Consolidation software

Hi,

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?

thanks

  • Rhys,

    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.

    Mark  

  • Hi Rhy's,

    Hyperion has offered a stable product for many years but geared towards larger Group's as can be pricey.

    Chris

  • Rhys

    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).

    Sandy  

  • Rhys,

    Just back from vacation so a late post.

    Cognos Controller (now in the IBM stables) like Hyperion, is generally used by the bigger companies. Regardless, the thing to note is that this is a software designed by accountants for accountants. It is very flexible - fully parameter driven - e.g currency conversion - simply chose a pre-programmed rule for each account type. e.g. year or period average for P&L, closing rate for BS, historic for Equity etc. A tad expensive perhaps but so flexible with myriad of time saving features and very auditable with hundreds of built in reports (like TB with drill down).

    The journals function is superb with an easy way of reporting different GAP numbers from same set of underlying data.

    Nilesh
  • You could also have a look at SAS Financial Management (http://www.sas.com/solutions/financial/fms/index.html). It will not be cheap, but SAS as a product range talks to virtually anything on any platform, so gives you a huge degree of flexibility.