Approximate adders are widely being advocated for developing hardware accelerators to perform complex arithmetic operations. Most of the state-of-the-art accuracy configurable approximate adders utilize some integrated Error Detection and Correction (EDC) circuitry. Consequently, the accumulated area overhead due to the EDC (integrated within individual adders) is significant. In this paper, we propose a low-cost Consolidated Error Correction (CEC) unit, that essentially corrects the accumulated error at the accelerator output. The proposed CEC is based on a mathematical model of approximation error. We integrate our CEC unit in approximate hardware accelerators deployed in different applications to demonstrate its area savings and speed enhancement compared to state-of-the-art.