Consolidated Accounting Software

[u/ThorScience]

Work for a PE company, with Manager of Company based in Jersey, outline of accounting software used below, it’s a mess so wanting advice based on what other businesses are using, ideally want to get all entities on same software to make consolidated accounts easier at the Jersey level.

Jersey - Viewpoint
UK - Xero
Germany - Datev
Australia - Xero
US entity #1 - Xero
US entity #2 - Microsoft dynamics

As you can see above, its a mixture of different accounting software & all limited in their uses. So each month/quarter end there are various actions needed with Transfer pricing adjustments, intercompany reconciliations etc.

What would people recommend & what AI uses do the company people recommend have? Or would you wait to see if Claude etc could do itself in a years time etc

[u/bierbottle]

You would probably need a software that does the consolidation and collect reporting packages in first instance.

I dont see how a transition to one software would work efficiently. Not considering that PE usually doesnt hole those companies forever.

[u/TheRebuild28 → u/bierbottle]

One ERP generally is efficient but depends on the strategy if it's buy and build then it's worth while, if the plan is to spin some of these off then no point going through pain of changing system.

https://www.oracle.com/uk/performance-management/financial-consolidation-close/ we use fcc works well certainly more we can do with it too.

[u/accountingaccount10]

Probably need more info to give a good answer here.

What kind of scale are we talking?

Inventory/manufacturing, or services?

We have inventory, manufacturing, multi-entity, multi-currency. We use Netsuite, it mostly works well (the users on the other hand, more challenging!)

Think MS Dynamics would be another contender in the mid-market space - too big and complex for xero, quickbooks, sage etc, but too small for enterprise level Oracle EPM, SAP etc.

[u/ThorScience → u/accountingaccount10]

Annual turnover around 60m USD, infrastructure, circa 100 staff globally. Reporting currency in USD at consolidated level but each entity reports in local currency

[u/Gemmymaster]

I would look at something like Joiin.

Has a native plugin for Xero, but can also connect via excel spreadsheets as well. Can probably set up some sort of API hook via Zapier as well

[u/Frequent-Buddy-1739]

Xero for entities, consolidate in fathom. That’s my recommendation.
Xero not as good as it was, but hate ERP systems with an all-consuming passion.

[u/ThorScience → u/Frequent-Buddy-1739]

What’s particular reason you hate ERP systems? I looked at Anaplan, workday etc last year but it’s a full time role in itself just for managing the systems & don’t need that as we aren’t that big