20 Best Financial Consolidation Vendors of 2025

Introduction 

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

This feature 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, streamlining the consolidation process and reducing manual effort.

• User-Friendly

HighRadius is simple to learn. Finance teams can create their reports and start using the platform in less than 30 days with minimal 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 requiring dedicated consolidation solutions should evaluate based on 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 their regional capabilities.

• Complex Regulatory Reporting Need: Currently

Vena does not offer out-of-the-box complex vertical-specific regulatory reporting, 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:

• 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 LucaNet’s customer base is in North America. Organizations with large global footprints should evaluate their regional capabilities.

• Complex Regulatory Reporting Need: Currently

LucaNet does not offer out-of-the-box complex vertical-specific regulatory reporting, which may limit compliance coverage.

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.

• Lengthy 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 the 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 when 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. As per G2, the implementation time is 4 months as per G2. 

Cons:

• Can Be Overwhelming

Prophix is a robust tool with many use cases, and some users initially may find it overwhelming.​

• 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 for specific regional compliance can be met.

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, improves cost predictability, and facilitates comparisons between proposals.

Cons:

• Disclosure management

BlackLine offers AI-powered variance analysis and automated footnote generation but 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 a 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 unified platform. It focuses specifically on close and consolidation.

• Integration Challenges

Integrating with certain on-premises 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 pre-migration 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 an 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 monthly. Its Oracle Cloud Customer Connect community enables customers to post and vote for enhancement ideas and stay informed on the product roadmap.

• Integration within Oracle Ecosystem

Oracle Financial Consolidation and Close (FCCS) seamlessly integrates with Oracle ERP Cloud, Oracle NetSuite, and 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's focus is narrower towards disclosure and regulatory reporting.

• Lack of Certain Functionalities

IFRS 16 compliance is noted as missing and would require additional development or integration. 

• Aesthetic and Customization Constraints

Some users perceive the layout as dull, 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 the first time implementation is complex. 

• 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 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 prominent CPM vendors, Jedox can be more cost-effective, especially for mid-sized companies.

Cons:

• Financial statement reconciliation

It supports intercompany matching and reconciliation but does not reconcile across other balance sheet accounts or autocertify 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 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 a 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.

Each organization has unique needs based on size, transaction complexity, industry requirements, and global presence. Mid-market companies may benefit from user-friendly solutions like Sage Intacct or Prophix, which offer ease of use and quicker implementation. In contrast, large enterprises managing complex ownership structures and stringent global compliance demands prefer robust platforms like OneStream, Oracle, or SAP. At the same time, emerging players such as HighRadius and FloQast are gaining traction across both segments by introducing AI-driven innovations that reduce manual workloads and enhance agility in financial consolidation.

Financial Consolidation

The HighRadius Financial Consolidation software brings automation and intelligence to the consolidation process, reducing manual dependencies and avoiding delays in financial reporting. Key features include:

• ERP-Agnostic Integration

Seamlessly connect with any ERP system, enabling real-time data sync and avoiding time lost in standardizing data.

• LiveCube Agent Builder

Convert Excel-based processes into over 200 AI-powered agents, eliminating repetitive tasks and enabling faster, more accurate consolidations.

• Automated Consolidation Adjustments

Streamline intercompany eliminations, currency conversions, and top-side journal entries to cut down on errors and manual effort.

• GAAP & IFRS-Compliant Reporting

Generate audit-ready consolidated financial statements across balance sheets, P&L, and cash flow, ensuring accuracy and transparency.

With HighRadius Financial Consolidation, organizations can boost efficiency by 60%, reduce manual adjustments by 85%, and gain 100% audit readiness. Without it, businesses risk longer close cycles, inconsistent reporting, and missed compliance benchmarks.