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Recommendation for consolidation software?

Recommendation for consolidation software?

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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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By James007
15th May 2015 15:52

Consolidation Software

Please see www.tcmia.com

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By Richard Willis
16th May 2015 16:53

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!

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By helenkl
18th May 2015 10:57

Thanks both.

James - thanks for the link.  I quickly discovered that most software solutions were a lot more expensive than I was hoping!  I think I will put this on hold for now, but certainly bear it in mind for the future.

Richard - I think this will be the best solution for now.  I am good with Excel so I know I can come up with something a lot better.

Thanks!

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By davidpforster
21st May 2015 11:46

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

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By tconnolly
21st May 2015 12:45

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

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By Patrick Lane
21st May 2015 12:49

 
 
 
 
 

 

 

 

 

 

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By cheekychappy
21st May 2015 12:50

Look at that

It's turned into a free for all.

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By Excelcrafter
21st May 2015 14:21

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.

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By helenkl
22nd May 2015 08:29

Thanks!

Thanks for all the suggestions, very helpful.

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