I am looking for some software to consolidate a UK company together with foreign subsidiaries and joint ventures. Each entity already has its own GL so I am anticipating exporting a trial balance from each entity in local currency and then to process consolidation journals and currency translations in the consolidation software to be able to procduce the consolidated accounts. Main reason for looking to purchase software rather than use Excel is to provide a better audit trail over the process. Main requirements are robust and cheap.
Can anyone suggest any packages?
Your position sounds similar to ours, we are a UK based Group with numerous foreign subsidiaries.
We are in the process of implementing AS Falcon, so far so good, and it represents value for money. We are not yet big enough for some of the bigger software packages but believe Falcon to be the first step.
Hyperion has offered a stable product for many years but geared towards larger Group's as can be pricey.
SAP BPC (ex Outlooksoft) is a good product - as the name implies it has Business Planning capability as well as consolidation - but like all SAP products it is NOT CHEAP. My recommendation would be Hyperion and negotiate hard on price (there may be an opportunity if you can place an order before 31/12).