Managing the financial health of a complex organization requires robust consolidation software. Gone are the days of manual spreadsheets and siloed data. Financial consolidation software streamlines the process of merging financial data from various subsidiaries or departments, giving you a holistic view of your company's financial performance.
But with so many options on the market, choosing the right tool can be overwhelming. Here's a breakdown of the top 10 financial consolidation software solutions to consider in 2024, along with some guidance on which might be a good fit for you:
#1 Bluecopa
A strong contender for the financial consolidation needs of various business sizes, Bluecopa offers a user-centric platform designed specifically for financial data analysis. Here's what makes it stand out:
When to choose?
✔️ Industry-Specific Focus: BlueCopa caters to various industries, with pre-built templates and functionalities tailored to address specific financial reporting requirements in each sector.
✔️ Advanced Analytics: Beyond core consolidation features, BlueCopa offers advanced data mining and analytics capabilities, empowering finance teams to uncover deeper insights from their financial data.
✔️ Ease of Use: BlueCopa is recognized for its intuitive interface, making it easy for finance professionals to use, regardless of their technical expertise.
#2 OneStream
A leader in cloud-based Corporate Performance Management (CPM), OneStream offers a unified platform for consolidation, reporting, planning, and analysis. Its scalability and user-friendly interface make it a strong contender for businesses of all sizes.
When to Choose?
A good all-around option for businesses seeking a comprehensive CPM solution with strong consolidation capabilities.
#3 Oracle EPM Cloud
This cloud-based solution by Oracle provides comprehensive financial consolidation capabilities alongside features for budgeting, forecasting, and financial close processes. It integrates seamlessly with other Oracle applications for a cohesive financial management experience.
When to Choose?
Ideal for organizations already invested in the Oracle ecosystem who want a tightly integrated financial management suite.
#4 Planful
This cloud-based platform focuses on user-friendliness and collaboration, making it ideal for finance teams seeking a streamlined consolidation experience. Planful offers pre-built connectors to popular accounting systems and facilitates easy data import and consolidation.
When to Choose?
Ideal for businesses seeking a user-friendly cloud-based solution with a focus on collaboration for the finance team.
#5 Board
Board goes beyond simple consolidation, offering features for business intelligence, data storytelling, and performance management. Its ability to handle complex data structures makes it a good fit for organizations with diverse financial reporting needs.
When to Choose?
A good option for businesses needing advanced features beyond basic consolidation, such as in-depth data analysis and storytelling capabilities.
#6 Workday Adaptive Planning
Part of Workday's cloud-based suite, Adaptive Planning combines financial consolidation with budgeting, forecasting, and scenario modeling. This integrated approach ensures all your financial data is readily available for informed decision-making.
When to Choose?
Ideal for organizations already using Workday for other HR or enterprise resource planning functions, seeking a fully integrated financial management solution.
#7 Centage (formerly Prophix Software)
A well-established player, Centage offers a comprehensive suite for financial consolidation, budgeting, and reporting. It caters to a broad range of businesses with flexible deployment options (cloud, on-premises, or hybrid).
When to Choose?
A versatile option for businesses of various sizes seeking a feature-rich solution with deployment flexibility.
#8 Vena
Designed to streamline the financial close process, Vena offers robust consolidation capabilities alongside features for data reconciliations, task management, and collaboration. Its focus on automating manual tasks makes it ideal for improving efficiency.
When to Choose?
Ideal for businesses looking to optimize their financial close process through automation and improved collaboration.
#9 Layer
Layer is a cloud-based financial consolidation software specifically designed with a user-centric approach. It offers a modern interface and simplifies the consolidation process, making it ideal for finance teams of all technical skill levels.
When to Choose?
✔️ Consider Layer if your finance team seeks a user-friendly and collaborative platform for financial consolidation.
✔️ Businesses looking for a cloud-based solution with strong data automation features and a focus on ease of use are well-suited for Layer.
✔️ Layer might be a good option for organizations with finance teams that don't have extensive technical expertise.
#10 Datarails
Datarails acts as a powerful pre-consolidation companion for finance teams. This cloud-based Financial Planning & Analysis (FP&A) solution extends the capabilities of Excel, streamlining financial processes for finance professionals.
When to choose?
Datarails is ideal for small to medium-sized businesses that rely on Excel for financial processes.
It’s up to you to pick!
As said earlier, the financial health of your organization hinges on clear and accurate data. Manual spreadsheets and siloed information just won't cut it.
Financial consolidation software offers a powerful solution. By investing in it, you can streamline your financial processes, gain deeper insights, and make informed decisions that propel your business forward.
Get a personalized demo of Bluecopa and get going with a smooth consolidation.
