Consolidation Software for QuickBooks: Navigating the Top Solutions

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The consolidation of financial statements across QuickBooks files can be a major challenge, luckily there are several software solutions that can help us, saving many hours or days of work. We will cover 5 solutions in detail with the pros and cons of each.

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1. LiveFlow

LiveFlow is a dynamic solution, designed to streamline the consolidation process by integrating seamlessly with QuickBooks and Google Sheets. This allows you to perform consolidations directly in a spreadsheet in a format that most accountants and finance teams will feel very comfortable with. 

Pros: 

• LiveFlow brings in data in real-time, so when something changes in QuickBooks your consolidation will also be updated, no more worrying about which version to use or manually importing your data. 
• The mapping feature is extremely powerful and allows you to consolidate different QuickBooks files easily even if they have different charts of accounts. 
•  As LiveFlow is Google Sheets-based, it gives you the full power of spreadsheets whether you want to create a custom formula or add charts. 

Cons:

• If you are looking for something pretty to present to your board or investors, it can take time to get the formatting how you want compared to other tools on this list but this is a one time investment. 
• Pricing - LiveFlow is a premium solution and is priced based on the extensive features it offers. If you are very budget conscious - something else might be for you. 

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2. Fathom

Fathom is all about creating beautiful reports that you can share with the users of your financial statements. Fathom allows you to drag and drop tables, graphs, paragraphs and much more wherever you need them. You can build your report once and then roll it over each reporting period. 

Pros: 

• Fathom has some beautiful templates that you can use to create your consolidated reports. It’s easy and fast to build great-looking financial reports. 
• Fathom allows you to perform eliminating entries, however this process can be a bit complex to learn and takes some time to master. 
• Fathom supports Xero in addition to QuickBooks which is great if you use different accounting systems. 

Cons:

• The downside of having a beautiful interface is that you cannot customize your reports as much as other tools. You are limited to a certain number of basic formulas and charts and have limited formatting options. 
• If you have different charts of accounts across entities, you are going to find it very difficult to consolidate with Fathom, although it's possible, expect to spend a lot of time getting this right. 

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3. Cube

Cube takes a spreadsheet-based approach to financial consolidation. It integrates with QuickBooks to pull financial data directly into spreadsheet formats. This caters to users who prefer the flexibility and familiarity of spreadsheets for financial analysis and reporting. Whilst Cube looks like an interesting solution for consolidation, we have not had the chance to test it out. Expect a hefty price tag if you go this route with a monthly price tag starting around $2500 per month. 

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4. Just Consolidate

Just Consolidate takes an interesting approach to consolidation. You start by creating a new QuickBooks entity which acts as the ‘consolidation ledger’. Just Consolidate runs a workflow that takes your mapped chart of accounts for each entity and brings them into the ‘consolidation ledger’ company with journal entities. All adjustments then happen in this ‘consolidation ledger’ company. 

Pros:

• All your adjustments are recorded in a QuickBooks file including any foreign currency adjustments, this allows you to download the QuickBooks reports for most of your financial statements. 
• Pricing - Just Consolidate can be a good option for those on a budget and where having fewer features is not a problem. 

Cons:

• Getting set up with Just Consolidate is a very time-intensive process because each chart of accounts needs to be mapped to the new  ‘consolidation’ company.
• You need to pay for an additional QuickBooks file which adds cost and complexity. 
• Just Consolidate is a one-trick pony. If you need more than just consolidation you will need to go to other vendors. 

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5. Joiin

Joiin is well regarded for it’s simplicity in financial consolidation and the ability to customize your reports. Joiin is more targeted for accountants who have multiple clients but it can work for businesses where the consolidation needs are quite simple. For cases where mapping of the chart of accounts is complex or reports need to be customized for industry or business specific needs another solution may be a better option.

Pros: 

• Multiple integration with Joiin: Sage, Xero and QuickBooks Online, this can be helpful if you need consolidate across different accounting systems. 
• Joiin has the ability to eliminate inter-company transactions, which can speed up your consolidation process. 

Cons:

• Limited ability to customize your reports means that if you have more advanced consolidation cases Joiin may not be for you. 
• The features are built for accounting firms if you are a business you mind find the product is not really suited to your needs. 

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Conclusion

Each of the five solutions discussed offers unique features catering to different business needs. When selecting a consolidation tool, businesses should consider factors such as ease of use, analytical capabilities, specific financial reporting requirements and price. Ultimately, the right consolidation software can transform the efficiency and accuracy of financial management in businesses leveraging QuickBooks.