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Best Financial Close Software

Financial close software, also called accounting close software, provides tools to help businesses complete the financial close cycle. Many organizations perform financial close at the end of each month, during which accountants within an organization use this software to ensure the books are accurate and any transactions were successfully completed. Tasks, such as bill payment and delivery, expense approval, and lead importing, will be laid out in checklists and checked off once completed. Financial close products often include features such as individual task allocation, reconciliation management, and databases of past accounting close data organized by month and transaction type. Individual progress and deadlines for each period can also be tracked by the accounting team throughout the cycle. These tools typically integrate with spreadsheets and various accounting tools to help users comprehensively document relevant data and identify noteworthy findings or inconsistencies. They may also integrate with or come packaged with other corporate performance management (CPM) features such as financial consolidation or budgeting and forecasting.

To qualify for inclusion in the Financial Close category, a product must:

  • Allow users to create checklists and individual tasks related to closing accounting books
  • Track the financial close process so users can view progress and timelines
  • Provide tools, such as reconciliation depositories or reconciliation management, that help users compare various sets of financial data
  • Integrate with or import spreadsheets from other database or accounting software products
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    BlackLine solutions empowers the accounting and finance function to manage and control the end-to-end financial close process by automating accounting workflows, providing a centralized and secure workspace to perform period-end accounting activities, and streamlining financial reporting. The resulting absence of complex, manual, and error-prone steps inherent in dated accounting practices, enables teams to focus on analyzing discrepancies and uncovering new ways to create value for the organization. This Continuous Accounting approach that eliminates non-value adding activities and evenly distributes tasks across the close, facilitates continual monitoring for errors, fraud, and inefficiency, so accounting and finance leaders can innovate to sustain competitive advantage, even in the face of growing workloads and increasingly stringent regulatory environments.

    IBM Cognos Controller is a cloud-based solution designed to support the close, consolidation and reporting process.

    FloQast is close management software created by accountants for accountants to close faster and more accurately. On average FloQast customers close three days faster.

    Your business is evolving. Your systems should evolve too. Achieve your goals more successfully with Prophix’s innovative Corporate Performance Management (CPM) software. Improve profitability and minimize risk when you automate repetitive tasks and focus on what matters. Budget, plan, consolidate and report automatically. Whether in the cloud or on-premise, Prophix supports your future with a platform that flexes to suit your strategic realities, today and tomorrow.

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    CCH Tagetik is a unified software platform that improves all of your financial processes including budgeting, planning, forecasting, financial consolidation, financial reporting and disclosure management. CCH Tagetik can be deployed as SaaS, private cloud, or on-premise. The flexibility to seamlessly migrate from one to the other means that we can match your company's strategy today or in the future. Over 1,000 customers around the globe have increased efficiency, reduced risk and saved money with CCH Tagetik.

    Vena Solutions redefines how medium and large sized companies manage their budgeting, planning and revenue forecasting. Vena combines a centralized database, sophisticated workflow, powerful reporting and advanced analytics with Excel to create a cloud-based corporate performance management (CPM) solution. The best companies in the world use Vena to get trusted numbers and insights fast. Vena is the fastest growing cloud CPM company and the only one to embrace – not replace – Excel.

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    Workday Financial Performance Management (FPM) enables organizations to perform financial consolidation, reporting, analysis, and planning without having to replace their underlying general ledgers or accounting systems of record. By marrying the financial data from their core accounting systems with the financial data model in Workday, they gain a single view of their operations across financial performance and talent, allowing them to focus on improving performance and supporting strategic initiatives. Workday FPM accelerates the benefits of deploying a cloud-based solution to the FP&A function, but also supports the controller’s function of closing the books and preparing consolidated financial reporting across the entire corporate hierarchy.

    Oracle Financial Consolidation and Close Cloud is a cloud-based solution built to optimize the close. Financial Consolidation and Close Cloud is designed to help minimize risk, provide transparency to the process, and accuracy to the results.

    Host Analytics is the industry’s leading provider of scalable, cloud-based enterprise performance management (EPM) solutions. Finance is central to making the organization run efficiently and enabling it to meet its goals. We help you achieve this with a scalable, cloud-based platform that automates planning, consolidation and reporting. This reduces manual work and errors, helping you get things done faster and creating time for value-added, strategic work and analysis. The result is an organization that adapts quickly, stays aligned and ahead of the competition.

    Kaufman Hall’s Axiom Software provides sophisticated, flexible performance management solutions that empower finance professionals to analyze results, model the future, and optimize organizational decision making. Built on 30 years of expertise in helping executives to improve financial performance, Axiom is designed to equip finance teams to be more agile, spend more time analyzing data to better understand the drivers that affect their organizations. In order to deliver a solution that drives broad organizational adoption and success, we continue to focus on these key areas: Ease of use: We want to ensure that users aren’t hindered with a clunky, time-consuming software solution. Finance professionals should be empowered by intuitive software that enables them to spend less time aggregating data and more time empowering strategic decision making. Accessibility: Axiom’s cloud solution, hosted on Microsoft Azure, ensures that customers have access to their data whenever they want, wherever they happen to be. The cloud also allows users to spend less time on upgrades, become less reliant on IT, and spend more time focusing on their day jobs. Industry-specific models: Your industry is unique. You deserve a software solution tailored to your specific requirements. Axiom’s industry solutions are built upon years of partnership with customers to develop best practice solutions that make an impact. A Truly Integrated Solution: What’s the good of developing a long-range plan if it doesn’t factor in the annual budget? By providing an integrated software solution, we can ensure that our customers don’t have to rely on multiple processes across different tools to get their jobs done. In fact, Axiom has earned top marks from Gartner for its ability to integrate source systems like ERP and HR/Payroll to provide users with a truly unified view of the truth. Flexibility: Let’s face it: no two organizations are exactly the same. The beauty of Axiom Software is that it allows you to embrace a powerful software solution without having to change your entire business process along the way. We’ll work to ensure your data is available the way that makes the most sense to you. Complex Planning Made Simple: The market is full of software providers promising that the budgeting process can be completed with just a few mouse clicks. That may be true if your organization has little to no complexity in its operation. But that’s not how the real world works for a majority of companies. Axiom is continually praised by industry analysts for its ability to help its customers make sense of their complex budgets and plans.

    Equity Edge Online is a stock plan administration platform.

    Longview makes performance software for the Now business realities. Hundreds of thousands of business leaders from Global 2000 companies, operating in more than two hundred countries, leverage Longview daily to make strategic and immediate business decisions based on Now business realities. Our performance management software drives the advantage of planning with critical insights into vast and disparate data points. Longview brings budgeting, forecasting, tax reporting, analytics and the financial close to its single platform for out of the box performance management.

    At Trintech, we pride ourselves on our ability to fulfill the needs of Finance & Accounting professionals ahead of anyone else in the market. We deliver innovative, world-class technology and services, each and every step of the way. We understand the deadlines, dynamics, and challenges of managing the Record to Report process. Today, over 3,100 clients across 100+ countries – including the majority of the Fortune 100 – rely on Trintech’s solutions to help streamline their high-volume transactions and GL account reconciliation, manage their journal entry process, speed their month-end close, and ensure regulatory and other compliance efforts.

    AutoRek is an automated reconciliations solution which comes complete with easy-to-use data loading and preparation functionality, advanced matching capability, workflow to route corrective action requests and queries, case management and management information.

    Contour CPM-platform consists of financial data warehouse and applications designed for building corporate performance management solutions to make better decisions, be proactive, and ultimately boost the bottom-line.

    ReconArt is the provider of modern solutions for account reconciliation and financial close management.

    RecWise manages the financial month end close, improves staff satisfaction, audit and account compliance.

    Adra offers a financial task management solution, designed to make it super-easy to create, build and manage world-class processes.

    TruEquity is a cap table management software designed to track and manage shares, convertible notes, warrants, options and secondary transactions.