Both can consolidate your MYOB group. One does it in hours, with an audit trail, automatically. The other takes five days, has no audit trail, and breaks every time someone edits the wrong cell.
Excel is a powerful tool. But it was not designed for recurring group consolidation across multiple MYOB companies, and the gap shows in predictable ways.
A hardcoded value in the wrong cell, a SUM range that doesn't include a new row, a VLOOKUP that returns zero instead of throwing an error — Excel errors propagate silently through the consolidated statements and are often not caught until an auditor or CFO spots an anomaly.
When more than one person works on the consolidation — or when it's emailed between team members — version conflicts become inevitable. Consolidation_FINAL.xlsx, Consolidation_FINAL_v2.xlsx, Consolidation_FINAL_APPROVED.xlsx — the board may have received an earlier version.
Identifying all intercompany transactions across four or more MYOB companies requires manually cross-referencing every entity's transactions each period. A new intercompany arrangement — a management fee, a loan advance — is easily missed until it shows up in an audit query.
Every group consolidation involves judgement calls — FX rates chosen, elimination amounts adjusted, manual journal entries applied. In Excel, none of these leave a traceable record unless someone manually documents them. Auditors are increasingly unwilling to rely on Excel workpapers without extensive accompanying documentation.
IFRS (IAS 21) and US GAAP (ASC 830) require closing rates for balance sheet items and average rates for P&L items. In Excel, applying this correctly across multiple currencies and multiple periods requires formulas that are easy to misconfigure and hard to audit — particularly when exchange rate tables are maintained manually.
The hidden cost of Excel consolidation is time. The full cycle of export, remap, translate, eliminate, and assemble takes 3–5 working days per month for a typical MYOB group with 3–6 entities. That time is spent by senior finance staff who should be analysing the numbers, not assembling them.
A direct comparison across every dimension that matters for MYOB group consolidation.
| Capability | Excel | BrizoConsol |
|---|---|---|
| Direct connection to MYOB (no export needed) | Manual export | OAuth API |
| Automatic data refresh from MYOB | Manual each period | Nightly sync |
| AI-assisted account mapping | Manual VLOOKUP tables | AI Auto-Map |
| Automatic intercompany detection | Manual cross-reference | Auto-detected |
| Automatic intercompany elimination | ⚠ Manual journal entries | Automated |
| Mismatch alerts for unreconciled intercompany | Not available | Pre-close alerts |
| Multi-currency translation (closing + average rates) | ⚠ Manual formulas — error-prone | Auto per IFRS/GAAP |
| Currency translation adjustment (CTA/FCTR) | ⚠ Manual calculation | Auto-calculated |
| Non-controlling interest (NCI) | ⚠ Manual calculation | Auto per ownership % |
| Audit trail on all adjustments | No native trail | Full, permanent trail |
| Multi-user access with role controls | ⚠ File sharing only | Role-based access |
| Version control | File naming conventions | System-managed versions |
| Consolidated P&L, Balance Sheet, Cash Flow | Manual assembly | Auto-produced |
| Entity variance analysis vs prior period | ⚠ Manual pivot tables | Built-in dashboards |
| Support for non-MYOB entities (Xero, QBO, MYOB) | Manual — separate exports | Native integrations |
| Virtual Groups for management reporting | Separate spreadsheets | Built-in |
| IFRS / US GAAP / UK GAAP tagged output | Not available | Per-entry standard tags |
| Time to first consolidated report per period | 3–5 days | Same day |
The direct cost of Excel is zero. The true cost — in finance team time, error correction, and extended audits — is substantially higher. Here is a realistic annual cost comparison for a 4-entity MYOB group.
Switching doesn't require a migration project. BrizoConsol reads from MYOB directly — there's no data to move. Most groups have their first BrizoConsol-produced consolidation within the same day they connect.
Authorise each MYOB company via OAuth. BrizoConsol initiates an immediate data sync — all GL history available from the first connection.
~5 min per entityAI Auto-Map reads your chart of accounts and suggests mappings. Review the suggestions and adjust where needed — your Excel mapping table is a good reference here.
~20–30 min totalRun BrizoConsol's first consolidation and compare the output to your existing Excel model for the same period. Most teams spend 1–2 hours on this validation step before going live.
~1–2 hrsOnce validated, BrizoConsol becomes your source of truth for group consolidation. Your Excel model can be kept as a historical archive — you just don't need to update it every month anymore.
Same day