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Consolidation Software

We are a $70M public company and Im researching for financial reporting consolidation software and am looking for some guidance in this process. Id like to know what are the solutions with best rankings and what are the steps (good practices) in the implementation process. Your feedback is much appreciated.


Topic Expert
Patrick Dunne
Title: Chief Financial Officer
Company: Milk Source
(Chief Financial Officer, Milk Source) |

I would recommend Essbase. It is the engine that drives Hyperion, but is more flexible and is relatively inexpensive. We put it in for less than $90K. Oracle will push Hyperion, but this will do the job for you. The software is easy to use and everything can go to Excel, where you can refresh the spreadsheets when you want.

Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

There are a bunch of packages out there to consider, however your particular needs may disqualify some based what you may consider are the more important criteria, for example;

1. any foreign subs?-this drives features like CTA history tracking and multiple currency conversion tables; it may also drive features like importing foreign subs trial balances and aligning local charts of accounts to the corporate chart.
2. any partial ownerships?-this drives features like tracking changes in % owned
3. do you need the software to be more than just a report of consolidated financials? For example: do you want to be able to create forecasts and report actual v forecast? This drives features like planning/modeling.
4. budget? Not just a one year estimate-do a 5 year scenario of Total Cost of Ownership, Transition and Support.
5. technology-any preference for on-premise v cloud/hosted? Why?

Hope that helps, I'll be happy to talk further if you wish

Nicole Healing
Title: Digital Marketing Executive
Company: Diditerre
(Digital Marketing Executive, Diditerre) |

There are a wealth of financial reporting software packages available, but again, it depends on your exact needs, as Len has listed.

What exactly do you need from your software - what KPIs do you need to track? What is your budget? Are you global? Do you need instant, anywhere, anytime access on multiple platforms?

Roger Elwell
Title: VP Sales and Partner Management
Company: SNP America
(VP Sales and Partner Management, SNP America) |

Are the entities you are looking to consolidate exist on the same ERP system database currently?

Earl Miller
Title: Director of Finance
Company: Vaccinogen, Inc.
LinkedIn Profile
(Director of Finance, Vaccinogen, Inc.) |

I have been researching this question for some months now and would suggest that you use an off premises solution (cloud). Host Analytics I believe to be a leader in this area and has a quite robust solution for consolidations, subs, Fx translation, budgeting, strategic planning and more. The cost of implementation and ownership is very favorable. The Host Analytics team members I have met and spoken to are extremely professional and knowledgeable. They are committed to your success and it shows!

Martin van Wunnik
Title: Experienced Financial Projects Manager
Company: ARSIMA Projects
LinkedIn Profile
(Experienced Financial Projects Manager, ARSIMA Projects) |

Len's list is indeed pretty complete and as stated also by others, "financial reporting consolidation software" is a pretty broad concept.
Next to defining your own requirements, my 2 cents would be to double check the required set-up times in the selected solution(s): You do not want to spend/lose time setting up basic concepts all by yourself (re-inventing the wheel). Some solutions come with defaults, basic data import functionalities (e.g. group chart of accounts) and pre-set parameters that can save you a lot of implementation time.
All the best!

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