Comparison of consolidation accounting software
What are the things you would look for in a good consolidation software?
The consolidation and reporting process includes many essential elements which can impact the cost, speed and quality of the financial consolidation process and reporting. Most people focus on specific tasks when choosing a consolidation software, but you should consider the whole end to end process before finalising what to use.
Financial consolidation is a critical process that has a direct impact on the workings of a business. An good financial consolidation software empowers finance teams to integrate data from various business units spread across geographies.
Excel sheets could be your point of failure while consolidating financial data. It’s complicated, prone to human error and slows the whole process.
However, choosing the right consolidation tool is not easy.
So, let’s look at how finance teams define their ideal consolidation software >
- Automate the uploading of entity submissions by plugging into source systems
Only a comprehensive solution that has built-in financial intelligence can fit the bill. It should take away the pain of data gathering, crunching and finally presenting in a management dashboard.
- Quickly load non-financial data for a complete set of information
The user interface should be simple enough to empower financial teams to get consolidation number in quickly. This helps create one version of truth for group finance managers and other team members working on the consolidation process.
- Encourage early intercompany matching
A good consolidation platform also encourages inter/intra company collaboration. Financial data is easily shared between teams.
- Provide currency conversion, constant currency and CTA calculations
A good consolidation software is genuinely global and has inbuilt features to take care of currency conversions.
- Automate consolidation adjustments
- Provide a rich process to produce disclosure notes
- Ensure quality information through built-in financial integrity control
- Allow drill through to transaction detail for more transparency
- Manage the whole process through security, workflow and approval stages
- Have auditability on absolutely everything
The software should have built-in controls to help you audit your data and track your closing. Centralised view of all users, and their roles and permissions, helps you stay on top of your compliance initiatives...
CCH Tagetik is a software built for finance by finance.
Key reasons why it is considered as the best software for consolidation.
- The core financial engine in CCH Tagetik is robust enough to meet the most demanding needs of global FTSE 100 organisations. It doesn’t require massive consulting effort to customise the product for enterprise consolidation needs. Finance teams appreciate the flexibility CCH provides in reporting. They can build their reports in Excel, Word, PowerPoint or on the web, as is the need these days for the varied customers of the group finance function.
- The unique benefit of Tagetik is that it can satisfy diverse requirements and at the same time be configured and managed entirely by Finance teams – which is the holy grail many new-age cloud solution providers are aiming to achieve.
- Gartner has chosen Tagetik as one of the best consolidation software and CCH Tagetik features in its Magic Quadrant.
Established in 1836 – 1 Product, with 4 global divisions serving more than 1200 customers in over 180 countries.