Financial Close Software

Financial Close Software Overview

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.

Top Rated Financial Close Products

TrustRadius Top Rated for 2022

These products won a Top Rated award for having excellent customer satisfaction ratings. The list is based purely on reviews; there is no paid placement, and analyst opinions do not influence the rankings. Read more about the Top Rated criteria.

Financial Close Software TrustMap

TrustMaps are two-dimensional charts that compare products based on trScore and research frequency by prospective buyers. Products must have 10 or more ratings to appear on this TrustMap.

Financial Close Products

(1-25 of 29) Sorted by Most Reviews

The list of products below is based purely on reviews (sorted from most to least). There is no paid placement and analyst opinions do not influence their rankings. Here is our Promise to Buyers to ensure information on our site is reliable, useful, and worthy of your trust.

BlackLine
Customer Verified
Top Rated

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…

Prophix
Customer Verified
Top Rated
TRUE

Phophix offers a Corporate Performance Management (CPM) software that enables budgeting, planning, and reporting. Prophix emphasizes the software’s ability to automate data management and reporting tasks.

Key Features

  • Financial budgeting (143)
    92%
    9.2
  • Management Reporting (138)
    90%
    9.0
  • Management reporting (143)
    89%
    8.9
Vena
Customer Verified
Top Rated

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.

Key Features

  • Financial budgeting (137)
    90%
    9.0
  • Management reporting (135)
    90%
    9.0
  • Forecasting (133)
    90%
    9.0
Board
Customer Verified
Top Rated
TRUE

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.

Key Features

  • Customizable dashboards (83)
    94%
    9.4
  • Drill-down analysis (87)
    90%
    9.0
  • Formatting capabilities (85)
    90%
    9.0
Planful
Customer Verified
Top Rated

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

Key Features

  • Management reporting (78)
    97%
    9.7
  • Financial budgeting (81)
    96%
    9.6
  • Excel-based Reporting (78)
    92%
    9.2
Oracle Cloud EPM

Oracle’s complete EPM suite is designed to give users the agility needed to respond to change faster. Combined with the simplicity of the cloud, it enables companies of any size to drive accurate and agile plans across finance and operational lines of business, accelerate financial…

Key Features

  • Financial budgeting (38)
    91%
    9.1
  • Forecasting (37)
    90%
    9.0
  • Scenario modeling (35)
    85%
    8.5
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.

Key Features

  • Excel-based Reporting (40)
    90%
    9.0
  • Management Reporting (38)
    89%
    8.9
  • Management reporting (38)
    78%
    7.8
Tipalti
Customer Verified
Top Rated

Tipalti is a cloud-based platform that enables mass payment management and execution to networked partners (e.g. affiliates, suppliers, vendors, crowdsource, freelancers, and content publishers) across international borders. Payment can be in any local currency, through a variety…

OneStream
Customer Verified
Top Rated

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

Key Features

  • Financial data consolidation (16)
    98%
    9.8
  • Management reporting (16)
    96%
    9.6
  • Multi-currency management (16)
    94%
    9.4
Cube Planning
Customer Verified

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.

Key Features

  • Management Reporting (14)
    88%
    8.8
  • Management reporting (14)
    86%
    8.6
  • Financial budgeting (13)
    85%
    8.5
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.

Redwood Business Process Automation - Finance Edition

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

Wolters Kluwer OneSumX

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

DataRails

DataRails is an FP&A solution that automatically consolidates data from all existing organizational systems (ERP, GL, CRM, and HR data). It is designed so users can keep working on Excel while benefiting from automated data transformations.The vendor states users will enjoy…

Equity Edge

E*TRADE offers Equity Edge, the company's stock plan administration application which features sandbox modeling and automated accounting and recordkeeping.

Fiserv Frontier Reconciliation

Fiserv headquartered in Wisconsin offers Frontier Reconciliation, an automated account reconciliation platform for transactions and financial instruments, designed to provide improved operational efficiency as well as reduce probability of error in financial reporting.

ReconArt

ReconArt is an enterprise-class, web-based solution designed for end-to-end automation and integrated management of all data reconciliation processes. The automation capabilities aims to empower financial teams to eliminate time-intensive manual task, optimize their processes, and…

HighRadius Autonomous Accounting

HighRadius headquartered in Houston offers their end-to-end Financial Close Automation solution Autonomous Accounting, boasting a Financial Close product with modern user interface and user experience, and AI native Reconciliation platform to identify and resolve variances for General…

Xledger Financial Software

Xledgers' cloud-based financial software streamlines accounting processes through the automation of the accounts payable, accounts receivable, general ledger, and cash processes. Its focus on automation and intelligent data enable real-time reporting, outstanding management oversight,…

Axway Accounting Integration Suite (AI Suite)

Axway Accounting Integration Suite (AI Suite) helps users leverage automation to close faster and comply with regulations and standards. Features centralized control and ownership of accounting rules via the AI Suite rules engine.

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,…

Vin Reco

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…

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.…

BeyondSquare FinAlyzer

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

Adra Financial Close Management Suite

Trintech now supports Adra and Adra's modular Financial Close Management Suite, which includes the Task Manager task generation and monitoring application, the Balancer balance sheet account reconciliation application, the Accounts matching module for intercompany, bank and interim…

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.

Start a Financial Close Software comparison

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.

Financial Close Software Best Of Awards

The following financial close software offer award-winning customer relationships, feature sets, and value for price. Learn more about our Best Of Awards methodology here.

Best Financial Close Software Products

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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.