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.
HighRadius automates financial consolidation and reporting by leveraging 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:
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.
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.
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.
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.
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:
HighRadius is expanding a dedicated FCCS team. Customers should assess the expertise as it grows.
HighRadius emphasizes integrating its consolidation capabilities with its other product solutions. Customers requiring dedicated consolidation solutions should evaluate based on their requirements.
HighRadius Named a Challenger In 2025 Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions
A 3X Leader in Gartner® Magic Quadrant Invoice-To-Cash Expands into FCCS
Download The ReportPros:
Connects with major ERPs (e.g., NetSuite, Dynamics, SAP), Excel, embedded Power BI, and dynamic PowerPoint generation.
To incorporate new ideas and products in its platform.
Cons:
Processing larger data volumes can be time-consuming, indicating potential areas for performance optimization.
90% of Vena’s customer base is in North America. Organizations with large global footprints should evaluate their regional capabilities.
Vena does not offer out-of-the-box complex vertical-specific regulatory reporting, which may limit compliance coverage.
LucaNet is a purpose-built financial consolidation and reporting solution that provides out-of-the-box support for IFRS, US GAAP, and local GAAP standards, enabling audit-proof consolidated financial statements. It offers an intuitive interface for finance users serving companies with revenue between $50M and $500M.
Pros:
It comes with ready-to-use consolidation rules for IFRS, U.S., German, French, and Swiss GAAP, simplifying compliance.
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.
300+ integrations with ERP and accounting systems that pull GL and transactional data.
Cons:
While basic use is straightforward, some users find certain advanced functions difficult to master.
Users have reported compatibility challenges involving difficulties in seamlessly importing or exporting data or formatting inconsistencies between the two systems.
Strong presence in the European region only.
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:
Proven to support 1,000+ entities and large data volumes with fast processing.
50+ pre-built connectors for SAP, Oracle, Microsoft, and more.
Has advanced analytical capability to help detect errors earlier and produce accurate financial results.
Cons:
Requires specialized training to build models and maintain the platform.
Full deployment may take several months, depending on complexity.
Workiva is a leading cloud platform for connected reporting and compliance. It’s not a consolidation engine but rather a solution for aggregating data, collaborating on reports, and ensuring control and traceability in the reporting process. Its Wdata feature allows for seamless data integration from multiple sources, ensuring consistency and accuracy.
Pros:
Multiple stakeholders (finance, legal, audit) can collaborate in real time on financial reports.
Maintains a comprehensive history of changes for compliance.
Workiva has integrated XBRL tagging, streamlined SEC filings, SOX compliance, and ESG reporting.
Cons:
Users may require training to utilize all features effectively.
It doesn’t do budgeting, financial analysis, or provide extensive dashboards out of the box.
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.
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:
Supports real-time input from multiple departments.
Combines business intelligence, performance management, and financial consolidation in one tool.
Offers customizable, interactive dashboards.
Cons:
Board’s calculations are powerful, the software “lacks visibility of intermediary steps” in the consolidation logic
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.
Large datasets can impact speed, especially when building custom logic or reports.
Prophix is an FP&A software provider that also offers financial consolidation capabilities, geared mainly towards mid-market companies. It provides a corporate performance management solution that automates budgeting, forecasting, and financial consolidation.ProphixAI-powered Virtual Financial Analyst offers insights and anomaly detection, enhancing decision-making.
Pros:
Available in both cloud and on-premise versions.
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.
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:
Prophix is a robust tool with many use cases, and some users initially may find it overwhelming.
Mobile functionality may be less robust compared to desktop.
May lack some advanced consolidation features needed by large enterprises (e.g., complex ownership structures, currency translation nuances).
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:
Encourages cross-departmental input through shared planning tools.
Accommodates growing business needs effectively.
Its cloud infrastructure handles increasing volumes without requiring new hardware or significant rearchitecture.
Planful supports over 1,400 pre-built connectors and APIs for source systems
Cons:
Customers need to assess if their requirements for specific regional compliance can be met.
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:
BlackLine’s Consolidation Integrity Manager module helps companies automatically reconcile and validate data between general ledgers and consolidation systems.
Maintains a complete audit trail, facilitating compliance with regulatory requirements.
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:
BlackLine offers AI-powered variance analysis and automated footnote generation but lacks iXBRL tagging capability.
Users may need training to fully utilize all features effectively.
Pricing may be a concern for smaller organizations with limited budgets.
Trintech offers a comprehensive financial close and consolidation suite, with its Cadency platform providing end-to-end automation. Trintech does not have a standalone consolidation engine but provides a system of controls for consolidation processes.
Pros:
Identifies high-risk areas, allowing for targeted attention and mitigation.
Promotes consistency across the organization through standardized workflows.
Assists in meeting regulatory requirements through a robust control framework
Cons:
Occasional system lag or integration challenges with certain ERPs
Some users might find Cadency complex to navigate at first, leading to a steep learning curve.
Flexibility in tailoring the platform to specific needs may be restricted.
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:
Automates fluctuation analysis with built-in workflows that flag unusual variances and automate explanations, speeding up the review process and improving audit readiness.
FloQast is known for its fast implementation (typically in weeks, not months) and simple, user-friendly interface that requires minimal training for finance teams.
Centralizes supporting documents, reconciliations, and sign-offs with complete audit trails, reducing audit preparation time and improving compliance.
Cons:
While FloQast is well-established in close management, its consolidation product is newer and evolving.
FloQast does not currently include planning, forecasting, or analytics in a unified platform. It focuses specifically on close and consolidation.
Integrating with certain on-premise ERP systems may require additional middleware.
Anaplan acquired Fluence Technologies in 2024, which added financial close and consolidation capabilities to its 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:
Anaplan offers a low-code, multidimensional modeling engine (the Hyperblock) that lets users design custom consolidation and reporting models.
Adapts to various planning scenarios, from finance to supply chain.
Anaplan conducts comprehensive assessments of existing processes and provides customers with a detailed migration roadmap.
Cons:
Anaplan’s FCCS does not currently hold an information security certification, ISO 27001
Customers have reported “rising costs” as a pain point.
Oracle offers robust 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 tailored to customer size.
Pros:
Covers the entire close process, from data collection to reporting.
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.
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.
Provides robust access controls and data protection measures.
Cons:
The breadth of features may be overwhelming for some users.
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.
Organizations on legacy Oracle Hyperion versions might face challenges with upgrades and patches. Managing these updates is an ongoing effort.
Implementation often requires specialized resources and extended timelines to fully configure and integrate.
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:
Provides enterprise-grade security features.
Features like automated equity pickups, configurable consolidation methods, and joint-venture accounting are available to meet complex group structures.
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:
IBM’s focus is narrower towards disclosure and regulatory reporting.
IFRS 16 compliance is noted as missing and would require additional development or integration.
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:
Because it runs in SAP S/4HANA, Group Reporting can perform consolidations on real-time data without waiting for batch data transfers.
Coupled with SAP Analytics Cloud (SAC), SAP offers a strong reporting package.
Supports various accounting standards and regulations.
Suitable for organizations of all sizes.
Cons:
For those not using SAP ERP, adopting Group Reporting is not straightforward.
SAP Group Reporting is relatively new (launched in 2018) compared to decades-old competitors.
Wolter Kluwer’s CCH Tagetik is available as a cloud or on-premise solution. Once implemented, it is often positioned as a flexible, finance-owned system that doesn’t require heavy IT involvement. It provides deep functionality for group consolidation, management reporting, disclosure management, and even regulatory compliance.
Pros:
Region-specific consolidation and compliance reporting, including U.S. and local GAAP, and specialized reports for France and Japan, alongside IFRS.
Intuitive interface facilitates adoption.
Cons:
Users report that the first time implementation is complex.
For advanced business intelligence and analytics, CCH Tagetik relies on third-party products like Microsoft Power BI and SAP Analytics Cloud
InsightSoftware offers several solutions for financial consolidation, like Longview Close, IDL Konsis, and Clausion Consolidation. Longview Close is designed for large enterprises with complex environments. At the same time, 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:
Access to up-to-date financial data.
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.
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:
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.
Provides some controls, such as user access and audit trails, but lacks a comprehensive risk management solution.
Jedox is a cloud-based (or on-prem) Enterprise Performance Management software centered on planning that supports financial consolidation. It uses an in-memory OLAP database and is known for its Excel-like modeling approach, enabling finance users to build their own solutions.
Pros:
The Jedox Integrator tool supports data extraction and loading from multiple systems, including ERPs, the European Central Bank for exchange rates, and other databases.
The vendor provides multiple deployment accelerators to speed up customer migration to their platform.
Compared to some prominent CPM vendors, Jedox can be more cost-effective, especially for mid-sized companies.
Cons:
It supports intercompany matching and reconciliation but does not reconcile across other balance sheet accounts or autocertify financial statements.
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
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:
Intuitive and clean UI ensures quick user 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:
May lack the advanced consolidation features needed by large enterprises.
Limited flexibility in modifying reports beyond standard templates.
Users sometimes find advanced report building non-intuitive.
Solver (formerly known as BI360) is a cloud-based Corporate Performance Management solution that focuses on mid-market organizations, particularly those in the Microsoft Dynamics ecosystem.
Pros:
Simplifies data management and accelerates deployment.
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.
It is generally considered cost-effective, providing a high user satisfaction at a reasonable price point
Cons:
Some users report needing a strong partner or internal IT support to deploy.
Advanced access control setup can be challenging.
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.
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:
Seamlessly connect with any ERP system, enabling real-time data sync and avoiding time lost in standardizing data.
Convert Excel-based processes into over 200 AI-powered agents, eliminating repetitive tasks and enabling faster, more accurate consolidations.
Streamline intercompany eliminations, currency conversions, and top-side journal entries to cut down on errors and manual effort.
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.
HighRadius stands out as a challenger by delivering practical, results-driven AI for Record-to-Report (R2R) processes. With 200+ LiveCube agents automating over 60% of close tasks and real-time anomaly detection powered by 15+ ML models, it delivers continuous close and guaranteed outcomes—cutting through the AI hype. On track for 90% automation by 2027, HighRadius is driving toward full finance autonomy.
HighRadius leverages advanced AI to detect financial anomalies with over 95% accuracy across $10.3T in annual transactions. With 7 AI patents, 20+ use cases, FreedaGPT, and LiveCube, it simplifies complex analysis through intuitive prompts. Backed by 2,700+ successful finance transformations and a robust partner ecosystem, HighRadius delivers rapid ROI and seamless ERP and R2R integration—powering the future of intelligent finance.
HighRadius is redefining treasury with AI-driven tools like LiveCube for predictive forecasting and no-code scenario building. Its Cash Management module automates bank integration, global visibility, cash positioning, target balances, and reconciliation—streamlining end-to-end treasury operations.
Customers globally
Implementations
Transactions annually
Patents/ Pending
Continents
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