Top 5 Best Financial Consolidation Software Solutions In 2019

1 May 2019, 10:48 am EDT By Eric Hamilton Tech Times

Finances fuel businesses. Funds are the lifeline of every commercial entity and profits ultimate objective. Money is involved in every aspect and thus, the monetary aspect needs to be handled well. One cannot go wrong in this area. Even a small mistake can have serious ramifications, and if the company is large, it can pose more problems. Thankfully, there is financial consolidation software to collect all the financial data from different departments/subsidiaries at one place and report it to the apex authority in the desired format. It is a fine solution for companies but to get the best reporting, it is imperative to pick the best. So here are the top five financial consolidation software for businesses in 2019.

1. Budget Maestro

Developed by Centage, which was founded in 2001 and is based in Natick, Massachusetts, Budget Maestro is a top-rated financial consolidation software from one of the most reputed finance software developers. It offers a suite of financial software solutions to accumulate and assess the financial data of businesses operating in different niches. It is an easy-to-handle and efficient solution for companies that best serves small- and mid-size businesses.

The simplicity of usage is so high that managers and users with non-technical background can also work with it. It offers the most advanced set of features to work with heaps of complex financial data. The software has been designed to eliminate the need of Excel files and spreadsheets. In fact, it takes things far ahead of data crunching and transforms the way the company uses financial data. It builds full-fledged and flawless budget in days that can be accessed round the clock, anywhere, from any device to manage finance-related information.

One can easily make changes in the accounting model when faced with unique or dynamic scenarios without making any changes to the code or programming of the software. It is tailored to meet the "what-if" scenarios where one can create multiple versions of the budget. The software automatically generates a unique set of financial statements and reports that exactly match the particular version of the budget. As Budget Maestro claims, it takes things beyond normal course and automatically generates cash flow statement and forecasted balance sheet on any model and assumption.

Detail-oriented, it lets one customize the financial dashboard and infuse it with drill-down and slice-and-dice abilities to dig the data far deeper and come up with more discoveries. The multi-view capability lets one budget and report by customer, product, location, division, manager, channel, etc. Flexible from tip to toe, it gels with the general ledger seamlessly, promoting data integrity and making it a cakewalk to analyze the budget.

It comes with 40 in-built GAAP/IFRS-compliant reports that can be customized for an array of data reporting structures. These reports can also be exported to Excel or other resident general ledger system if one wishes for increased customization. The best part is that it streamlines the whole analysis and management process, letting one involve every budget contributor and ensuring everyone is on the same page, i.e., committed to a single source of truth.

A robust solution for modern-day businesses, it handles the conventional budgeting work while also taking care of planning, forecasting, reporting, and analysis of financial data. In fact, all these tasks are automated via the in-built financial intelligence, which gives accurate reports, letting one focus on the core business performance. There is no need to wrestle with spreadsheets, and one gets all the time to concentrate on the core job.

Budget Maestro, like its name, is truly a master at its game that does the routine and unique tasks of financial consolidation in the most comprehensive manner. Customizable to the core, it gives one a free hand to align the software to one's personal requirements and, being easy-to-use, fosters collaboration and accountability in the financial reporting process, which ultimately works in the interest of the company.

Thoroughly scalable, it evolves with the company and caters to the emerging needs with great skill. It works right out of the box and is available as on-premise as well as hosted solution. What is more, the 24/7 support sees the client through every problem, and the complete training sets the ball in motion, letting one sail smooth ahead. Cost-effective, precise, and powerful, it is fit for every business entity that wants flawless financial consolidation at a fair price.

2. Prophix

Founded in 1987 and headquartered in Mississauga, Ontario, Prophix offers a robust and flexible financial consolidation software that focuses on fitting with the needs of business and also keeps up with their growing needs. Carrying a spreadsheet-style interface, it is super easy to manage, and one can build dashboards according to one's convenience to get comprehensive and easy-to-understand views of the financial data and reports.

It streamlines the whole process of financial data budgeting, planning, consolidation, and reporting. It can be easily configured to deliver income statement, balance sheet, cash flow, and other budgeting requirements for accurate analysis. It is a pro at budgeting, reporting, project planning, analysis, strategic planning, visual analytics, forecasting, revenue planning, capital expenditure planning, cash flow planning, and integrated financial planning. It automates the processes, saving time as well as money.

Best pick for medium and large businesses, it a secure platform for users and maintains privacy throughout the operation. With Prophix powering the processes, one can be sure of transparency, accuracy, and efficiency in the work. It works out of the box, and one gets full-time customer support via mail, phone, and training. So if one is on the lookout for an efficient and engaging financial consolidation software that will make financial data management simpler and smarter, then this software perfectly fits the bill.

3. Rephop

A fast-evolving financial consolidation software from Estonia, Rephop set foot in the market in 2014 and has made its mark among users as they are growing every day. What sets Rephop apart is its group reporting feature, which is fast and efficient. It replaces the complex and time-consuming task with a smooth process made possible by machine learning techniques that facilitate group transactions recognition.

It allows automated file-based integrations for subsidiaries where full integration is not possible. It is also flexible and possesses automatic integrations with Xero, QuickBooks, and Dynamics 365. Switching to Rephop brings in a host of benefits, prominent among which is saving of time and resources. Security is also enhanced, and one can import or upload subsidiary accounting journals automatically or in any format that one's accounting software supports.

Easy to set up, it gets going in minutes, and the intuitive interface lets one access and manage details with mere clicks. The learning curve is shortest, as things are self-explanatory, but in case one needs help, it is always available. Lean and straightforward, it syncs with the personal needs of the business effortlessly and thus is the ideal solution for anyone looking to find a custom competent software to manage financial data.

One advantages of using Rephop is that the software is cloud-based and accessible from everywhere where is internet access. Schedule a live demo or try it for free and see how Rephop can make your business productive. 

4. deFacto Planning

Founded in 2009 and based in New York, deFacto Global offers deFacto Planning, a completely unified analysis and planning software to manage financial data. It provides the full range of features needed for data collection, modeling, forecasting, analysis, and reporting. It is loaded with a fast and intuitive interface that is so easy to understand that one gets going in a couple of days.

One can make entries, access data, and coordinate with authorized users anytime, anywhere. It ensures easy and accurate entry as well as auditing of data. The in-built AI techniques and advanced calculation logic are fully capable of handling challenges and "what-if" scenarios that require high-level computation, beyond routine work.

deFacto Planning streamlines the processes of data accumulation, analysis, reporting, and forecasting. Integration with SQL 2016 and Azure ML gives it an edge, and the native integration with Power BI and 0365 gives the users all the freedom to personalize the dashboard view and make the software work as per one's convenience. It has been built on best designs that have proved their merit over time, and thus, investing in deFacto Planning is surely a wise decision. It will make one more confident and competent in one's financial consolidation eventually materializing into success and growth for the business.

5. OneStream XF

Launched by OneStream Software that began its journey in 2010 and is based in Rochester Michigan, OneStream XF is a new-age financial consolidation software that addresses the complex global accounting and reporting requirements to a T.

It has been developed with the sophisticated enterprises in mind and offers a solid solution to achieve accurate data management. It simplifies the work by aligning consolidation, planning, reporting, and data quality processes across the enterprise. Data loading, reconciliation, and reporting is automated. One gets to close faster courtesy pre- and post-load validations, instant identification of errors, and quick resolution of data quality issues.

The valuable insights offered help make quick and impactful decisions. Bringing OneStream XF on board means 100 percent transparency, security, and accuracy in the work. It reduces the operational costs by a huge degree and saves a great deal of time.

True to its tagline — "get back to business" — OneStream XF does get one back to business, allowing one to focus on core performance while performing the entire gamut of assessment and analysis task with precision. So if one wants a sophisticated and standard financial consolidation software that will do justice to the current business needs, then OneStream XF is the perfect pick.

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