20 Best Financial Consolidation and Reporting Vendors of 2025

Introduction 

Organizations that use modern financial consolidation and reporting software reduce manual effort by up to 60% and improve data accuracy by over 70%, according to industry benchmarks. Without automation, 70–80% of finance time is spent gathering and validating data across entities, delaying insights and increasing risk of errors. 

Automated systems enable real-time consolidated reporting, support multi-GAAP/IFRS compliance, and scale effortlessly with entity growth. To evaluate financial consolidation tools, key factors include: ease of use, scalability and extensibility, integration capabilities, learning curve, setup time, and total cost of ownership. 

Below are the 20 best financial consolidation tools for reporting in 2025, with a brief overview and the pros and cons of each.

1. HighRadius

HighRadius automates financial consolidation and reporting by using the LiveCube AI Agent to convert Excel files into custom AI agents for specific tasks. It automates 97% of currency conversions and reduces manual adjustments by 85%, speeding up the consolidation process. The platform offers an intuitive, Excel-like interface, allowing finance teams to manage reporting independently with minimal IT support.

Pros:

• Customizable Reporting: HighRadius can be tailored to fit your company’s reporting needs, automating old, inefficient processes without disrupting them. It comes with templates and an easy, Excel-like interface for quick report customization, saving time and improving flexibility.
• Excel-Like Interface: The LiveCube platform offers an Excel-like experience, where excel sheets can be uploaded. LiveCube understands it and converts them into AI Agents, one for each use case. It offers live reports, collaboration features, and seamless integration, all in one place with 100% real-time visibility into financial data.
• Easy CoA Alignment: Automatically aligns local financial charts to the group’s chart using  rules-based configurations and learning from past mappings. It applies that knowledge across different business units. This streamlines the consolidation process and reduces manual effort.
• User-Friendly: HighRadius is simple to learn. Finance teams can create their own reports and start using the platform in less than 30 days, with no need for IT support. 
• Scalable: HighRadius grows with your business—handling unlimited reports and entities without extra rework, all managed by the finance team. This scalability ensures the solution can adapt as your business expands.

Cons:

• Operational focus: HighRadius is expanding a dedicated FCCS team. Customers should assess the expertise as it grows.
• Market perspective: HighRadius emphasizes integrating its consolidation capabilities with its other product solutions. Customers needing dedicated consolidation solutions should evaluate as per their requirements. 

2. Vena

Vena Solutions is a cloud-based financial consolidation and planning platform that combines the familiarity of Excel with the power of a centralized database. It is preferred by organizations that require enhanced data integration and advanced consolidation rules to support complex legal entity structures. 

Pros:

• Integration flexibility: Connects with major ERPs (e.g., NetSuite, Dynamics, SAP), Excel, embedded Power BI and dynamic PowerPoint generation.
• Co-innovation with Microsoft: To incorporate new ideas and products in its platform.

Cons:

• Performance with Large Data Sets: Processing larger data volumes can be time-consuming, indicating potential areas for performance optimization.
• Limited Global Reach: 90% of Vena’s customer base is in North America. Organizations with large global footprints should evaluate its regional capabilities.
• Complex Regulatory Reporting Need: Vena does not currently offer complex vertical-specific regulatory reporting out-of-the-box, which may limit compliance coverage.

3. LucaNet

LucaNet is a purpose-built financial consolidation and reporting solution providing  out-of-the-box support for IFRS, US GAAP, and local GAAP standards, enabling audit-proof consolidated financial statements​. LucaNet offers an intuitive interface for finance users serving companies with $50M–$500M revenue.

Pros:

• Local GAAP Compliance: Comes with ready-to-use consolidation rules for IFRS, U.S., German, French, Swiss GAAP, and more, simplifying compliance.
• User-Friendly Interface: LucaNet is known for its user friendly consolidation and reporting tool that allows finance teams to easily create reports and visualize data​. Predefined dashboards and icons guide users through consolidation steps, reducing the need for IT support.
• Integrations: 300+ integrations with ERP and accounting systems that pull GL and transactional data. 

Cons:

• Learning Curve for Advanced Features: While basic use is straightforward, some users find certain advanced functions are difficult to master​.
• Excel Compatibility Issues: Users have reported compatibility challenges involving  difficulties in importing or exporting data seamlessly or inconsistencies in formatting between the two systems.
• Regional Footprint: Strong presence in the European region only.

4. OneStream

OneStream is an enterprise-grade corporate performance management (CPM) platform built for financial consolidation, reporting, and planning at scale. It replaces legacy tools like Hyperion with a unified, cloud-based solution capable of handling thousands of entities, currencies, and ownership structures within a single application.

Pros:

• Enterprise-grade scalability: Proven to support 1,000+ entities and large data volumes with fast processing.
• Strong ERP integration: 50+ pre-built connectors for SAP, Oracle, Microsoft, and more.
• Analytical Capability: Has advanced analytical capability to help detect errors earlier and produce accurate financial results.
  

Cons:

• Steep learning curve: Requires specialized training to build models and maintain the platform.
• Long implementation cycles: Full deployment may take several months, depending on complexity.

5. Workiva

Workiva is a leading cloud platform for connected reporting and compliance. It’s not a consolidation engine, but rather a solution to aggregate data, collaborate on reports, and ensure control and traceability in the reporting process. Its Wdata feature allows for seamless data integration from multiple sources, ensuring consistency and accuracy.

Pros:

• Collaborative Reporting: Multiple stakeholders (finance, legal, audit) can collaborate in real time on financial reports.
• Audit trail: Maintains a comprehensive history of changes for compliance.
• Regulatory Filing Capabilities: Workiva has integrated XBRL tagging, streamlined SEC filings, SOX compliance, and ESG reporting.
  

Cons:

• Learning curve: Users may require training to utilize all features effectively.
• Primarily Reporting (No Planning/Analysis): It doesn’t do budgeting, financial analysis, or provide extensive dashboards out of the box.

6. Board

Board is an all-in-one decision-making platform that combines business intelligence, corporate performance management, and analytics. Its toolkit combines data visualization with financial planning, enabling organizations to create customized applications without programming.

Pros:

• Collaborative Planning: Supports real-time input from multiple departments.
• All-in-One Platform: Combines business intelligence, performance management, and financial consolidation in one tool.
• Visual Dashboards: Offers customizable, interactive dashboards.

Cons:

• Complex Calculations Visibility: Board’s calculations are powerful, the software “lacks visibility of intermediary steps” in consolidation logic
• Pricing structure: The vendor’s pricing model, based on organizational size, separates user licenses and platform costs from the application, creating potential ambiguity in the total cost of FCCS.
• Performance Issues: Large datasets can impact speed, especially for building custom logic or reports.

7. Prophix

Prophix is an FP&A software provider that also offers financial consolidation capabilities, geared mainly towards mid-market companies. Prophix provides a corporate performance management solution that automates budgeting, forecasting, and financial consolidation. Its AI-powered Virtual Financial Analyst offers insights and anomaly detection, enhancing decision-making.

Pros:

• Flexible Deployment: Available in both cloud and on-premise versions.
• Reporting Ease: Provides a fully configurable reporting environment that supports IFRS and GAAP, enhanced by Office 365 Excel integration, while recent 2024 updates improved data integration, user experience, and added regulatory and balance sheet reconciliation capabilities.
• Quick Implementation: Templates and guided workflows allow companies to get consolidation up and running quickly. Time to implement is 4 months as per G2. 

Cons:

• Can Be Initially Overwhelming: Prophix is a robust tool with many use cases, and some users find it overwhelming at first​
• Mobile access: Mobile functionality may be less robust compared to desktop.
• Consolidation Depth: May lack some advanced consolidation features needed by large enterprises (e.g., complex ownership structures, currency translation nuances).

8. Planful

Planful (formerly Host Analytics) is a cloud-based FP&A and consolidation platform targeted at mid-market and upper-mid-market companies with complex reporting needs, such as conversion between IFRS and local GAAP. Its Continuous Planning approach allows organizations to adapt quickly to changes, with dynamic planning models that update in real-time.

Pros:

• Collaboration: Encourages cross-departmental input through shared planning tools.
• Scalability: Accommodates growing business needs effectively.
• No Data Volume Limits: Its cloud infrastructure handles increasing volumes without requiring new hardware or significant rearchitecture.
• Strong Integrations: Planful supports over 1,400 pre-built connectors and APIs for source systems

Cons:

• Regional compliance: Customers need to assess if their requirements can be met for specific regional compliance.

9. BlackLine

BlackLine specializes in automating financial close and consolidation processes, offering a unified cloud platform that enhances accuracy and compliance. Its task management feature ensures that all close activities are tracked and completed on time, reducing the risk of errors and omissions.

Pros:

• Data Integrity and Controls: BlackLine’s Consolidation Integrity Manager module helps companies automatically reconcile and validate data between general ledgers and consolidation systems​.
• Audit readiness: Maintains a complete audit trail, facilitating compliance with regulatory requirements.
• Pricing: BlackLine simplified its pricing by offering close and consolidation which gives customers better visibility into purchases, improving cost predictability and facilitating comparisons between proposals.
  

Cons:

• Disclosure management: BlackLine offers AI-powered variance analysis and automated footnote generation, but it lacks iXBRL tagging capability.
• Learning curve: Users may need training to fully utilize all features effectively.
• Cost considerations: Pricing may be a concern for smaller organizations with limited budgets.

10. Trintech

Trintech offers a comprehensive suite for financial close and consolidation, with its Cadency platform providing end-to-end automation. Trintech does not have a standalone consolidation engine, but it provides a System of Controls around consolidation processes. 

Pros:

• Risk management: Identifies high-risk areas, allowing for targeted attention and mitigation.
• Process standardization: Promotes consistency across the organization through standardized workflows.
• Compliance support: Assists in meeting regulatory requirements through robust control framework
  

Cons:

• Integration challenges: Occasional system lag or integration challenges with certain ERPs
• User interface: Some users might find Cadency complex to navigate at first, leading to a steep learning curve. 
• Customization limitations: Flexibility in tailoring the platform to specific needs may be restricted.

11. FloQast

FloQast is a close management and accounting workflow automation platform that expanded into financial consolidation and reporting in September 2024, with the launch of FloQast Consolidation. FloQast focuses on streamlining the financial close, account reconciliation, and reporting processes by layering automation and collaboration tools on top of existing ERP and Excel environments. 

Pros:

• Flux Analysis Automation: Automates fluctuation analysis with built-in workflows that flag unusual variances and automate explanations, speeding up the review process and improving audit readiness.
• Quick Deployment & Easy Adoption: FloQast is known for its fast implementation (typically in weeks, not months) and simple, user-friendly interface that requires minimal training for finance teams.
• Audit-Ready Documentation: Centralizes supporting documents, reconciliations, and sign-offs with complete audit trails, reducing audit preparation time and improving compliance.

Cons:

• Relatively New Consolidation Module: While FloQast is well-established in close management, its consolidation product is newer and evolving.
• Not a Full CPM Suite: FloQast does not currently include planning, forecasting, or analytics in a single unified platform. It focuses specifically on close and consolidation.
• Integration Challenges: Integrating with certain on-premise ERP systems may require additional middleware.
  

12. Anaplan

Anaplan acquired Fluence Technologies in 2024, which added financial close and consolidation capabilities to their platform. Prior to this acquisition, Anaplan primarily focused on business planning and financial forecasting. Anaplan is a cloud-based platform that facilitates connected planning across various business functions. 

Pros:

• Highly Flexible Modeling: Anaplan offers a low-code, multidimensional modeling engine (the Hyperblock) that lets users design custom consolidation and reporting models.
• Flexibility: Adapts to various planning scenarios, from finance to supply chain.
• Customer premigration support: Anaplan conducts comprehensive assessments of existing processes and  provides customers with a detailed migration roadmap.

Cons:

• Information security certification: Anaplan’s FCCS does not currently hold information security certification ISO 27001
• Cost: Customers have reported “rising costs” as a pain point.

13. Oracle

Oracle offers powerful solutions for financial consolidation platforms, both on-premises and in the cloud. A key feature is its built-in financial intelligence, which automates complex calculations and ensures compliance with various accounting standards. It offers a subscription pricing model for its two product editions that is tailored to customer size. 

Pros:

• Comprehensive functionality: Covers the entire close process, from data collection to reporting.
• Customer-centric enhancements: Oracle releases new features on a monthly basis. Its Oracle Cloud Customer Connect community enables customers to post, vote for enhancement ideas and stay informed on the product roadmap.
• Integration within Oracle Ecosystem: Oracle FCCS seamlessly integrates with Oracle ERP Cloud and Oracle NetSuite, as well as Oracle’s analytics tools. Data from Oracle General Ledgers can flow directly into the consolidation system​.
• Security: Provides robust access controls and data protection measures.
  

Cons:

• Complexity: The breadth of features may be overwhelming for some users.
• Steep Learning Curve: Training end-users (for data input, consolidations, etc.) and administrators (for maintenance) is a non-trivial task due to the breadth and depth of functionality.
• Upgrades and Patches: Organizations on legacy Oracle Hyperion versions might face challenges with upgrades and patches. Managing these updates is an ongoing effort.
• Lengthy Setup Process: Implementation often requires specialized resources and extended timelines to fully configure and integrate.

14. IBM

IBM’s ideal customer profile is large enterprises with intricate group structures, including joint ventures and associates, that are highly acquisitive and engaged in complicated intercompany transactions. Its AI-driven data exploration assists users in uncovering insights without requiring advanced analytical skills.

Pros:

• Security: Provides enterprise-grade security features.
• Accounting-Rich Features: Features like automated equity pickups, configurable consolidation methods, and joint-venture accounting are available to meet complex group structures.
• Partner deployments: Partner ecosystem at the country or regional level, to support global deployments with complex compliance needs across IFRS, local GAAP and country-specific filings.
  

Cons:

• Product roadmap: IBM focus is narrower towards disclosure and regulatory reporting.
• Lack of Certain Functionalities: IFRS 16 compliance are noted as missing and would require additional development or integration. 
• Aesthetic and Customization Constraints: The layout is perceived as dull by some users, with suggestions for more tech-friendly designs and additional features to aid in analysis.

15. SAP

SAP S/4HANA Cloud for group reporting unifies operational and group reporting to streamline financial consolidation and close processes. Its Universal Journal feature centralizes financial and managerial accounting, providing a single source of truth for reporting.

Pros:

• Real-Time Consolidation: Because it runs in SAP S/4HANA, Group Reporting can perform consolidations on real-time data without waiting for batch data transfers.
• Analytics and Visualization: Coupled with SAP Analytics Cloud (SAC), SAP offers a strong reporting package. 
• Compliance: Supports various accounting standards and regulations.
• Scalability: Suitable for organizations of all sizes.
  

Cons:

• SAP-Centric: For those not using SAP ERP adopting Group Reporting is not straightforward
• Newer Product Maturity: SAP Group Reporting is relatively new (launched in 2018) compared to decades-old competitors. 

16. Wolters Kluwer

Wolter Kluwer’s CCH Tagetik is available as a cloud or on-premise solution and is often positioned as a flexible, finance-owned system that doesn’t require heavy IT involvement once implemented. It provides deep functionality for group consolidation, management reporting, disclosure management, and even regulatory compliance. 

Pros:

• Regional configuration: Region-specific consolidation and compliance reporting, including U.S. and local GAAP, and specialized reports for France and Japan, alongside IFRS.
• User-friendly: Intuitive interface facilitates adoption.
  

Cons:

• Initial Implementation: Users report that first time implementation is difficult. 
• Limited Built-In Analytics: For advanced business intelligence and analytics, CCH Tagetik relies on third-party products like Microsoft Power BI and SAP Analytics Cloud

17. Insightsoftware

InsightSoftware offers several solutions for financial consolidation: Longview Close, IDL Konsis, and Clausion Consolidation. Longview Close is designed for large enterprises with complex environments, while IDL Konsis is known for its flexibility and ability to handle various ERP and software landscapes, particularly in the DACH region. Clausion Consolidation is an intuitive, cloud-based option for streamlining business processes and offers a simplified approach.

Pros:

• Real-time reporting: Access to up-to-date financial data.
• Regulatory monitoring: insightsoftware proactively monitors statutory and regulatory changes so its product remains compliant with global accounting standards, including SEC, ESMA, IFRS, and both U.S. and local GAAP.
• Recognized by Analysts: According to Gartner, IDL Konsis is noted for efficient and accurate financial consolidation, with automated data collection and fast processing for the midmarket segment.
  

Cons:

• Fragmented Product Suite: Since it is composed of many acquired products, the integration between them can be limited. Each consolidation tool (IDL vs Longview, etc.) has its own interface and technology stack.
• Financial reporting risk management: Provides some controls such as user access and audit trails, but it lacks a comprehensive risk management solution.

18. Jedox

Jedox is a cloud-based (or on-prem) Enterprise Performance Management software centered on planning, but it also supports financial consolidation. It uses an in-memory OLAP database and is known for its Excel-like modeling approach, enabling finance users to build and own solutions. 

Pros:

• Data integration and quality: The Jedox Integrator tool supports data extraction and loading from multiple systems, including ERPs, the European Central Bank for exchange rates, and other databases.
• Deployment accelerators: The vendor provides multiple deployment accelerators to speed up customer migration to their platform.
• Cost-Effective Scaling: Compared to some big CPM vendors, Jedox can be more cost-effective, especially for mid-sized companies.

Cons:

• Financial statement reconciliation: Supports intercompany matching and reconciliation but not reconciliation across other balance sheet accounts or autocertification of financial statements.
• Flexible and Powerful OLAP Engine: It uses an OLAP engine (similar in concept to IBM TM1). This provides fast aggregation of data and allows for on-the-fly slicing and dicing of financial information.

19. Sage

Sage Intacct is a cloud-based financial management system (ERP) tailored for small to medium-sized businesses. Businesses find Intacct’s native financial consolidation adequate for statutory and management reporting needs at their scale.

Pros:

• User-friendly interface: Intuitive and clean UI ensures quick user adoption.
• Ease of Use and Adoption: Known for its ease of use and intuitive interface​. Finance teams can usually administer the system without heavy IT help. Additionally, Sage offers training resources and a strong partner network to support new users.
  

Cons:

• Feature depth: May lack the advanced consolidation features needed by large enterprises.
• Customization: Limited flexibility in modifying reports beyond standard templates.
• Reporting complexity: Users sometimes find advanced report building non-intuitive.

20. Solver

Solver (formerly known as BI360) is a cloud-based Corporate Performance Management solution with a strong focus on mid-market organizations, particularly those in the Microsoft Dynamics ecosystem.

Pros:

• Pre-built data warehouse: Simplifies data management and accelerates deployment.
• Excel and Web Hybrid: It offers both an Excel interface and a web portal. Finance users can design complex financial reports and consolidation logic in Excel using Solver’s formulas and then deploy them to the web for broader consumption.
• Affordability for Mid-market: It is generally considered cost-effective, providing a high user satisfaction at a reasonable price point
  

Cons:

• Implementation support: Some users report needing strong partner or internal IT support to deploy.
• User permissions: Advanced access control setup can be challenging.
• Customization: Certain customizations may require technical expertise or vendor assistance.