It’s important for companies’ accountants to close accounting books in efficient ways. With financial close software, accountants can complete financial close cycles for companies effectively. Here are some of the best financial close software available right now.
13+ Financial Close Software
4. Prophix Software
6. Adra Suite
7. CCH Tagetik
8. IBM Cognos Controller
9. Axiom by Syntellis Performance Solutions
11. Redwood Business Process Automation
12. SAP Business Planning and Consolidation (BPC)
13. Oracle Financial Consolidation and Close
What Is Financial Close Software?
Financial close software is accounting software that helps businesses to finalize their financial close cycles. This financial consolidation and close software are used by companies ‘accountants to close their financial close cycles monthly.
Financial close software helps the companies’ accounting teams to complete their financial close cycles monthly. By providing accurate financial information to the month-end close software, companies can have accurate financial information that took place in their company operations, which is helpful especially for the company’s accountants. The financial close and consolidation software helps accountants to keep track of their financial-related transactions such as bill payment, expense approval, and lead capture.
The financial close and consolidation software contains organizational tools that help them keep track of their transactions easily in an organized manner. Such tools within the financial close management software enable accountants to keep track of the progression of these tasks before its suggested deadline for financial closing. The financial consolidation software also contains tools that help companies’ accounts to allocate individual financial closing activities on a monthly basis to ensure a more productive and efficient work performance in keeping track of financial tabs of the company.
Financial close software should provide organization tools that help accounts to keep track of their progression on closing financial records such as checklists. The close and consolidation software should also provide updates to the users of the software, mainly accountants, to keep track of the progress on financial records such as timelines and approvals. The financial close manager software should also provide tools that help accountants to perform reconciliation management tasks such as reconciliation deposits that can help them compare the previous archives of financial data. The financial consolidation and close software should also be able to integrate with document management software, preferably that generates, and edits can be done on a spreadsheet such as Excel for accounting purposes.
- Organization tools in finance keeping
- Updates on progress on financial closing tasks
- Reconciliation management capabilities
- Integration of document management software such as spreadsheets
Top 10 Financial Close Software
1. Oracle Financial Consolidation and Close
Oracle Financial Consolidation and Close provides EPM financial consolidation software that offers financial closing software capabilities with accuracy and flexibility. Oracle has 132,000 employees and earns revenue of $40 billion.
BlackLine’s financial operations management software is automated and end-to-end that provides various features such as accounts receivable software and intercompany accounting processing. BlackLine has 1,479 employees and earns annual revenue of $214.5 million.
3. CCH Tagetik
CCH Tagetik guides companies to make smart decisions at a fast pace with their predictive intelligence software. CCH Tagetik is owned and developed by Wolters Kluwer, which the parent company has 18,785 employees and earns a revenue of $7 billion.
Workiva helps companies to simplify complex financial close work which can bring in effective results despite its simple set-up. Workiva has 1,885 employees and earns annual revenue of $273.3 million.
5. Adra Suite
Adra Suite provides financial close software that helps companies reduce risk and close records quickly. Adra Suite is owned and developed by Trintech, which the parent company has 575 employees and earns annual revenue of $83.4 million.
6. IBM Cognos Controller
IBM Cognos Controller helps finance teams to automate their financial close process that can bring on effective results. IBM has 345,900 employees and earns a revenue of $73 million.
Vena’s agile financial forecasting software helps companies to create financial planning with wise insights based on financial closing data. Vena has 451 employees and earns annual revenue of $58.6 million.
8. Prophix Software
Prophix Software wants to redefine what cloud finance does with their financial close software that transforms the way companies plan their budget and report. Prophix Software has 341 employees and earns annual revenue of $49.4 million.
LucaNet’s financial performance management software provides complex finance solutions for companis seeking to close their accounts. LucaNet has 226 employees and earns annual revenue of $32.8 million.
FloQast aims to help accountants of companies with its accounting workflow automation software that helps them close financial records more easily and effectively. FloQast has 291 employees and earns annual revenue of $29.6 million.
What other software integrates with financial close software?
Financial close software often integrates with spreadsheet software and accounting software. The software often integrates with this software as it can help accounts document relevant financial data effectively with little inconsistencies. The software also integrates well with corporate performance management software which has similar capabilities but monitoring financial activities on bigger businesses such as financial consolidation and budgeting and forecasting.
What can users expect from using financial close software in their accounting tasks?
Financial close software includes various software capacities such as allocating different tasks, managing reconciliation management, and recording financial-related purposes to the software which is done monthly.
How much does financial close software cost?
Pricing for financial close software is usually customized, with each software offering different subscription tiers that offer more features as the prices increase. Pricing for financial close software varies depending on the features available and the intended companies. Small companies may benefit from low-cost financial close software while large companies may benefit from high-cost software.
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