Financial Close Software

TrustRadius Top Rated for 2023

Top Rated Products

(1-5 of 11)

1
FloQast

FloQast in Sherman Oaks offers their financial close software to streamline accounting month end close, simply providing automation around reconciliation and eliminating human error, and visibility via a close status dashboard, as well as providing a complete audit trail.

2
Cube

Cube is a financial planning & analysis (FP&A) platform that aims to enable finance teams to be more strategic and positively contribute to company growth activities by spending less time on manual, repetitive task, from Cube Planning headquartered in New York.

3
Budgyt

Budgyt is a platform made to simplify business budgeting. With built-in functions designed for data integrity, team collaboration, and scenario planning & analysis, Budgyt is presented as an optimized budgeting experience that rids users of complex, error-prone spreadsheets…

4
Vena

Vena Solutions provides a financial process automation solution to automate Corporate Performance Management, accounting and budgeting, Regulatory & Compliance, and other finance-related processes. It is scaled for medium to large-sized organizations.

5
Planful

Planful is a cloud-based enterprise performance management (EPM) suite. It includes financial applications for modeling, planning, consolidation, reporting and analytics.

All Products

(1-25 of 39)

1
BlackLine

BlackLine automates the the processes required to finalize periodic closing of the books. Beyond close/reconciliation management the product includes capabilities to enhance the management and control of financial processes throughout the accounting cycle. In October 2020, BlackLine…

2
Vena

Vena Solutions provides a financial process automation solution to automate Corporate Performance Management, accounting and budgeting, Regulatory & Compliance, and other finance-related processes. It is scaled for medium to large-sized organizations.

3
Workday Adaptive Planning

Workday Adaptive Planning(formerly Adaptive Insights) is a financial planning and reporting tool. It includes automated budgeting and forecasting, financial reporting, and other active planning capabilities, including integrations with third-party products like Salesforce.

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4
Prophix

Prophix helps finance leaders to improve the speed and accuracy of decision making. Prophix’s Financial Performance Platform enables finance teams to reduce complexity and uncertainty, and illuminate insights with access to AI insights and planning, budgeting, forecasting, reporting,…

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5
FloQast

FloQast in Sherman Oaks offers their financial close software to streamline accounting month end close, simply providing automation around reconciliation and eliminating human error, and visibility via a close status dashboard, as well as providing a complete audit trail.

6
Planful

Planful is a cloud-based enterprise performance management (EPM) suite. It includes financial applications for modeling, planning, consolidation, reporting and analytics.

Products
7
Board

BOARD is a business decision-making platform for organizations of any size. BOARD hosts several business modeling, planning, and analysis all in one cloud-based platform.

8
Tipalti

Tipalti automates critical financial processes to drive efficiency, including accounts payable, mass payments, procurement, and expenses, all on one global finance automation platform that grows with the organization, automating, de-risking and simplifying finance.

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9
Cube

Cube is a financial planning & analysis (FP&A) platform that aims to enable finance teams to be more strategic and positively contribute to company growth activities by spending less time on manual, repetitive task, from Cube Planning headquartered in New York.

10
Oracle Fusion Cloud Enterprise Performance Management

Oracle Fusion Cloud Enterprise Performance Management (EPM) is a solution that helps users model and plan across finance, HR, supply chain, and sales, streamline the financial close process. Oracle Cloud Enterprise Performance Management (EPM) Platform is a framework of the technical…

11
Wolters Kluwer CCH® Tagetik

Tagetik is a corporate performance management solution that unifies budgeting, financial planning, consolidation and management reporting. Tagetik is offered as SaaS, on a private cloud, or on-premise, and can migrate between deployments as needed.

12
OneStream

OneStream Software provides a finance platform that aims to reduce the complexity of financial operations. OneStream™ supports finance by unifying corporate performance management (CPM) processes such as planning, financial close & consolidation, reporting, and analytics through…

13
Budgyt

Budgyt is a platform made to simplify business budgeting. With built-in functions designed for data integrity, team collaboration, and scenario planning & analysis, Budgyt is presented as an optimized budgeting experience that rids users of complex, error-prone spreadsheets…

14
Redwood Finance Automation

Redwood Software headquartered in the Netherlands offers Redwood Robotics, a robotic process automation solution.

15
Wolters Kluwer OneSumX

OneSumX, from Wolters Kluwer, is a product line providing compliance management, risk management, and financial crime control.

16
Fluence

Fluence Technologies provides a purpose-built financial consolidation, close and reporting software for mid-sized companies. The solution aims to give customers the time, confidence and performance they need by delivering game-changing efficiency gains and trusted, timely numbers.…

17
Numeric

Numeric, from Numeric headquartered in San Francisco, is a financial close software for enterprises and startups alike.

18
ReconNET by Trintech

ReconNET is a corporate performance management solution from Trintech. ReconNET automates account reconciliation, including high-volume reconciliation, with the goal of helping users tighten controls, reduce risk and increase process efficiency.

19
Reach Reporting

Automation for financial and non-financial data. Reach Reporting makes reporting, forecasting, and budgeting easier with dashboards and enhanced visuals, and automation for repetitive tasks to support better data-driven decisions. Reach Reporting's 3-Way Forecasting feature provides…

20
Axway Financial Accounting Hub

A solution for a company's financial information system that gives it ability to support multiple entity accounting and reporting, intercompany processing and reconciliation, and connection to any data source or target.

21
Recko, from Stripe

Recko is a software solution that supports reconciliation across complex use cases and enables users to integrate Payment Gateways, marketplaces, logistics, commission and payouts. Users can also setup multiple file-formats, complex fee & rate cards for multiple payment partners,…

22
Vin Reco
0 reviews

A payment reconciliation system - Vin Reco detected leakages worth INR 70 crores this year. Find leakages in financial transactions of orders, inventory and returns.Why is money leaking into marketplaces?Each marketplace has its own commission structure, payment terms, fees, penalties…

23
BeyondSquare FinAlyzer

FinAlyzer is a platform for the automation of statutory financial consolidation, and reporting, from BeyondSquare headquartered in Bangalore, Karnataka.

Financial Close Software TrustMap

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Learn More About Financial Close Software

What is Financial Close software?

Financial close software, or accounting close software, provides ways to streamline the financial close cycle. “Financial close” is an accounting term used to describe the process of zeroing out the balance in nominal accounts, such as revenues and expenses, and updating the Retained Earnings account in the ledger to equal the end-of-period balance. The close is necessary to prepare these accounts for the next period's transactions.

Financial close software provides a more standardized and organized automation of the processes that controllers and accountants are responsible for at month-end close. This automation helps reduce manual work and allows for a more accurate close. With the more repetitive tasks out of the way, users are able to focus on more high-risk reconciliations. Financial close software also allows for greater transparency and collaboration within the accounting team with real-time dashboards and individual checklists.

Financial close capabilities are found both in point solutions and larger financial systems. Financial close processes are frequently supported by Enterprise Resource Planning platforms, accounting software, and Corporate/Enterprise Performance Management systems. These are usually much larger systems that natively integrate financial close processes into their workflows.

Common Features

Most vendors offering financial close software include:

  • Account reconciliation management tools
  • Close Task management and assignment
  • Process automation
  • Spreadsheet integrations
  • Integration with accounting software
  • Checklist creation
  • Individual tasks lists
  • Financial close process timeline
  • Historical records of past close data
  • Financial close process reporting

Some vendors also offer additional capabilities, such as:

  • Payroll integration
  • Role-based permissions
  • Sales forecasting

Financial Close Software Comparison

When comparing different financial close software, consider these factors:

  1. Software Scope: Is each product a point solution focused on just close processes, or a broader financial platform? Point solutions can be effective options if your organization’s close process is disproportionately burdensome or intensive compared to the rest of the accounting process. Broader financial systems may be more helpful for scalability and streamlined end-to-end accounting processes.
  2. Scalability: is the platform scaled for smaller companies or enterprises? Smaller-scale products will likely be easier to use and manage, while enterprise-scale platforms may have more extended capabilities and be more robust and financially scalable at high transaction volumes.
  3. Integrations: What other financial systems does the organization already use or plan to use? Financial close software will need to be able to send data back and forth from these systems, ideally automatically, in order to get the best value out of all the organization’s software. Consider integrations with potential accounting systems, General Ledger tools, and ERP platforms, among others.

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Pricing Information

Vendors offering financial close software do not usually offer a free trial due to the time constraints of the accounting cycle. The cost of the products can vary between $125 - $200 per month per user with licenses for individual users for SMBs. Enterprise level plans that come with multiple user licenses for multiple locations are typically more expensive. Price quotes for these larger plans can be requested from vendors.

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Frequently Asked Questions

How do businesses use financial close software?

Businesses use financial close software to automate the month-end process of closing out the organization’s financial books.

What are the benefits of financial close software?

Financial close software reduces the time it takes to close the books at the end of the month and mitigates the potential for human error in these financial close processes.

What software can perform financial close processes?

There are point solutions for financial close, as well as accounting software, ERP platforms, and other financial systems that can support financial close processes.

What are the benefits of a point solution?

A product more focused on financial close is likely to have more robust automation and reporting capabilities than a broader system, and it may have better support for niche close situations.

How much does financial close software cost?

Many products offer pricing by quote per customer. However, SMB products often start from $125-200/user/month and increase in price by the range of features and number of users.