Financial Close Software
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.
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.
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…
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.
Planful is a cloud-based enterprise performance management (EPM) suite. It includes financial applications for modeling, planning, consolidation, reporting and analytics.
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.
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…
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.
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 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…
Redwood Software headquartered in the Netherlands offers Redwood Robotics, a robotic process automation solution.
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,…
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,…
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…
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.
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:
- 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.
- 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.
- 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.
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.
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.