Hi,
My company currently uses Excel for consolidating several companies in the UK, Ireland, USA and Canada. The spreadsheet is one that was developed by someone years ago who has now left, and is now rather cumbersome and prone to error.
Does anyone have a recommendation for some consolidation software? It would need to be able to import data from multiple systems and handle multiple currencies. Preferably nothing too expensive or the boss will never go for it!
Thanks,
Helen
Replies (9)
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Why not just clean up the Excel workbook(s)
My last employer, a multi-million Euro multi national, consolidated companies spread all around Europe, Russia, and the USA in Excel. You just have to decide in which currency you are going to consolidate. It is easier if you have a standard template for each company to report, based on their trial balance at period end.
ED. Oh, and you need to make sure that exchange rates used are consistent across the group!
Consolidation Software
Hi Helen,
Should you decide to take a look at consolidation solutions in the future please consider us for inclusion in your list of options. Our website can be found at www.talentia-software.co.uk/ where you will find information about our solution for consolidation under the solutions tab.
Best regards
David
Consolidation Software
Hi Helen, Have a look at www.accountsIQ.com which is cloud accounting software with full consolidation capability. It handles full multi-currency consolidations, sub-groups, minority interests and different chart of accounts in subsidiaries. It is priced very competitively compared to other accounting and consolidation software on a monthly usage fee basis. You can either use the accounting software in the subsidiaries or consolidate results from subs using other software by bringing in a trial balance movement each month for those subsidiaries. Have a look at the website and arrange a demo as its way better than trying to build all this in an Excel model. Regards Tony
Excel route
If you re-engineer in Excel (2010 or higher) take a look at Power Pivot. There is a learning curve, but it is a more robust platform on which to build your consolidation model, and your are still in Excel.