Financial Close Software

Best Financial Close Software include:

BlackLine.

Financial Close Software Overview

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 Products

(1-14 of 14) Sorted by Most Reviews

Vena Solutions
144 ratings
112 reviews
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.
BlackLine
85 ratings
73 reviews
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.
Planful (formerly Host Analytics)
108 ratings
54 reviews
Planful (formerly Host Analytics) is a cloud-based enterprise performance management (EPM) suite. It includes financial applications for modeling, planning, consolidation, reporting and analytics.
Oracle Cloud EPM
149 ratings
36 reviews
Top Rated
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 consolidation an…
CCH Tagetik
38 ratings
27 reviews
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.
FloQast
11 ratings
9 reviews
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.
AutoRek
Scottish company AutoRek offers their flagship automated financial reconciliation application, touting 99% automation of the reconciliation process with management information tools, escalation workflow, and automated auditable reporting.
IBM Cognos Controller
IBM Cognos Controller is a cloud-based financial close management software which provides automated and assisted reporting to the reconciliation process, rule and process defining, with automated intercompany eliminations, allocations, currency conversion, and support for extended financial close.
Equity Edge
E*TRADE offers Equity Edge, the company's stock plan administration application which features sandbox modeling and automated accounting and recordkeeping.
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 accounts, and fi…
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.
Cadency
Cadency is an automated financial close solution that combines all Record to Report activities into a single, seamless process. Cadency’s Financial Close software spans across all R2R activities — Certification (account reconciliation), Compliance and Journal Entry — with the goal of preventing “whi…
Redwood Finance Automation
Redwood Software headquartered in the Netherlands offers Redwood Robotics, a robotic process automation solution.
Infor CloudSuite Financials
Infor CloudSuite Financials is a cloud-delivered financial suite including general ledger, close management, real-time visibility into customer billing and intercompany billing, reconciliation management and lease accounting, asset accounting and cash management, and extensibility with Infor Treasur…

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.