Consolidation software usually enters the conversation when reporting starts to become a bit too labour intensive – month-end takes longer, spreadsheets multiply, different entities are working from different formats and finance teams are spending more time chasing numbers than analysing them.
That’s often when businesses realise the reporting process that worked perfectly well a year ago suddenly isn’t coping quite so well anymore. And while there’s no shortage of consolidation platforms promising to solve the problem, a little bit of research can save a lot of frustration later on.
Here are five things worth thinking about before choosing a platform.
1. More features means better reporting
Finance software is getting bigger all the time.
Forecasting tools, workflow management, planning features and endless reporting add-ons are appearing in more and more finance platforms. Some of them are genuinely useful, especially when they help reduce repetitive work or make reporting easier to understand.
At its best, reporting software should help finance teams get to answers quickly, not create another system that needs constant managing. And the best consolidation tools tend to feel simple to use – even when the reporting behind the scenes is complex.
2. Spreadsheets will still be manageable next year
Every growing business reaches a point where spreadsheets start fighting back.
Over time, what was once straightforward across two entities becomes a patchwork of exports, duplicated reports and manual reconciliations spread across multiple files. The bigger the group gets, the harder it becomes to maintain.
Not because spreadsheets are bad, but because they were never designed to handle growing consolidation processes on their own – this is usually the point where month-end starts taking longer than it should and reporting becomes more reactive than strategic.
3. All consolidation software scales in the same way
This catches a lot of businesses out.
Some platforms work perfectly well at the beginning, but become far more restrictive as reporting grows more complex. Extra entities, additional consolidations or changing group structures can suddenly introduce limitations finance teams weren’t expecting.
That often means adapting processes around the software instead of the software supporting the business properly.
Good consolidation software should grow alongside the organisation using it.
Adding another entity shouldn’t create operational headaches, extra friction or force finance teams to rethink the entire reporting process six months later.
The reporting process should still feel manageable as the business expands.
4. Automation removes the need for oversight
Automation is one of the biggest reasons finance teams move away from manual reporting in the first place.
Done well, it removes repetitive work, speeds up consolidations and gives teams far better visibility across the group without the usual spreadsheet chaos.
But good automation shouldn’t feel like a black box. Finance teams still need clarity around how the numbers are being consolidated, where the data is coming from and confidence that reporting remains accurate as the business grows.
That’s especially important in multi-entity reporting, where small inconsistencies can quickly create much bigger problems, and good consolidation software uses automation to make reporting faster, simpler and easier to trust.
5. Powerful software has to be complicated
There’s still an assumption that consolidation software needs to feel technical or difficult to implement in order to be powerful.
In reality, overly complicated reporting tools often create the same problems they’re supposed to solve – long onboarding processes, endless configuration and difficult workflows can slow adoption and make reporting feel tedious.
Finance teams need software that fits naturally into the way they already work.
Something that reduces manual effort quickly, improves visibility across the group and makes reporting feel calmer and more consistent at month-end.
That’s usually what separates software that becomes part of the workflow from software people quietly avoid using.
Consolidation software should make reporting feel easier
As businesses grow, reporting complexity naturally grows with them. The right consolidation software should help finance teams stay ahead of that complexity, not add another layer to manage.
The best reporting tools help finance teams:
- simplify reporting as the business grows
- reduce the manual work that slows month-end down
- improve visibility across every entity in the group
- automate reporting without losing confidence in the numbers
- scale reporting without future limitations
Clearer visibility. Faster reporting. Less manual work. More confidence in the numbers. That’s what finance teams are really looking for.
See how Joiin simplifies group reporting
Joiin helps businesses consolidate, report and share insights across multiple entities without the manual effort or unnecessary complexity.
Start your free 14-day free trial and see how simple multi-entity reporting can be.
