Faster consolidations = Greater financial agility
Just complete the form below
Enhance financial consolidation accuracy and efficiency
Leverage consolidated management reporting to minimize errors and fraud for accurate financial reporting. Enable efficient collaboration amongst entities through automated reports and workflows.
Accelerate closing cycles
Automate intercompany reconciliation and eliminate double-counting transactions to complete the financial close process in days instead of weeks.
Improve decision-making and cost optimization
Automate manual consolidation tasks like data extraction, chart of accounts mapping, group reporting, and intercompany transaction matching to improve strategic decision-making and lower the costs of manual intervention.
Better regulatory compliance
Leverage automated solutions for improved financial consolidation and reporting to adhere to complex accounting standards and regulatory requirements.
Boost transparency and trust
Enhance stakeholder trust and overall transparency by automating complicated consolidation processes such as intercompany reconciliation and eliminations. Create trustworthy financial reports that provide an accurate picture of your organization’s financial performance.
Drive scalability across global entities
Unify financial data from multiple ERPs, currencies, and entities with out-of-the-box integrations—supporting scalable growth and eliminating consolidation bottlenecks as your organization expands.
HighRadius' automated account reconciliation solution is ERP-agnostic, seamlessly integrating with any ERP system to ensure streamlined financial processes.
Download the must-have checklist to ensure a streamlined, accurate, and faster close.
Download TemplateDiscover the essential KPIs for a streamlined, accurate, and faster financial close.
Download GuideFind the right close software for your business with this comprehensive vendor selection guide.
Download GuideAutomated financial consolidation refers to the use of technology to automate financial data consolidation from multiple entities, group organizations and diverse financial systems to create accurate unified financial statements. By leveraging AI/ML-powered financial consolidation solutions, organizations gain the ability to automate critical processes such as intercompany reconciliation and eliminations, reporting workflows, and currency conversion. This streamlines operations and enhances collaboration amongst different entities.
Automating the financial consolidation process is essential for businesses, managing large data volumes, especially for those that handle thousands of intercompany transactions daily. Furthermore, different entities of an organization often deal with multiple currencies. Therefore, it’s important for organizations to leverage automated solutions in order to ensure accurate financial consolidation and reporting.
Here’s how automated financial consolidation software simplifies the financial consolidation and reporting process:
Automated financial consolidation process begins by automated data extraction from all the relevant sources. The automation systems continuously synchronize data in real-time, ensuring it is always updated with the latest financial information. The collected data is then converted into a unified format.
Financial consolidation automated solutions then convert multi-currency financial information into a single currency for simplified and easier reporting. The exchange rates are predefined in the system and calculations are performed as per accounting standards.
The system then reconciles recorded transactions with external sources to ensure the accuracy of accounts across the organization. During the intercompany reconciliation process, the system eliminates any duplicate transactions and flags any discrepancies it comes across.
After reconciliation, the automated financial consolidation system generates consolidated financial statements, including balance sheet, income statement, and cash flow statement. The reports are once again scanned for any inconsistencies or errors in order to avoid incorrect reporting.
Lastly, the automated financial consolidation software generates the final versions of financial statements after all anomalies have been resolved. These reports are then used for strategic analysis by both internal and external stakeholders.
Manual financial consolidation is slow, error-prone, and unsustainable for today’s fast-paced finance teams. Automated financial consolidation software streamlines the entire process—from data collection to reporting—delivering faster close cycles, improved accuracy, and real-time insights for smarter decision-making.
Category | Manual Consolidation | Automated Consolidation |
---|---|---|
Data Collection | Manual data extraction from multiple systems and spreadsheets | Real-time data sync from ERPs, subsidiaries, and other systems |
Currency Conversion | Exchange rates applied manually; error-prone calculations | Automated multi-currency conversion with predefined accounting rules |
Intercompany Reconciliation | Time-consuming, spreadsheet-driven reconciliations with high risk of duplication | Automated transaction matching and elimination with discrepancy alerts |
Report Accuracy | High chance of inconsistencies and version control issues | Accurate, consolidated financial statements with built-in validations |
Close Timelines | Weeks to complete the close due to manual dependencies | Close cycles reduced by up to 60% through automation |
Compliance & Audit Readiness | Hard to maintain audit trails; high manual effort to ensure compliance | Built-in compliance checks and automated audit trails for GAAP, IFRS, ASC 606 |
Reporting & Analysis | Static reports with delayed insights | Real-time dashboards, variance analysis, and group reporting for proactive decision-making |
Scalability | Difficult to scale across entities, systems, and geographies | Seamless integration with multiple ERPs and currencies for global consolidation |
Collaboration | Limited visibility across entities; siloed communication | Workflow automation and task tracking for entity-level collaboration |
IT & Maintenance Dependency | High reliance on IT for data extraction, report creation, and updates | Self-service reporting and no-code configuration for business users |
Businesses should switch to automated financial consolidation software to eliminate manual errors, accelerate close cycles, and gain real-time visibility into financial performance. It streamlines complex tasks like intercompany reconciliation, currency conversion, and reporting—freeing up finance teams to focus on strategic analysis and compliance.
Schedule A DemoChoosing the right financial consolidation software provider is critical to eliminating manual bottlenecks and ensuring accurate, compliant reporting. Focus on solutions that offer seamless integration, end-to-end automation, and real-time visibility to drive smarter, faster decisions.
Look for a provider that offers seamless integration with your ERPs, accounting systems, and data sources via APIs or SFTP. This ensures real-time data flow, eliminates manual imports, and sets the foundation for scalable automation.
Choose a solution that supports the full consolidation cycle—from multi-entity data collection and intercompany reconciliation to currency conversion and report generation. The right provider should minimize manual intervention at every step.
Select a platform that embeds support for global accounting standards like GAAP and IFRS, tracks audit trails, and flags anomalies automatically. Built-in governance helps you stay compliant while reducing audit stress.
Your provider should offer dynamic dashboards, automated group reporting, and AI-powered insights—giving you real-time access to consolidated financials that inform faster, smarter decisions across the business.
Say goodbye to complex ERP integrations and leverage the power of an ERP agnostic software to streamline your accounting process. Our system works with all major ERPs and can be easily scaled to meet the needs of growing organizations, making it a flexible and adaptable solution.
Schedule A DemoThe financial consolidation process refers to combining the financial statements of multiple entities, such as subsidiaries and business units, of the same parent company for unified financial reporting. The process is key for reflecting the accurate financial position of an organization.
The financial consolidation process is highly complex due to the high number of intercompany transactions and multiple currency rates. This means that traditional financial consolidation processes, aka manual consolidation, are becoming more and more outdated with each passing day. In order to overcome this problem, it is advisable for enterprises to employ the use of automated financial consolidation software, which can streamline intercompany reconciliation and eliminations and automate currency conversion for a faster and smoother financial consolidation.
The financial close process includes recording financial transactions, reconciling accounts, and finally producing financial statements at the end of the accounting period. The financial consolidation process refers to the unification of financial information of all the entities under an organization in order to create consolidated financial statements.
While the scope of financial close is defined at an entity or an individual company level, financial consolidation applies to a group or a parent company. The financial close process is performed at the end of every accounting period, which can be monthly, quarterly, or yearly. The financial consolidation process is performed once the financial close process has been completed for all entities under a parent company.
Large enterprises often have multiple entities spread across the globe, which can make the financial consolidation process incredibly challenging. The key challenges businesses face with financial consolidation include data inconsistency due to different formats and sources, intercompany reconciliation, currency conversion, regulatory compliance, entity collaboration, eliminations and adjustments, and accurate reporting and analysis.
These challenges can be overcome by the use of automated financial consolidation and reporting software, enabling organizations to create accurate and unified financial reports. Advanced financial consolidation software is capable of automating processes such as currency conversion and intercompany reconciliation and eliminations. By using financial consolidation software, companies can improve consolidation productivity and efficiency.
Being a highly complex process, financial consolidation can be error-prone if not done properly. This is especially true for manual financial consolidation and reporting processes. But considering the importance of financial consolidation, it’s imperative for businesses to leverage all the advanced tools they can to ensure accurate consolidation.
Automated financial consolidation effectively ensures the reduction of manual intervention, thereby minimizing errors. The solution offers features that allow organizations to adhere to accounting standards, increase consolidation efficiency and reporting, and automate intercompany reconciliation and anomaly detection. Organizations can therefore maintain financial integrity and enhance financial consolidation accuracy by automating consolidation processes.
Yes, financial consolidation software prioritizes your data security and privacy, meeting key compliance standards such as GDPR, HIPAA, SOC 1 Type 2, and SOC 2 Type 2. This ensures that your data remains confidential and secure, giving you peace of mind while managing your finances.
The implementation time for financial consolidation software varies based on the complexity of your organization’s requirements. However, HighRadius’ speed to value methodology guarantees swift implementation and ROI realization within 3 to 6 months.