Workday Adaptive Planning||on cloud||• Elastic Hypercube Technology|
• World class technology
• Open to all systems
• Non stop innovation
|NA||Available||Smart financial solutions for all business sizes.|
#1) OneStream Software
Best for planning and solving even the most difficult data complexities with much ease.
OneStream Software, a modern, unified platform, deployed on cloud or on-premises, for corporate performance management. Easy to use, suggested for companies with large complexities of data. One can reduce the time and cost of maintaining and managing the financial records just by opting for OneStream.
- Financial Reporting
- Business Performance Management
Cons: Not advisable for small companies who require only one or two aspects of financial planning. This software may prove to be costly or troublesome due to excess of the other features available on the platform.
Website: OneStream Software
Best for speed, accuracy, and productivity.
Planful – the software for financial planning, is fast and affordable to deploy. It provides features like financial planning, consolidation, reporting, and analytics that can be accessed from anywhere in the world, because of its implementation being done on the cloud.
- ‘What if’ scenarios
- Budget control
- Cost analysis
- Customizable reporting
- Financial analysis
- Microsoft Office integration
- Performance support
- Predictive modeling
Cons: Structured planning and dynamic planning being two different platforms, the process of transferring data between the two is not very good.
Best for analyzing, stimulating, planning, forecasting, and creating in one single platform.
The Board decision-making platform offers a comprehensive set of features within a unified, user-friendly environment, and can be deployed on-premises or on the cloud.
- Data recovery
- Granular security
- Server clustering
- HTML 5
- A unified view of the corporate data.
- Multi-user concurrent data entry.
- Planning and forecasting
Cons: While working on Board, exporting the data to Excel destroys the whole formatting. The users find working on it a little confusing at times.
#4) Workday Adaptive Planning
Best for planning solutions for businesses of all sizes.
Workday offers organizations a full, unified view of their financial data and thus helps the company holders perform financial functions like budgeting, planning & reporting easily while saving the time and cost of financial closure.
- Data Visualization
- Data Analysis
- Custom Reporting
- Reporting Templates
- Version Control
- Real-time data updates
- Elastic Hypercube Technology.
- World-class technology
- Open to all systems
- Nonstop innovation
Cons: Sometimes users find handling the software tools a difficult task to perform.
Website: Workday Adaptive Planning
Best for making faster, and more informed decisions.
Centage makes it easy to react quickly to market changes and opportunities with flexible plans intelligently and forecasts financial performance and cash flow, analyze performance, and collaborates closer with the business to optimize financial results.
Centage is a leading provider of budgeting and forecasting software for small and medium-sized businesses.
Deployment: On cloud
- Reporting and Analytics
Cons: It takes a little time to get used to the software.
Best for fast and simple process of budgeting, financing, and analyzing.
Prophix is a cloud-based Consolidation Software that helps finance managers in budgeting, forecasting, and reporting, while taking into consideration the total data of the company, it saves the time and cost of financial closure.
One can go for a free trial to check whether the software goes with his needs or not.
- Budgeting and Planning
- Reporting and Analytics
- Consolidation and Close
- Workflow and Automation
- Virtual Financial Analyst
Pros: The desired information can be traced from the huge and complex data easily as well as quickly.
#7) Wolters Kluwer
Best for managing complex global requirements in a consolidation workflow.
Wolters Kluwers is a global provider of finance and software solutions. With the help of Wolters Kluwers, one can get assistance in tax, finance, audit, risk, compliance, and regulatory sectors.
- Clinical Technology and Evidence-based solutions.
- Tax preparation and compliance
- Financial Solutions
- Data-driven decision-making tools.
- Helps organizations in risk management, increasing efficiency and producing better business outcomes.
Pros: The broad variety of features supported by Wolters Kluwers is a plus point, which suggests that the software can prove to be helpful for a broad variety of industries.
Website: Wolters Kluwer
#8) Cipher Business Solutions
Best For Enterprise Performance Management and Business Intelligence.
CIPHER Business Solutions is a global consulting and technology firm that aims at providing software implementations for Financial Consolidation, Budgeting, Planning, and Business Analytics.
- Strategic Planning
- Financial Consolidation
- Business Analytics
Cons: Employees’ reviews suggest that the company management is not good, and the firm needs to grow with time.
Website: Cipher Business Solutions
Best for easily understandable features. One does not need extensive training to use it.
Rephop is a cloud-based Financial Solutions Software that provides features like Financial Planning, Consolidation, and Forecasting. Perfect for small to medium-size enterprises who do not require bulky features, with an easily understandable platform.
- Audit Trail
- Profit/Loss Statement
- Balance Sheet
- Easy setup
- Shortest Learning Time
- Easy to work on and powerful in nature
- Not bulky
Cons: Does not support features like financial reporting for multi-company, Data export/import, cash management, and access control.
#10) deFacto Planning
Best for its adaptability in any industry.
deFacto Planning is software for financial budgeting, reporting, forecasting, and analysis. The software is suitable for mid-size to the largest enterprises in any industry.
- Predictive Analytics
Pros: Can be deployed on android, windows, on web/cloud, SaaS, or iPad/ iPhone.
Website: deFacto Planning
This tutorial reviewed and compared the top 10 Financial Consolidation Software. One can decide which one suits best for them, according to the type of industry and the size of their enterprise.
Further reading =>> Top Financial Management Software Review
Some software, like Rephop, Centage are meant for small to medium size companies, they are easy to operate and offer fewer features when compared to others, like deFacto Planning, Prophix, or OneStream who offer a large number of features and are capable to handle large data complexities.
Workday Adaptive Planning is the one that can be used by any size of the industry and it adapts according to the need of the user.
Recommended read =>> 11 Best Budgeting Software Solutions [Review & Comparison]
- Time Taken To Research And Write This Article: 10 Hours
- Total Tools Researched Online: 25
- Top Tools Shortlisted For Review: 10