Consolidation Software - Any Experience

UK Discussion in 'Accounting Software' started by JamesH, Mar 26, 2018.

  1. JamesH

    JamesH

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    Hi,

    I am looking at purchasing some Consolidation Software.
    The requirement is for the software to produce:
    Monthly P&L's
    Monthly Balance Sheets
    Consolidation Journals
    Budgets
    Forecasting
    Year End Audit Preparation
    Cashflows
    Variance Analysis

    I could go on, but basically everything in a reporting framework. This is currently being carried out on spreadsheets.

    The software will have to be able to work in multiple currencies. We currently use 30 different currencies around the world and operating in around 50 countries. There is a complex ownership structure in place so it must be able to adjust for Minority Interests/Share of Net Assets etc.

    Has anyone any experience with such a system that you could recommend please?

    Kind regards,
    James
     
    JamesH, Mar 26, 2018
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  2. JamesH

    Steve-LevelUp VIP Member

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    I operate in 3 countries and 4 currencies, and I use Dynamics GP, which can do some of what you need, but I do not have minority interests to worry about. It could probably fit your needs, but it seems like you need to do a broad search for appropriate software. Sorry I could not be of more help.
     
    Steve-LevelUp, Mar 29, 2018
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  3. JamesH

    bklynboy VIP Member

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    Most systems I have found do somethings better than others so you need to ask what you really need or look into buying several pieces of software or using multiple modules that a vendor provides. For instance I use SAP as the GL but its not very good at consolidations/reporting so we use Hyperion for consolidations and several vendors for reporting depending on what the need is (dashboard tool, variance analysis, charting, etc).

    Personally I like Hyperion for consolidation and believe its most widely used as well. Not perfect but get a list of vendors that you would be interested in and have them demo each for you to see what works best and most easily integrates with your GL and reporting platforms.
     
    bklynboy, Apr 20, 2018
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