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.
Financial Close Software
Financial Close Software Overview
What is Financial Close software?
“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, or accounting close software, assists businesses by providing ways to streamline the financial close cycle.
This software provides a more standardized and organized automation of the processes that controllers and accountants are responsible for at month-end close. This helps reduce workflow 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.
Most vendors offering financial close software include:
Integration with accounting software
Individual tasks lists
Financial close process timeline
Reconciliation management tools
Historical records of past close data
Some vendors also offer additional capabilities such as:
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 plan can be requested from vendors.
Financial Close Products
Listings (1-8 of 8)
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.
Oracle Financial Consolidation and Close Cloud is designed to reduce the time required to complete close of books.
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.
E*TRADE offers Equity Edge, the company's stock plan administration application which features sandbox modeling and automated accounting and recordkeeping.
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.
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...
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 “...