Find the best Financial Close Software
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Fluence provides the only financial close and consolidation software for mid-sized companies. We give customers the time, confidence and performance they need by delivering game-changing efficiency gains and trusted, timely number...Read more about Fluence
FloQast is a cloud-based performance management platform. It allows users to manage HR, payroll and ERP solutions. FloQast’s key features include close process organization, collaboration and manual process automation. Its ma...Read more about FloQast
Farseer is a cloud-based software helping companies to eliminate manual work, improve accuracy and security, and gain new insights in the domain of financial planning and analytics. It is like an Excel specialized for finances, wi...Read more about Farseer
LucaNet is a global software provider for financial consolidation, planning, and reporting. We are dedicated to offering a reliable product, driven by a unique team of individuals with a deep understanding of the needs of finance ...Read more about LucaNet
Oracle Fusion Cloud EPM
Oracle Fusion Cloud EPM
Oracle Enterprise Performance Management Gain the agility and insights you need to outperform in any market condition. Oracle Fusion Cloud Enterprise Performance Management (EPM) helps your mid to enterprise level company model a...Read more about Oracle Fusion Cloud EPM
OneStream XF is a market-leading CPM 2.0 solution that unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality. Modernize financial processes, replace multiple legacy applications,...Read more about OneStream
Planful is the pioneer of end-to-end financial close, consolidation, and financial planning & analysis (FP&A) cloud software. The Planful platform is used by the Office of the CFO around the globe to streamline business-wide plann...Read more about Planful
Redwood Finance Automation
Redwood Finance Automation
Redwood Finance Automation is a cloud-based solution that helps businesses streamline cash flow, accounting, asset management, and other financial activities. The application includes procure to pay functionality, which lets enter...Read more about Redwood Finance Automation
Solver is a hybrid corporate performance management (CPM) solution based on the Microsoft platform. It caters to businesses of all sizes across various industry verticals. Key features include reporting, budgeting, dashboards and ...Read more about Solver
CCH Tagetik is a unified BI and accounting software that helps to optimize financial and operational planning. The solution also shortens the consolidation and closing process and allows users to analyze results, model, as well as...Read more about CCH Tagetik
Wdesk is a cloud-based compliance reporting and management solution for midsize and large companies. It offers team management, project management, data management, collaboration and data-integration functionalities within a suite...Read more about Wdesk
Board is the Intelligent Planning Platform that offers smarter planning, actionable insights and better outcomes for more than 2,000 companies worldwide. Board allows leading enterprises to discover crucial insights which drive bu...Read more about BOARD
Vena is a complete planning platform that leverages the familiarity and flexibility of an Excel interface within the Vena Growth Engine. Its technology and methodology powers the growth of over 1300 companies around the world. Ven...Read more about Vena
SAP S/4HANA Cloud
SAP S/4HANA Cloud
SAP S/4HANA Cloud is a cloud-based and on-premise enterprise resource planning (ERP) solution. It is suitable for small, midsize and large businesses in industries such as automotive, engineering, construction, mining, research an...Read more about SAP S/4HANA Cloud
Jedox is the world’s most adaptable planning and performance management platform that empowers organizations to deliver plans that outperform expectations. From FP&A to broader integrated business planning, model any scenario, int...Read more about Jedox
Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insight...Read more about Sage Intacct
Emburse Spend is the latest advancement in corporate card management. Issue Emburse Cards to your team with built-in spend controls and policies that you customize to meet your organization's needs. See all of your team’s spend in...Read more about Emburse Spend
Teams from rising digital firms' finance, accounting, and business systems struggle to combine high volume payment, order management, and other production data (10,000 to 50 million per month). Leapfin combines intelligent accoun...Read more about Leapfin
MODLR is a cloud-based integrated planning platform that supports finance, sales, human resources, marketing and operations departments to unify and streamline their business planning and FP&A processes. From global enterprises to...Read more about MODLR
Prophix is a financial management solution used for financial consolidation, budgeting, analysis, planning and management reporting. The solution provides a spreadsheet-style interface that helps users to analyze financial data an...Read more about Prophix
Buyers GuideLast Updated: March 16, 2023
Today’s businesses often rely on a variety of accounts payable and receivable systems to manage their financial position. With financial data coming from so many directions, the process of coordinating monthly, quarterly, and annual closings can be cumbersome. Delays in closing can lead to elevated risk assessments from vendors, inaccuracy of financial reporting, and the inability to forecast future financial positions.
Financial close software provides businesses with the tools to streamline accounting workflows by managing the overwhelming amount of data. In doing so, companies can benefit from faster, more efficient closing lifecycles.
This guide will help you understand the different factors that must be considered when choosing a financial close software solution.
Here’s what we'll cover:
What is financial close software?
Financial close software draws on accounting data from multiple financial systems—such as general ledgers, balance sheets, and cash flow statements—to assist in monthly, quarterly, or annual business closings. The consolidation of financial data using one tool allows for the creation of detailed periodic reports and audit trails that can be used to improve financial workflows.
Common features of financial close software
While features vary from product to product, financial close software typically offers some or all of the following functionality:
Financial consolidation and close management
Collect data from multiple accounting and ledger systems, and manage workflows of periodic financial closures.
Generate reports, such as income statements and balance sheets, that gauge the performance and financial position of a company.
Track all financial transactions and record them in a centralized accounting record.
Provide detailed date and time information about when accounting entries are recorded.
Budgeting and forecasting
Allow finance managers to forecast potential financial positions and reallocate expenses as needed.
Display visual representations of statistics and metrics using graphs and charts.
Income and balance sheets
Create statements detailing the financial position of a business using key indicators, such as assets, liabilities, and equity.
Organize customers into geographical or virtual territories and assign them to accounting personnel.
Pull financial data from existing business systems and consolidate information from multiple sources.
What type of buyer are you?
As you research your options for financial close software, consider the type of buyer you are. This will help you better understand your company's needs and the required software features:
Businesses with a high number of payees: A key requirement of an accounting department is to make sure that employees, vendors, and suppliers are paid on time. The more payees a company is beholden to, the more complicated the accounting processes become. By utilizing financial close software, these companies can be prepared to consolidate payments across multiple vendors and liabilities in order to hit target closing dates.
Companies outsourcing accounting duties: In order to save accounting costs, small to midsize companies are increasingly outsourcing some accounting functions—such as payroll and tax accounting—to third-party companies. Financial close software provides companies with the tools to consolidate third-party financial data with in-house accounting packages and report closing data across multiple platforms.
Benefits of financial close software
By employing financial close software, companies can experience the following benefits:
Accelerate vendor response: By providing up-to-date information on outstanding liabilities to vendors and suppliers, financial close software allows your company to prioritize which bills to pay first. In doing so, you will be poised to take advantage of relationships with vendors that reward their clients that pay earlier in the way of product discounts.
Improve accounting workflows: In addition to simplifying current accounting close cycles, financial close software provides an audit trail as a tool for identifying where accounting errors and bottlenecks occur. By analyzing date and time information for accounting entries, you will have the information necessary to streamline and improve accounting workflows.
Gauge performance and forecast: With all accounting information consolidated in one place at the time of close, financial close software can generate detailed reports about the efficiency of current process and provide vital information to help prepare for future periodic closings.
Key considerations for purchasing financial close software
With so many financial close software offerings on the market today, the process of selecting a vendor can be difficult. Consider the following when choosing a financial close software:
Keeping up with requirements: Companies are increasingly being required to meet the demands of governmental and industry regulations, all of which will ultimately impact financial closing and auditing. Before choosing a financial close software solution, be sure to research which product offerings are poised to provide the flexibility to keep up with your industry’s specific requirements.
Integration with existing systems: Considering that the goal of financial close software is to consolidate data from multiple accounting systems, it’s vital that you choose an offering that is capable of integrating with your current environment. Be sure to perform an inventory of the software you already have in place before choosing a vendor.
Market trends to understand
When researching the financial close software market, there are some market trends that you may want to consider.
Decentralized workforce: Due to the recent COVID-19 pandemic and an overall increase in mobile and cloud computing, more than half of employees globally are now working at least 2.5 days a week outside of their office headquarters. As this trend continues, consolidation of financial data across multiple departments will increasingly benefit from financial close software.
Outsourcing of accounting functions: In 2019, 37% of companies surveyed said that they were using some method of outsourcing to reduce costs, with accounting and payroll being the most outsourced functions. Consolidation of financial from third-party sources will continue to be a challenge for companies that aren’t taking advantage of financial close software.
Note: The application selected in this article is an example to show a feature in context and is not intended as an endorsement or recommendation. It has been obtained from sources believed to be reliable at the time of publication.