Struggling to sustain in the highly competitive market?
Adopt one from our list of best Finance Transformation Solutions reviewed and compared in this tutorial for better efficiency:
With time, there come changes in the techniques of production, operation, and other processes. The world is innovating and evolving every single day. And, if we do not adapt to these changes, we will, most probably, lag behind.
Table of Contents:
Finance Transformation Solutions Review
So here the question arises, how can one keep a track of the continuous change of techniques, while focusing on other aspects of his business?
Taking guidance from a trustworthy expert can be an answer. So how to find a trustworthy guide.
Here is a solution: There are Finance Transformation Solutions that one can opt for. They are well-established, reputed, and trusted enterprises.
They serve businesses with their expert advisory and consulting services on how to transform their business and give them some helpful automation tools to make their daily tasks easier, more efficient, and done more accurately. These solutions also lead to cost reduction in the end.
[image source]
In this article, we will discuss in detail the features offered by the top best finance transformation solutions providers. We have also given a comparison table to give a quick idea and guide you to choose the best service according to your needs.
Fact Check: According to a report by Markets and Markets, the global digital transformation market was valued at $469.8 billion in 2020 and is expected to expand at a Compound Annual Growth Rate (CAGR) of 16.5% from 2020 to 2025 and reach a net worth of $1009.8 billion by 2025.
Some of the reasons for such an expansion are the increasing need for cloud transformation and lucrative policies being adopted by the new digital products launched in the market.
List of the Top Finance Transformation Solutions
Here we have given remarkable solutions for finance transformations:
- Record to Report Automation by Redwood (Recommended)
- BlackLine
- PWC
- Accenture
- Deloitte
- Auxis
- Planful
- Protiviti
- The Hackett Group
- Collaborative Solutions
Comparing Some Top Finance Transformation Solutions
| Tool Name | Best for | Founded in | Ratings | Estimated Annual Revenue | Website |
|---|---|---|---|---|---|
| Record to Report Automation by Redwood | Useful automation features | 1993 | 5/5 stars | $210 Million | Visit |
| BlackLine | Eases up the financial close process. | 2001 | 5/5 stars | $425 Million | Visit |
| PWC | Scalable consulting services. | 1998 | 4.8/5 stars | $45 Billion | Visit |
| Accenture | Managing the complex data and reporting tools | 1989 | 4.6/5 stars | $44 Billion | Visit |
| Deloitte | Advisory services by industry experts | 1845 | 4.6/5 stars | $50.2 Billion | Visit |
Detailed Reviews:
#1) Record to Report Automation by Redwood (Recommended)
Best for useful automation features.
Redwood delivers both on-premises and cloud-based solutions that automate the end-to-end financial close process for large enterprises with complex R2R cycles. It provides a comprehensive automation solution that encompasses the entire spectrum of the R2R processes including close checklist, reconciliation and certification, intercompany, journals and accruals.
The software helps you save much of your time by automating the highly manual tasks that occur across the close. Besides time savings, companies can expedite the close and increase visibility, accuracy and transparency.
Top Features:
- The most comprehensive level of automation available, up to 90% of the entire R2R process.
- Extensive integrations with ERP platforms, such as SAP and Oracle, allow transaction-level connections with reliable API-based connections.
- Automation features for financial closure, including financial reconciliation, journal entry, and more.
- Automates tasks inside and also those tasks that reside outside of ERP systems.
Verdict: Redwood’s R2R automation solution sets the gold standard for automation and achieving a close with as little manual overhead as possible..
Price: Contact directly for a price quote.
#2) BlackLine
Best for easing up the financial close process.
BlackLine is a financial transformation solutions provider which increases your productivity, decreases the chances of an error, manages the close process with various accounting automation tools, and much more.
Top Features:
- Automated reconciliation process.
- Create, review and approve journals and then store them electronically with their supporting documents.
- Task management tools.
- Transaction matching features reconcile all your transactions in a few minutes..
Verdict: Trusted by over 2800 organizations worldwide, Blackline is a highly recommended financial transformation solutions provider. The software makes the financial and accounting process more efficient and accurate.
Price: Contact directly for customized prices.
Website: BlackLine
#3) PWC
Best for strategic insights and consulting services.
Founded more than 165 years ago, PWC is an established and renowned name in the industry. The services offered by PWC include tax management, auditing, business consulting services and more.
Top Features:
- Gives you strategic, actionable insights.
- Perform financial audits and help in the tax process.
- Gives you consulting services so that you can make better business decisions.
- Cloud-based digital services.
Verdict: This cloud-based financial transformation platform helps your business thrive by offering you many beneficial services, including giving you data-driven actionable insights, consulting services, and much more.
Price: Contact directly for a price quote.
Website: PWC
#4) Accenture
Best for managing your complex data and reporting tools.
Accenture is a big name in the field of finances. It works with 91 of the Fortune 100 companies, and has served over 6,000 clients across 120 countries. The software is loaded with solutions for your business’s finances, accounting and reporting requirements.
Top Features:
- Accounting solutions that help you from the time of purchasing to the time of payments.
- Cost accounting and allocations.
- Reporting tools, including financial management reports, standard reports and more.
- Manages your complex data
Verdict: Accenture claims to cut your costs of financial transformation by 50%, makes the closing and reporting more accurate and efficient, reduces operational risks during project implementation and thus, is a highly recommended solution for financial transformation.
Price: Contact directly for a price quote.
Website: Accenture
#5) Deloitte
Best for advisory services by industry experts.
Deloitte is one of the best financial transformation solutions providers, which gives you modern solutions for your day-to-day tasks. Having served the businesses for over 175 years, Deloitte today renders its services in more than 150 countries.
Top Features:
- Helps in business decision-making by giving you insights into your financial capability.
- Consulting services for capital and cash planning.
- Highly experienced team of members to advise you on risk and financial matters.
- Audit and assurance services as well as tax advisory.
Verdict: The consulting and advisory services offered by Deloitte for various financial, risk, and other matters are praiseworthy. This cloud-based services provider has a lot to offer, including analytics, taxes, consulting, audit & assurance, risk, and financial advisory, and much more.
Price: Contact directly for a price quote.
Website: Deloitte
#6) Auxis
Best for innovative solutions for your business.
Auxis is a consulting and outsourcing services provider which was founded in 2005. Built to provide alternatives to the traditional consulting model. They help in adapting to changes, innovation, and achieving success through their automation and analytics, and other features.
Top Features:
- Gives you real-time analytics and predictive insights.
- Gives you accurate knowledge about the market and business.
- Automation tools that take up your day-to-day accounting operations.
- Business intelligence and analytics.
- Automated workflow and reconciliations.
Verdict: Auxis is a highly recommended financial transformation solutions provider. The advisory services that help you learn about the market and the business techniques are a plus point.
Price: Contact directly for a price quote.
Website: Auxis
#7) Planful
Best for planning and analysis tools.
Planful is a cloud-based planning and analysis solutions provider. Previously known as Host Analytics, Planful is a platform that lets you plan through complex business challenges.
Top Features:
- Planning and budgeting tools.
- Reporting and analyzing.
- Automation features for financial transformation include budgeting, forecasting, and more.
- Automated data collection from sales and marketing systems lets you have quick revenue forecasts, better visibility, and flexible plans.
Verdict: Planful helps to evolve your business through its financial transformation solutions. It has some nice features for strategic and dynamic planning, financial consolidation, and reporting.
Price: Contact directly for pricing.
Website: Planful
#8) Protiviti
Best for helping you adapt to technological advancements.
Protiviti is one of the best finance transformation solutions providers. It helps you transform and adopt more innovative techniques and helps you in making better business strategies.
Top Features:
- Automating tools for the accounting process.
- Helps you in getting the optimum use of technology.
- Tools to help you make better business strategies.
- Budgeting, planning, and forecasting tools.
Verdict: Protiviti is a highly recommended finance transformation solution. The features and the services offered are appreciable. They help you adapt to the changes in technology with their advisory and consulting services and much more that they offer.
Price: Contact directly for a price quote.
Website: Protiviti
#9) The Hackett Group
Best for helping you in the digital transformation of your enterprise.
The Hackett Group aims at the digital evolution of businesses. They provide cloud based smart automation features, enterprise analytics tools, performance management tools, consulting services, and much more.
Top Features:
- Accurate financial forecasting.
- Financial consulting with experienced professionals.
- Performance management and analytics.
- Helps in making business strategies that can reduce costs of production.
Verdict: The Hackett Group is a trusted financial transformation solutions provider. The company claims that 69% of companies who trusted The Hackett Group had registered major cost reductions in 2018. This says a lot about their services.
Price: Contact directly for a price quote.
Website: The Hackett Group
Further Reading => Top Fintech Software Development Companies
#10) Collaborative Solutions
Best for step-by-step guidance on cloud-based technology deployment.
Collaborative Solutions is a Cognizant company. As the name suggests, this finance transformation solutions provider collaborates with you, so that you can adopt the best techniques, transform your business with cloud-based technology deployment, and much more.
Top Features:
- Consulting services for business strategies, cloud transformation, and more.
- Deployment services: They give you expert guidance on cloud-based technology deployment.
- Acts as an extension for your HR, finance, and planning requirements.
- Their Cynergy Balance Process Model aims at guiding you based on the industry’s best practices, knowledge transfers, and more.
Verdict: Trusted by companies like Toyota and Freddie Mac, Collaborative Solutions is a highly recommended name in the industry. They collaborate with you, act as the extension of your teams, and guide you towards the best practices to follow.
Price: Contact directly for a price quote.
Website: Collaborative Solutions
Frequently Asked Questions
It is needed because it makes businesses more competitive, by making them adopt better business strategies, modern working methods and gives them automation tools to store and organize their important data, and prepare accurate reports.
They can act as an extension of your teams. They can guide your HR teams, help you in planning, cloud transformation, and digitizing. With the help of finance transformation consultants, you can get enormous benefits through cost reduction and increased productivity.
Digital transformation means adopting the modern innovative techniques of operation. It makes business processes more efficient, accurate, and quick.
Digital transformation in finance can also help in collecting financial data, maintaining records digitally, and thus reducing the chances of error.
Automation tools can be extremely helpful in financial processes. Apart from saving much of your time, you get more accurate, error-free results. Various software offers automation tools for finance processes.
Following finance processes can be automated:
Invoicing
Data collection
Organizing financial data
Financial reporting
Accounts receivable
Accounts payable
Budgeting
Data analysis and forecasting
Payrolls
Tax calculation
and much more.
While AI can undertake much of the mundane and simplistic responsibilities of the finance department, it will probably replace some entry-level finance jobs.
That said, most finance automation allows financial organizations to achieve more with less, reducing current workloads on heavily strained teams and allowing them to focus on higher-value tasks.
Conclusion
Businesses today need to adopt the best available techniques and practices if they want to sustain themselves in the industry. And, to adopt the best techniques, they need proper, trustable guidance from the industry experts.
So the industry experts have established companies that provide you with solutions for finance transformation. These transformation services give you consulting and advising services for making better business strategies and more, and guide you on how to transform your business to become more digital and efficient.
These services also give you some automation features so that you can get rid of the troublesome, time-taking manual work and thus save much of your time and get your tasks done more accurately and quickly.
Redwood Finance Automation, BlackLine, Accenture, Deloitte, Auxis, Planful and Collaborative Solutions are some of the best finance transformation solutions providers.
Further reading =>> Top alternatives to BlackLine
Research Process:
- Time taken to research this article: We spent 10 hours researching and writing this article so you can get a useful summarized list of tools with the comparison of each for your quick review.
- Total tools researched online: 14
- Top tools shortlisted for review: 10