Here is the review and list of top Financial Close Automation Software, along with a comparison, to perform the financial close process:
A financial close is a recurring accounting management process with the help of which accounting teams adjust and verify account balances at the end of a designated period. This is usually done to generate reports that accurately represent a company’s financial status.
As the process involves meddling with an overwhelming amount of financial data, it can get pretty tiring to execute.
Table of Contents:
Financial Close Automation Software Review
This is where financial close automation tools come into play. Such software automates and simplifies the close process. Accountants often use such software to approve expenses, reconcile accounts, make bill payments and execute other actions necessary for preparing accounts in time for next month’s transactions.
Without such software, the financial close process can be time-consuming. With robust financial close software, however, you can perform tasks like account reconciliation in seconds rather than days. If used appropriately, this software can free up your staff’s time, allowing them to focus on other core areas of the business.
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So in this article, we will look at the top such tools that can help you execute the mandatory financial close process in a timely and accurate manner.
Pro-Tips
- The software should be easy to use. After all, it will be used by your accountants, who aren’t mostly known for their technological prowess.
- The software should integrate well with your company’s existing financial systems and ERPs.
- Go for tools that do a lot more than perform financial close for you. Perhaps something that takes care of other major accounting duties at your behest will prove more productive.
- The tool should be scalable and capable of handling a sudden high influx of data in a short time. The tool should be able to manage your business’s growing scale.
- Financial close automation software that can develop custom workflows is a huge bonus.
- Go for software that consolidates your data across all divisions and departments under one centralized system.
Fact-Check: In a report published in the second half of 2020, based on several interviews conducted in the US, it was found that at least 42% of those interviewed claimed they used financial software in their companies. 30% of those interviewed were skeptical of such software and stored their financial data in their databases. 20% of the people interviewed said they were exploring the idea of using such software in the future.
List Of The Top Financial Close Automation Software
Here is the list of most selective Financial Close Process Automation Software:
- Record to Report Automation by Redwood (Recommended)
- Joiin
- Planful
- BlackLine
- Vena
- AICO
- SolveXia
- FloQast
- Trintech
- Workiva
- Oracle Financial Consolidation and Close
Comparing The Best Financial Close Software
| Name | Best For | Best Features | Ratings |
|---|---|---|---|
| Record to Report Automation by Redwood | Automation of up to 90% of financial close tasks | • Comprehensive automation • Orchestration and automation of the entire local entity closes • Catalog of pre-automated tasks • Deepest and smartest integration with SAO |  |
| Joiin | Financial consolidated reporting | • Business KPI Reports • Intercompany finance management • Multi-client management • Budgeting |  |
| Planful | Enhanced Collaboration and Control | • Manage complex structures with a single chart • Identify searchable audit logs and reports • Consolidate, translate and report foreign currency • Post journal entries | |
| BlackLine | Real-Time Financial Close Visibility | • Live real-time overview of the financial close process • Customizable dashboard • Automate job and task scheduling • Access, modify, and verify accounts in SAP in real-time |  |
| Vena | MS Excel like aesthetic | • Track close process status in real-time • Built-in audit system • Assign and Automate tasks • Account reconciliation | |
| Aico | Configurable Close Templates | • Highly Configurable • Period Management with pre-defined settings and schedules • Automated journal creation • Set up multi-phase workflow | |
Detailed Review:
#1) Record to Report Automation by Redwood (Recommended)
Best for complete cloud-based Finance Close Automation.
Redwood provides the most comprehensive solution for automation of the financial close. By automating account reconciliation and certification, close checklist, intercompany and accruals provisions and reclassifications, Redwood completely automates the otherwise tedious financial close process. All manual work associated with close is eliminated.
You also get a catalog of pre-built financial tasks that allows your organization to quickly get started with the process. The software also integrates seamlessly with a company’s existing systems, ERPs, and applications to connect all the necessary elements to achieve a touchless close.
Record to Report Automation by Redwood solution is designed from the ground up for highly reliable orchestration of critical financial applications and processes.
Thousands of enterprises trust Redwood’s financial close automation with their critical business application management and process improvement.
Features:
- Application-based automation.
- Clear dashboards and built-in BPM.
- Built-in audit and controls.
- Ever-growing catalog of pre-automated tasks.
Verdict: Record to Report Automation by Redwood specializes in completely automating the entire financial close process, thus eliminating the need to undertake manual processes. It also takes a data-driven approach to generate comprehensive reports that convey the financial status of a company.
Price: Contact for quote
#2) Joiin
Best for Financial consolidated reporting.
There are a lot of things that make Joiin a great financial close software. One of those things is its ability to automate how finance-related data is consolidated. The tool lets you view all your finance-related reports, from P&L statements to cash flows, in one place. The tool also excels at creating custom consolidated reports as briskly as possible.
The reporting also comes loaded with key performance measures, which can be used to assess just how well a company is performing. The tool also displays budgets alongside your financial presentation. You can also rely on Joiin to manage complex inter-company finances as well as manage multiple clients.
Features:
- Business KPI Reports
- Intercompany finance management
- Multi-client management
- Budgeting
- Create custom reports
Verdict
Affordable, easy to use, and studded with features, Joiin is a reporting tool you can use to get deep insight into your company’s finances. Its ability to create consolidated reports makes Joiin a worthy tool for company’s trying to gain complete control and visibility over various aspects of their finances.
Price: Joiin comes with a 14 day free trial. It subscription plans are as follows:
- Starter: $19/month
- Small: $35/month
- Medium: $58/month
- Large: $91/month
- X-Large: $175/month
- XX-Large: $280/month
#3) Planful
Best for enhanced collaboration and control.
Planful automates the financial close process by integrating data from the operational and financial departments of a business into a single, truly centralized system. This consolidation of data allows Planful to automate tiring manual processes associated with the close process.
Planful empowers the finance team by giving them greater control and visibility over their financial close process.
Further Reading => Top Meter to Cash Automation Software Solutions
Planful users benefit immensely from its collaborative features. Management across departments can collaborate without a hassle to gather data, expedite approvals and validate the information. The solution also excels when it comes to reporting generation. It also provides you with configurable layouts to create comprehensive, uniform reports.
Features:
- Built-in finance logic to post journal entries and manage account reclassification.
- Manage complex structures with a single chart.
- Identify searchable audit logs and reports.
- Consolidate, translate and report foreign currency.
Verdict: Planful allows you to automate the close process via multiple ERP systems. The software allows financial teams to manage the entire financial close process with increased control and collaboration, thus eliminating any chances of errors in the final report. With tons of ready-made templates to choose from, it is extremely easy to create dynamic reports using Planful.
Price: Contact for quote
Website: Planful
#4) BlackLine
Best for real-time financial close visibility.
BlackLine simplifies the close process by helping you define periodic check-lists, closing tasks, report verifications, internal controls, notification, and much more. You also get real-time overviews of your entire financial close process, allowing you to quickly identify and resolve issues that might plague it.
The software also empowers you with built-in scheduling templates to automate time-consuming tasks such as open time analysis and suspense account monitoring. BlackLine is built into SAP. You get access to all data held in SAP. This smart close software for SAP also makes use of existing SAP user roles and authorizations.
Features:
- Live real-time overview of the financial close process.
- Customizable dashboard.
- Automate job and task scheduling.
- Access, modify and verify accounts in SAP in real-time.
Verdict: BlackLine is a finance close automation software that simplifies, standardizes, and automates the close process from start to finish. The fact that it is built right into SAP also earns it a place so high on the list. Another compelling aspect of this software is the real-time overview of the financial close process it grants its users.
Price: Contact for quote
Website: BlackLine
#5) Vena
Best for MS Excel Aesthetic.
Vena makes the process of finance close simpler and quick because of its comprehensive aesthetic, which is borrowed heavily from MS excel. This familiar look alongside a centralized database, enterprise-level security, and impeccable process automation make Vena one of the best financial close automation software you can try today.
Vena takes complex processes associated with close, which include account reconciliation, intercompany transactions, and data collection, and completely automates them.
You also get a powerful workflow engine that helps in designing compelling month-end close reports. You are notified of all the changes, comments, and sign-offs occurring in the process with Vena’s exceptional audit trail and status tracker feature.
Features:
- Track close process status in real-time.
- Built-in audit system.
- Assign and Automate tasks.
- Account reconciliation.
Verdict: Vena benefits from the familiar feel and looks of MS excel, which makes the software easy to use. The platform can not only automate standard financial close processes but also take care of complex multi-entry processes such as minority interest calculations and currency conversions.
Price: Contact for Quote
Website: Vena
#6) Aico
Best for configurable close templates.
Aico expertly consolidates all financial tasks across all business divisions and departments under a single, powerful automation software. The software makes it easier for finance teams to monitor closing progress, harmonize processes associated with the close, implement internal control, and identify issues if any.
Aico also offers highly configurable yet simple templates to spearhead the close process. You can add comments and even rate closing tasks based on their importance.
This way, finance teams know which tasks to prioritize. You also don’t need to waste time automating close processes across all your departments. Simply automate one task and use that as a standard to roll out automation across all closing tasks.
Features:
- Highly configurable.
- Period Management with pre-defined settings and schedules.
- Automated journal creation.
- Set up multi-phase workflow.
Verdict: Aico allows you to automate and standardize closing across all departments and divisions of your company. Processing closing tasks with Aico is easier due to the simple but configurable templates you get. Aico also allows you to create your custom dashboard to make monitoring closing tasks simpler.
Price: Contact for quote
Website: Aico
#7) SolveXia
Best for no-code automation.
SolveXia is a widely popular data processing automation solution that can streamline the close process along with other core finance functions to save time. The platform can process data and convert them into insightful reports in a matter of seconds. It also takes care of double entries and errors, thus offering truly clean finance close reports.
Speaking of report generation, the software can generate reports in a variety of formats, presenting them via a centralized online dashboard or through simple files. You also don’t have to be a technical wizard to operate this software, as close management can be carried out with simple drag-and-drop components.
Features:
- 100+ automation.
- SQL-based database for secure data storage.
- Robust audit trails.
- Analytics-driven data processing.
Verdict: SolveXia is one of the smartest data processing automation software in the market today. It allows you to easily automate the financial close process quickly and efficiently with the help of simple drag-and-drop components. The software also facilitates seamless bot-to-human interaction.
Price: Contact for quote
Website: SolveXia
#8) FloQast
Best for improved collaboration and accuracy.
FloQast is yet another software that allows you to manage the entire close process by consolidating data from across all departments under one unified location. FloQast shines because of its stunning dashboard interface, giving you a real-time overview of all your close processes, such as reconciliations, checklists, etc.
FloQast also ensures improved accuracy about reporting numbers, as it comes with integrated sign-offs and automated trial balance tie-outs.
The software instantly alerts you if any changes to the balances have been made. The software also excels with its enhanced collaborative mechanism as all parties involved with the execution of closing tasks can communicate with each other, add comments and perform other activities.
Features:
- Collaborative close checklist.
- Monitor reconciliations and variances on one screen.
- Well-organized review notes.
- MS Excels and cloud storage integration.
Verdict: FloQast is an intuitive close management software that streamlines the entire closing process, thus eliminating manual tasks and saving time. The software particularly excels because of its features that enable improved reporting accuracy and enhanced collaboration.
Price: Contact for quote
Website: FloQast
Further Reading => Top-Treding FloQast Alternatives with Comparison
#9) Adra by Trinitech
Best for custom report generation.
Adra is just one among a plethora of great automation tools offered by Trinitech. This one, of course, streamlines and automates the close process. With Adra, you get a ton of features that seamlessly integrate with your business’s existing ERPs and financial systems, allowing you to take care of the close process in a relatively shorter period.
Features:
- Automated multi-way transaction matching.
- Balance sheet reconciliation.
- Customizable dashboard and reports.
- Real-time insights.
Verdict: Adra facilitates a smooth, close task management process by offering a ton of intuitive features that integrate seamlessly with your company’s existing financial systems. You also get centralized access to checklists and documents that help your management achieve greater control over the financial close process.
Price: Contact for quote
Website: Adra by Trinitech
#10) Workiva
Best for comprehensive audit trail.
Workiva helps you centralize data from all departments, combining financial and non-financial data to generate comprehensive reports. You also get a ton of flexible templates that can automate data collection during the close cycle.
Workiva’s pre-configured connectors also make it easier to import data from multiple ERPs and financial systems of your company.
Workiva also allows you to connect structured data collected from sources like ERPs with unstructured data collected from spreadsheets and emails. You can also rest assured as Workiva’s audit trail ensures the final number mentioned in the reports is accurate and free from any errors.
Features:
- Centralize data from multiple sources.
- Pre-configured connectors.
- Catalog of pre-built closing task templates.
- Real-time updates.
Verdict: Workiva emphasizes the importance of data management in creating compelling finance close reports by offering features that centralize data from multiple sources in a timely and accurate fashion.
Price: Contact for quote
Website: Workiva
#11) Oracle Cloud EPM Financial Consolidation and Close
Best for financial close management for larger enterprises.
Oracle makes financial close management simple as it comes with pre-built practice functionality tools. The software can automatically calculate everything from cash flow to income statements. It can also perform complex consolidations that have distinct calculations and reporting needs.
The tool helps streamline the close process by automatically tracking KPIs across the entire organization. It also increases the accuracy of consolidations by leveraging both standard and customizable currency translations. The platform can also generate narrative commentary that reduces time in creating reports and adds valuable insights to them.
Further Reading => Trintech Alternatives – Top Rated List
Features:
- Automate consolidations.
- Automate intercompany eliminations.
- Audit compliance.
- Comply with global reporting requirements.
Verdict: Oracle Cloud EPM well uses automated process monitoring, workflow capabilities, and integrations to streamline end-to-end close management. It can automate and simplify the consolidation process across the entire organization and help you centrally manage and post journal entries to any ledger.
Price: Contact for quote
Website: Oracle Cloud EPM Financial Consolidation and Close
Other Financial Close Software
#12) OneStream Platform
Best for a personalized dashboard.
OneStream makes for a great financial close tool as it offers a dashboard that can be personalized as per your wish. With OneStream, you get a single platform that supports elements crucial to the execution of the month-end financial close process. These elements include financial consolidation, financial planning, analytics, and reporting.
Price: Contact for quote
Website: OneStream
#13) Prophix
Best for improved collaboration.
Prophix facilitates the automation of the financial close process by consolidating data from multiple sources in a single, intuitive platform.
The platform is also known for offering a system that simplifies budgeting and planning collaboration. This smooth collaboration helps expedite the approval process, as team members working on the close process can communicate with each other.
Price: Contact for quote
Website: Prophix
Frequently Asked Questions
Answer: A financial close management software, aka accounting close management software, basically provides accountants with the tools they need to perform the financial close process. This process is a recurring one that occurs at the end of each month.
A financial close software automates the entire task, thus making it easy to prepare the account just in time for transactions of the next month.
Answer: There are several software out there that each promise the sky to their users. However, we found only a handful of software that was even worth trying.
According to our honest opinion, we believe these are some of the best financial close management software:
– Redwood
– Planful
– BlackLine
– Vena
– Aico
Answer: One can automate certain aspects of their finance department by using software that automates certain crucial processes integral to financial management.
For impeccable automation, the software must facilitate the following:
– Optical Character Recognition
– Bank Integration
– Automatic Workflow creation and management
– Cloud-based integration
– Automated Debt chasing
– Automated Accruals and Prepayments
Answer: The following finance processes can be automated today, thanks to several advancements in software technology:
– Bookkeeping
– Accounts Payable
– Payroll Management
– Expense Management
– Accounts Receivable
– Invoice Creation
– Tax compliance.
Answer: The three types of accounting software available today can be characterized based on what purpose they serve. First, we have commercial accounting software, which includes the likes of XERO and QuickBooks. Such software is used by small-to-mid-sized businesses.
Then there is the enterprise accounting software that is mostly used by large corporations to handle a massive amount of work. Finally, we have the custom accounting software, which is designed by the vendor after taking the specific needs and requirements of their clients into consideration.
Conclusion
Financial close is a crucial process that needs to be conducted consistently to maintain transparency about a company’s financial standing. Financial close automation software makes this otherwise tedious task extremely simple and less time-consuming.
Companies don’t have to rely on a single individual or a team of people to update accounts, source data, or match transactions.
A reliable financial close software streamlines them all. With such software becoming an integral part of your organization, you lift a heavy burden off your finance team’s shoulders, making them more productive when carrying out other equally crucial tasks.
As for our recommendation, if you want software that completely shoulders the financial close process from start to finish, we recommend you try Redwood or Planful.
- We spent 15 hours researching and writing this article so you can have summarized and insightful information on which Financial Close Automation Software will best suit you.
- Total software researched – 22
- Total software shortlisted – 12