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:
Allow users to create checklists and individual tasks related to closing accounting books
Track the financial close process so users can view progress, timelines, and approvals
Provide tools, such as reconciliation depositories or reconciliation management, that help users compare various sets of financial data
Integrate with or import spreadsheets from other database or accounting software products
