Hi,
I am looking at purchasing some Consolidation Software.
The requirement is for the software to produce:
Monthly P&L's
Monthly Balance Sheets
Consolidation Journals
Budgets
Forecasting
Year End Audit Preparation
Cashflows
Variance Analysis
I could go on, but basically everything in a reporting framework. This is currently being carried out on spreadsheets.
The software will have to be able to work in multiple currencies. We currently use 30 different currencies around the world and operating in around 50 countries. There is a complex ownership structure in place so it must be able to adjust for Minority Interests/Share of Net Assets etc.
Has anyone any experience with such a system that you could recommend please?
Kind regards,
James
Replies (4)
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We have around 30 different accounting packages. At present people fill in a monthly template in excel and all the consolidation happens in Excel.
You have arguably already got the best package given the circumstances.
AccountsIQ is worth looking at: https://accountsiq.com/consolidation-form/
It is an award-winning Cloud accounting software product that offers Consolidation functionality which can handle any type of group structure (including groups within groups), multi-currency and partial ownership. The reporting allows you to view the group results with an ability to drill down into subsidiaries. The consolidation accounting is handled correctly (as opposed to just amalgamated results).
It's an affordable system for mid-tier companies and you are only charged for the number of companies on the system that make up the group (with each company having its own database).