Financial Close reviews by real, verified users. Find unbiased ratings on user satisfaction, features, and price based on the most reviews available anywhere.
Financial close software, also called accounting close software, provides tools to help businesses complete the financial close cycle. Many organizations perform financial close at the end of each month, during which accountants within an organization use this software to ensure the books are accurate and any transactions were successfully completed. Tasks, such as bill payment and delivery, expense approval, and lead importing, will be laid out in checklists and checked off once completed. Financial close products often include features such as individual task allocation, reconciliation management, reporting, and databases of past accounting close data organized by month and transaction type. Individual progress and deadlines for each period can also be tracked by the accounting team throughout the cycle.
These tools typically integrate with spreadsheets and various accounting tools to help users comprehensively document relevant data and identify noteworthy findings or inconsistencies. They may also integrate with, or come packaged with, other corporate performance management (CPM) features such as financial consolidation or budgeting and forecasting.
To qualify for inclusion in the Financial Close category, a product must:
BlackLine solutions empowers the accounting and finance function to manage and control the end-to-end financial close process by automating accounting workflows, providing a centralized and secure workspace to perform period-end accounting activities, and streamlining financial reporting. The resulting absence of complex, manual, and error-prone steps inherent in dated accounting practices, enables teams to focus on analyzing discrepancies and uncovering new ways to create value for the organi
FloQast is a provider of accounting workflow automation created by accountants for accountants to work smarter, not harder.
Your business is evolving. Your systems should evolve too. Achieve your goals more successfully with Prophix’s innovative Corporate Performance Management (CPM) software. Improve profitability and minimize risk when you automate repetitive tasks and focus on what matters. Budget, plan, consolidate and report automatically. Whether in the cloud or on-premise, Prophix supports your future with a platform that flexes to suit your strategic realities, today and tomorrow.
Vena connects people, existing systems and data to enable finance-led business planning powered by reliable, instantaneous insights. Our Excel interface combines unmatched integrated planning capabilities with the world’s leading grid, allowing teams across the business to work together under a shared vision using a platform they already know. Customers choose Vena for its renowned ease-of-use, flexibility, performance, scalability and connected platform covering finance-led planning processes i
Planful (formerly Host Analytics) is a leading financial planning and analysis (FP&A) cloud platform. Planful delivers a vision of Continuous Planning by accelerating the end-to-end FP&A process and fostering business-wide participation in agile planning and decision-making. More than 800 customers including, Bose, Boston Red Sox, Del Monte, TGI Friday’s, and 23andMe rely on Planful for financial planning and budgeting, dynamic operational planning, financial consolidations, reporting, a
Drive Innovation with CCH Tagetik Enable digital transformation and drive strategy with all your financial processes and data in a unified platform — owned by Finance Companies trust CCH Tagetik Corporate Performance Management software to save time, lower costs and reduce risk. Get a faster close, more forward looking-planning and in-depth analytics by connecting data, processes and people with a single trusted source. CCH Tagetik Finance Transformation Platform, powered by the Analytic Informa
Workiva Inc. (NYSE: WK) simplifies complex work for thousands of organizations worldwide. Customers trust Workiva’s open, intelligent and intuitive platform to connect data, documents and teams. The results: improved efficiency, greater transparency and less risk.
We help our customers improve their financial close process with Breakthrough Simplicity. Our cloud-based solution is integrated and delivers measurable results to their balance sheets with improved speed and accuracy. Less audit trails. Less mistakes. Less suffering. More visibility. More control. More time for strategic activities. Ready to own the close process?
Streamline planning and achieve a faster, more accurate close with our BPC software Spend more time growing your business and less time closing the books – with SAP Business Planning and Consolidation. The SAP BPC software delivers planning, budgeting, forecasting, and financial consolidation capabilities in a single application. Easily adjust plans and forecasts, speed up budget and closing cycles, and ensure compliance with financial reporting standards.
Oracle Financial Consolidation and Close Cloud is a cloud-based solution built to optimize the close. Financial Consolidation and Close Cloud is designed to help minimize risk, provide transparency to the process, and accuracy to the results.
Axiom arms finance teams and executives with the best tools for budgeting, forecasting, planning, reporting, and more so they can analyze results, model the future, and make more strategic decisions. Axiom Healthcare Suite is uniquely designed to help healthcare organizations realize their missions featuring enterprise planning, cost and decision support, clinical analytics and more to help you realize your mission and improve both financial and clinical performance. Axiom Financial Institutio
By finance experts, for finance experts: LucaNet offers easy-to-use software coupled with professional consulting to master financial consolidation, planning, reporting, and data management. Since 1999, LucaNet’s integrated solution provides 100% reliable data, making the lives of CFOs, Controllers and Group Accountants a lot easier. Available in both cloud and on-premise options, LucaNet is the perfect solution for companies of all sizes and sectors. More than 2,700 clients in over 50 countries
The volume of repetitive, manual tasks across finance is overwhelming – every day or at the end of every month, quarter, or year. Redwood’s Finance Automation solutions are built on our industrial scale automation technology to provide business users the power to design, deploy and operate transformational financial processes. Redwood Finance Automation improves efficiency and governance. It also frees finance professionals to focus on gaining valuable insights from corporate reporting informati
DataRails is a financial solution designed for SMEs that turns manual monthly and quarterly reporting processes into automated ones. The solution allows organizations to move towards working with a cloud-based financial product, all while end-users continue working on their usual Excel files, as they have up until now. The solution connects to all organizational systems including your ERP, CRM, HRIS, as well as complex Excel files, and consolidates all of this data in one cloud-based databas
ReconArt is a single-solution technology company providing an automated, fully web-based reconciliation solution to a diverse, global client base. Our reconciliation software delivers high volume transaction matching, exceptions management, reporting and analytics, period end closing, certification, journals and variance analysis. Common business scenarios that we handle: bank reconciliation, credit cart reconciliation, balance sheet reconciliation and close, accounts payables & accounts
Aico is an intelligent financial close automation platform to manage key record-to-report accounting processes: 1. Account Reconciliation 2. Close Task Management 3. Journal Entries Aico makes these processes fast, accurate and efficient with 4 capabilities: • Automation of slow, manual and repetitive tasks. For example, Aico can auto-reconcile up to 70% of general ledger accounts. • Real-time integration to multiple company ERP systems. For example, Aico can validate open periods and busi
With Cadency from Trintech, financial executives have the world’s only financial governance solution that weaves all Record to Report (R2R) activities into a single, seamless process. The result – a more effective and efficient close cycle that minimizes risk, required resources and costs. Across the entire R2R cycle, from the time a transaction occurs through financial statements being issued, Cadency empowers continuous process improvements in account reconciliation, journal entry, close mana
Longview's connected finance suite empowers global enterprises to go beyond the numbers through the power of speed, accuracy, agility and actionable insights. Our robust cloud framework provides a scalable, real-time, collaborative suite of solutions to simplify complexity, drive operational efficiency and engage key business stakeholders while promoting strategic contribution from the Office of Finance.
Hubble by insightsoftware is an integrated suite of business performance management apps, for JD Edwards and Oracle E-Business Suite, offering reporting, analytics, and planning in a single real-time solution that fully understands your ERP. Hubble integrates all your critical business systems so that users at all levels have access to live data and automated planning, budgeting, and forecasting. With this type of visibility, everyone can easily understand, manage, and predict business results.
AutoRek is an automated reconciliations solution which comes complete with easy-to-use data loading and preparation functionality, advanced matching capability, workflow to route corrective action requests and queries, case management and management information.
Define, Design & Deploy scalable Management Consolidation and Reporting processes for SAP BPC or Group Reporting. Address complex scenarios in Management Consolidation and Reporting via our user-friendly visual modelling, simplified data enrichment, and advance collaboration engine. Key Benefits: 1. Define, Design & Deploy a Nimble Management Consolidation & Reporting Process An organization needs an agile Management Consolidation & Reporting process to constantly monitor its
Leapfin is a Revenue Process Automation Platform for Internet-first businesses. Designed and built for scale from the ground up, Leapfin automates complex and manual revenue processes to ensure leaders always have instant access to accurate and actionable financials.
PivotXL is an innovative provider of complete Corporate Performance Management (CPM) solutions. PivotXL combines a centralized database, sophisticated workflow, powerful reporting and best of all full built on-top of Excel to create a cloud-based financial planning and analysis (FP&A) solution. Unlike traditional software that replaces Excel with rigid with non-user friendly applications, PivotXL allows you to stay in excel and helps finance professionals to get trusted numbers.
The process of financial closing is one of the critical tasks to ensure all accounts in a general ledger have the same credit and debit totals. This process is based on a fundamental accounting principle, which states that each transaction should have a debit and a credit in the general ledger. Ideally, the debit and credit amounts should be the same so they are balanced. A zero balance means a transaction has been recorded properly, ensuring compliance with accounting regulations. Additionally, balancing credit and debit allows companies to quickly determine profit and loss for an accounting period.
When debit and credit amounts aren't the same, there are errors in the recording. Accountants need to identify the errors and rectify them by adjusting transactions or by creating journal entries to balance accounts.
For example, a customer receives an invoice for $1,000 but has a discount for 10% off, so they only pay $900. In this case, the amount of the invoice can be adjusted to include the discount so the payment matches the invoice. In another example, goods, valued at $300 are stolen, this means there is no financial transaction to justify this lost amount. In this case, accountants can create a journal entry for $300 to balance the loss.
Most companies function on an accounting cycle, or fiscal year, of twelve months. This means that all accounts are balanced every twelve months, and preparing the financial information to generate financial statements every year is important. Also known as year end close, this process can be optimized by performing monthly or quarterly closing tasks, such as ensuring accounts are balanced at the end of each month. The platforms in this software category help automate and simplify these sensitive processes.
Key Benefits of Financial Close Software
Financial close software help improve the productivity of the accounting department. That includes employees overseeing finances, or the control of monetary assets. Financial close management software helps maximize the efficiency of these teams and eliminate the stress involved with hectic closing responsibilities.
This software ensures compliance with financial regulations by generating accurate financial statements and other documents needed for financial audits. Compliance allows companies to avoid hefty fines and ensure their brand isn't negatively impacted by nonconformance with accounting laws. Additionally, noncompliance requires additional time and effort that accountants need to allocate corrective actions.
The tools in the category can help improve the profitability of a company by analyzing transactions. These might include reporting on incoming cash and outgoing expenses, updating accounts payable, and consolidating extensive financial documents into actionable data.
The technology solutions in this category are designed to be used by controllers, accountants, and other professionals involved with managing financial transactions and accounts.
There are many features that are important to manage the financial close process successfully.
Consolidation — Consolidation of financial information from multiple companies or business entities. This type of functionality is critical for companies with multiple subsidiaries or groups of companies. Since each entity usually uses its own chart of accounts, general ledger, and multiple currencies, the accounting data from all entities needs to be consolidated into one data source.
Reconciliation — Reconciliation ensures account balances match at the end of each period. Accountants use this type of functionality to compare internal financial records against external documents such as bank statements. Reconciliation helps accountants avoid overdrafts and identify fraud or theft. Besides catching improper spending, reconciliation provides justifications for the differences between account balances, helping users create accurate financial statements at the end of the period.
Workflows — Tasks and workflows define who is responsible for closing activities. Since financial closing software is used by medium to large companies, there are usually several people or teams involved in the process. Defining who does what and when creates accountability and allows CFOs to monitor the progress of the closing process. Audit trails allow companies to determine when errors were made, making it easier to correct them.
Records management — Documents and checklists provide information and best practices on how to consolidate, reconcile, and balance accounts to prepare for the close. Besides regulatory compliance, large companies define internal rules to avoid fraud and financial errors. All these rules and regulations should be documented thoroughly to ensure that accountants know what they need to do and how. Checklists can be used when the close is less complex and assigning tasks may unnecessarily complicate the process.
Review — Review and approval is the most important part of the financial close process because each new fiscal period relies on the financial information of the previous period. In other words, any errors during the financial close process may be transferred to the next period instead of being corrected. It is, therefore, essential that balances are thoroughly reviewed and approved when all errors are corrected. This responsibility falls on highly experienced accounting professionals such as controllers and CFOs.
Financial insights — Financial analysis gathers, cleanses, and examines large volumes of data from multiple sources such as accounting software or ERP systems. Financial insights can help accountants identify errors but also to understand trends and monitor the financial performance of the company.
Integration — Integration with other accounting and finance software and ERP systems is required to create a reliable flow of information across the financial department, by tracking and transferring monetary assets as necessary, while optimizing many critical processes throughout the department.