Companies face complexities every day, including financial management, finances regarding ERP (enterprise resource planning), expenses, tax, sales, and more. Undeniably, managing these critical elements is never easy. Since organizing and evaluating piles of papers is effort and time-consuming, you will need a tool. Meet financial consolidation software, a solution to your drawbacks.
14+ Financial Consolidation Software
1. OneStream Software
4. Workday Adaptive Planning
7. Wolters Kluwer
8. Cipher Business Solutions
10. DeFacto Planning
11. Quick Consols
12. CCH Tagetik
13. Sage Intacct
What is Financial Consolidation Software?
Consolidation means to put together. Financial consolidation is the process of combining the financial statements of companies. However, it is not as simple as it sounds. It has complexities that would leave you frustrated and breathless, given that there are deadlines to reach. For this reason, most firms use financial consolidation software as it assists in every financial element. It provides advanced features and functionalities, allowing the finance team to gather accurate data, compile finance branches, assess compliance, and more. You will improve financial assessments, appraisals, and planning with this tool.
Traditional ways of financial consolidation consume too much time and a lot of work. Using actual papers and manually reviewing one by one is a hassle. On top of that, financial accounting and management require flawless processes to ensure error-free results. Consolidation software reduces complications by automating procedures, improving cooperation, and guaranteeing reliable data analytics.
Software is expensive. Therefore, before buying the software you want, it is crucial to check its performance to make sure you choose and purchase the best software for your company. Features and functionalities are elements that prove a software useful. They serve as the mechanics of the software, enabling them to operate and do their tasks. That is why it is sensible to research to analyze the software’s performance. You can read reviews from software users or try free trials and versions to gather data. Below are features you might need:
- Access Controls/Permissions
- Audit Trail
- Cash Flow Management
- Income & Balance Sheet
- Marketing Reports
Top 10 Financial Consolidation Software
1. Workday Adaptive Planning
Adaptive Planning from Workday includes ad hoc reporting, data connectors, customizable dashboards, and more helpful features. Workday has annual revenue of $4.9 billion and 15,746 employees.
2. Wolters Kluwer
Wolters Kluwer includes compliance management, data verification, tax management, tax planning, and more advanced features. Wolters Kluwer has annual revenue of $2.1 billion and 18,879 employees.
3. OneStream Software
OneStream Software includes an audit trail, cash flow management, general ledger, financial reporting, and more advanced features. OneStream Software has annual revenue of $130.4 million and 1,022 employees.
Board from Board International includes demand forecasting, predictive analytics, scenario planning, data visualization, and more innovative features. Board International has annual revenue of $84 million and 400 employees.
Planful includes expense tracking, general ledger, journal entry processing, project accounting, visual analytics, and more valuable features. Planful has annual revenue of $64.8 million and 421 employees.
Prophix includes profit/loss statements, third-party integration, income and balance sheet, general ledger, and more logical features. Prophix has annual revenue of $49.4 million and 412 employees.
Centage includes fixed asset management, accounts receivable, payroll management, nonprofits, and more contributive features. Centage has annual revenue of $20 million and 100 employees.
8. Cipher Business Solutions
Cipher Business Solutions includes strategic planning, financial consolidation, business intelligence, and more valuable features. Cipher Business Solutions has annual revenue of more than $5 million and more than 25 employees.
Rephop includes data import/export, multi-company, consolidation/roll-up, budgeting/forecasting, and more innovative features. Rephop has annual revenue of more than $5 million and more than 25 employees.
10. DeFacto Planning
DeFacto Planning from deFacto Global includes idea management, KPI monitoring, road mapping, and more contributive features. deFacto Global has annual revenue of $2 million and 14 employees.
Why is financial management important?
Financial management is essential for every business since it allows them to assess their assets’ strengths and weaknesses. Aside from that, financial management helps them to improve financial decisions. With poor financial management, you cannot expect your business to grow, as this factor is one of the most important processes in company development.
Is financial consolidation a complex process?
A lot may think that financial consolidation is only adding numbers from multiple company financial statements. Financial consolidation is not to be taken lightly; it requires expertise and high-quality comprehension to ensure accurate and lucid financial reports and accounting. Due to its complexities, most firms use applications to process financial consolidation.
Why do you need financial planning?
Planning is a crucial phase in every decision. As the saying goes, think before you act. Deciding without planning is prone to chaotic and unfavorable results, especially finances. Financial planning plays a critical role in the professional industry as it aids in budgeting and forecasting, preparing you for unfortunate possibilities.
Manually managing liabilities, assets, and other critical financial factors of multiple branches is hard. Due to technological advancements, operations and projects are multiplying, piling documents. In this scenario, errors and delays are inevitable. With financial consolidation software as your tool, you can do your tasks flawlessly and catch deadlines with less stress. This technology partner ensures security, a comprehensive dashboard, accurate data, effective communication, and more.
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