7 Best Financial Close Automation Software in 2024

In this blog, we explore some of the best financial close automation software such as Redwood, Blackline, Floqast, Trintech, Onestream etc., We will also discuss the features and benefits of each Software to help you find the best fit for your organization.

Financial close automation software is an essential tool used by organizations to streamline and automate their financial close processes. This type of software helps businesses eliminate manual tasks, reduce errors, and ultimately improve the efficiency and accuracy of their financial reporting.

With the ever-increasing pressure for timely and accurate financial reporting, financial close automation software has become a necessary investment for companies looking to stay ahead in the competitive market.

We will also dive into some key features and benefits of these alternatives to help you make an informed decision for your organization’s financial close needs.

Comparison of Top Financial Close Automation Software

What is Financial Close Automation Software?

Financial Close Automation Software is a type of software that automates the process of closing financial books and producing financial statements. This software streamlines and simplifies the record to report (R2R) process, which includes tasks such as account reconciliation, journal entries, and financial reporting.

Traditionally, these tasks were performed manually using spreadsheets or other manual methods. However, with the increasing complexity of financial processes and regulations, there is a growing need for automation in the finance industry. Financial Close Automation Software offers a solution to this need by automating repetitive tasks, reducing errors, and increasing efficiency.

Why use Financial Close Automation Software?

There are several benefits to using Financial Close Automation Software.

Firstly, it improves accuracy by reducing human error. Manual processes are prone to mistakes, especially when dealing with large amounts of data and complex financial regulations. By automating these processes, the chances of errors are significantly reduced.

Secondly, it saves time and increases efficiency. With automation, tasks that would take hours or days to complete manually can be completed in a matter of minutes. This frees up valuable time for finance teams to focus on more strategic tasks.

Thirdly, it enhances data security and control. Financial Close Automation Software centralizes financial data and creates an audit trail, providing a secure and controlled environment for financial processes. This reduces the risk of fraud and ensures compliance with regulations.

Features of Financial Close Automation Software

Some common features of Financial Close Automation Software include:

• Account reconciliation: This feature automates the process of reconciling accounts, saving time and reducing errors.
• Journal entry management: Automating journal entries reduces manual effort and ensures accuracy.
• Task management: Financial Close Automation Software allows for the creation and assignment of tasks, ensuring that all necessary steps are completed in a timely manner.
• Audit trail: The software creates an audit trail of all financial activities, providing transparency and accountability.
• Reporting and analytics: With automated reporting and analytics, financial data can be quickly analyzed to identify trends and areas for improvement.

Choosing the Right Financial Close Automation Software

When selecting Financial Close Automation Software, there are a few key factors to consider:

• Integration capabilities: Look for software that integrates with your existing systems, such as ERP or accounting software.
• User-friendly interface: The software should be easy to navigate and use, with minimal training required.
• Scalability: As your business grows, the software should be able to handle increasing volumes of financial data and processes.
• Customization: Each company’s financial close process may differ, so look for software that allows for customization to meet your specific needs.

Benefits of Financial Close Automation Software

Implementing Financial Close Automation Software can bring numerous benefits to an organization, including:

• Time and cost savings: With automation, manual tasks are reduced or eliminated, saving time and reducing labor costs.
• Increased accuracy: Automated processes reduce the risk of human error, leading to more accurate financial data.
• Compliance: By automating processes and creating an audit trail, the software helps ensure compliance with financial regulations.
• Improved efficiency: Automated reporting and analytics allow for quicker and more accurate analysis of financial data, leading to better decision making.

List of Top Financial Close Automation Software

#1. Record to Report Automation by Redwood

Best for end-to-end accounting processes.

Redwood’s record-to-report finance automation software automates up to 90% of the manual tasks involved across the local entity closes, enabling a faster and more accurate R2R process. With comprehensive visibility into financial health, it facilitates informed accurate, timely and compliant reporting in the most efficient manner possible.

By centralizing financial data, it provides comprehensive visibility for informed decision-making. This cutting-edge software enhances operational efficiency, financial compliance, and security.

The solution seamlessly collaborates with existing applications, simplifying financial reporting. It saves time by eliminating unnecessary manual effort and enables finance teams to delve deeper into analysis.

Record to Report Automation by Redwood understands finance systems and streamlines processes effortlessly. It connects process elements, handles approvals, and writes results to underlying financial systems. Easily clone and edit processes with just a few clicks.

Features:

• With application-based automation, you can enjoy enhanced reliability and control by having fully supported and maintained connections to your core applications and systems.
• With Redwood’s ever-expanding collection of pre-automated tasks, configuring processes is now faster and easier than ever. Ready-to-use components make it a breeze!
• With comprehensive orchestration, you can seamlessly manage and coordinate complex sub-processes across the entire close, automating their interdependencies effortlessly.
• Redwood’s experts are here to help you assess and select the right processes to select for your automation improvements.
• You can effortlessly and rapidly scale your automated processes to meet changing needs, all while keeping the costs in check.
• Redwood’s pre-automated tasks are designed to be ERP and non-ERP friendly. That means they work seamlessly with any ERP system and many other business applications. So, you can effortlessly streamline your processes and boost efficiency.
• Empower and enlighten business users with the power of built-in BPM and crystal-clear dashboards, allowing you to have control at key points.
• Redwood has a built-in audit and controls feature that logs and tracks every step of the process, so there’s no need for any manual intervention. It’s all taken care of automatically!
• With managed file transfers, you can securely move, copy, and manage files, such as bank statements, even when dealing with unsecured networks and external endpoints.
• When it comes to data sources, you can handle everything across the entire enterprise. From CRM to ETL, cloud-native databases, and even artificial intelligence/machine learning. It’s all covered!
• When it comes to security, you can trust Redwood’s platform. It’s got you covered with ISO 27001, SOC 2, and CSA STAR Level 1 certifications. Plus, it’s been through third-party pen-testing to ensure top-notch protection.
• At Redwood, the team of automation experts is committed to providing round-the-clock support, available 24 hours a day, 5 days a week. Furthermore, they offer 24/7 SEV-1 support to promptly address any issues that may arise.
• Redwood’s R2R automation solution provides an intuitive interface and a well-designed user experience, ensuring effortless usability. Extensive training is unnecessary as it is designed to be user-friendly, enabling a seamless start. Moreover, its exceptional user-friendliness is highly valued by all users.

Pricing: Contact Redwood for a demo and pricing.

#2. Oracle Cloud EPM

Oracle Fusion Cloud Enterprise Performance Management (EPM) is an amazing cloud-based platform that makes it super easy for you to model and plan across finance, HR, supply chain, and sales.

Plus, with Oracle Cloud EPM, you can streamline your financial close process and make smarter decisions.

And the best part? It has a user-friendly interface that gives you the agility and insights you need to outperform in any market condition.

Features

• EPM Platform: The Oracle Cloud EPM Platform is a comprehensive framework that supports various Cloud EPM processes. It’s designed to provide a unified user experience, streamline administration, and improve efficiency and effectiveness.
• Planning: Create agile and interconnected plans that encompass scenario modeling, long-range planning, budgeting, and line of business planning. These plans are based on industry best practices and leverage advanced technologies.
• Profitability and Cost Management: Get valuable insights on your profitable products and business lines. Make informed decisions about your business direction by analyzing costs. Create transparent models for profitability analysis, shared service costing, IT financial management, and tax transfer pricing.
• Financial Consolidation and Close: Embrace the ever-changing business landscape and evolving compliance requirements with agility. Unleash the power of built-in functionality that seamlessly handles end-to-end close tasks, enabling faster, precise, and transparent reporting.
• Account reconciliation: Automate your account reconciliations and transaction matching to boost the efficiency and accuracy of your financial statements. This will also help address the security and risk associated with the process.
• Tax Reporting: Achieve better visibility and compliance by aligning tax with corporate financial reporting. Unlock the power of transparent corporate tax processes, including tax provision and country-by-country reporting (CbCR). Experience a new level of financial clarity and accountability.
• Analytics and reporting, reinvented: Ensure compliance with internal and external reporting obligations by leveraging narrative reporting for collaborative creation and dissemination of financial, management, and regulatory report packages.
• Freeform: Unleash better decision-making with Oracle Fusion Cloud EPM. Explore multidimensional analysis, planning, modeling, and reporting. Oracle Cloud Freeform combines the power and flexibility of Essbase with the scalability and governance of SaaS. Imagine, build, and shape your success.
• Enterprise Data Management: Effectively manage business change by leveraging enterprise data management. This includes various components such as enterprise data governance, change data visualization, and hierarchy management.

Pricing: Contact Oracle for demo and pricing.

#3. Vena Solutions

Best for mid-market and small businesses.

Vena Solutions is an intelligent platform for complete planning that brings together your people, processes, and systems. It automates various critical business processes like budgeting, forecasting, cash flow planning, financial close, and incentive compensation. Plus, it offers enterprise-level scalability and seamlessly integrates with both cloud and on-premise systems.

The software features a user-friendly web-based interface and makes it easy to collaborate and share workspace documentation.

Features:

• Central Database: Vena’s cloud database is super powerful! It seamlessly integrates with your source systems and brings together all your data in one place.
• Excel Templates: Vena offers templates with embedded logic to help you plan for sales, COGS, and operating expenses.
• Workflows: You can use the workflow to distribute templates based on entities or departments and have control over the submission and review processes.
• Budgeting: Enhance budget cycle times and generate budgets tailored to diverse needs: top-down, bottom-up, zero-based, or driver-based approaches.
• Forecasting: Strategize for the future with confidence by leveraging integrated financial statements, rolling forecasts, what-if analysis, unlimited modeling capabilities, and more.
• Financial and Businesswide Reporting and Analysis: Analyze financials across departments, generate customized reports, and gain a detailed perspective of your income statement. Plus, unleash the potential of your data in Vena Insights to unlock impactful strategic insights and self-service analytics.
• Variance Reporting and Analysis: Vena seamlessly integrates actuals from your source systems into your budgeting templates, enabling you to generate variance reports quickly and efficiently.
• Turn Excel Into a Complete FP&A Platform: Vena brings the interface you already know and love—Excel—and supercharges it with awesome features like template and version control, drill-throughs, quick build reports, and more!
• Keep Your Data and Templates Safe: With Vena’s financial planning and analysis tools, you have the power to control access and manage permissions at the individual user level. This means you can easily handle templates, data, and inputs according to your specific needs.
• ERP and GL Integration: Easily integrate general ledger data from ERPs like Sage Intacct, NetSuite, Microsoft Dynamics, Quickbooks, FinancialForce, and more into your templates. This way, you can ensure that you’re always working with accurate and up-to-date numbers.
• HRIS Integration: Load data from HRIS systems like ADP, Workday, Bamboo, and more effortlessly using our financial planning and analysis software.

Pricing: Contact Vena Solutions for demo and pricing.

#4. Trintech

Best for financial management, including risk management and compliance.

Trintech is a leading financial close and account reconciliation software solution that empowers organizations to automate their account reconciliation and finance close processes, driving growth, mitigating risk, and enabling their teams to excel.

With Trintech, workflows are streamlined, collaboration is enhanced, and teams across the organization can focus on high-value tasks that drive profitability and boost productivity.

Experience the heightened accuracy, control, and visibility of your account reconciliation and close processes with Trintech, ensuring optimal efficiency and effectiveness.

Features:

• Financial Close Management: This solution streamlines manual accounting processes, reducing risk and enhancing visibility. It facilitates a more efficient close, improves data quality, and empowers teams to provide strategic insights.
• Automated Reconciliations: Achieve a balanced risk approach for your processes and reconciliations. By leveraging automation, you enable teams to focus on value-added work while optimizing costs.
• Transaction Matching: Save time with automated transaction matching and standardized processes across the organization. Say goodbye to error-prone and time-consuming manual tasks, making everything more streamlined.
• Reporting and Analytics: Mitigate risks and unlock the full potential of your data with real-time reporting and interactive dashboards. Enhance decision-making and become a trusted strategic advisor, offering invaluable insights to the broader business.

Pricing: Contact Trintech for demo and pricing.

#5. Planful

Planful, formerly known as Host Analytics, is an innovative cloud-based financial performance management platform specifically designed for financial planning and analysis (FP&A) teams. With its comprehensive range of features, Planful empowers businesses to streamline their planning, budgeting, consolidation, reporting, and analytics processes across the organization.

Highly regarded by CFOs, the Planful platform offers unparalleled functionality for financial close, consolidation, and financial planning and analysis processes. Its intuitive interface and advanced capabilities make it a preferred solution for finance professionals seeking to optimize their financial operations and drive strategic decision-making.

Features

• General Ledgers: Keep track of your financial transactions and make sure you’re in line with accounting and tax regulations.
• Financial modeling: Develop sophisticated financial models and simulations using advanced techniques for more accurate insights.
• Collaboration: Share data, reports, and analyses effortlessly within your organization.
• Reporting and analysis: With just a few clicks, easily create and share reports, dashboards, and visualizations.
• Integrations: Seamlessly integrate with different systems like ERP, CRM, and more.

Pricing: Contact Planful for demo and pricing.

#6. FloQast

Best for managing and automating the financial close process.

FloQast is an accounting workflow automation and close management software solution, designed by accountants for accountants. It automates mundane tasks, makes audits easier, and gives you extra time at the end of each month.

FloQast unifies your accounting operations across a single platform, making it easy to get work done, track the team’s progress, and collaborate across internal and external teams.

It simplifies the Close, automates workflows, and tracks progress with robust analytics.

Features:

• Integrated, Automated Workflows: Automate your data collection, follow-up, flux analysis, and more with FloQast. It’s designed to make sure you never miss a deadline. You get a centralized month-end checklist, real-time notifications when something needs attention, and customizable role-based task management. Plus, it integrates seamlessly with Slack, Teams, Excel, and your ERP to extend your capabilities.
• Transparency Across Accounting Operations: Take control of your compliance, FP&A, and reporting workflows with ease on your FloQast dashboard. Seamlessly invite third parties to securely access and review the data they need to sign off on, ensuring your compliance and audit-readiness at all times. Stay in command and rest easy knowing that your processes are streamlined and efficient.
• Powerful Actionable Insights: With FloQast’s intelligent platform, you can gain visibility into your Close process, identify and address workflow gaps and bottlenecks, and uncover opportunities for improvement. Get a high-level view of all entities on a single page or dive deeper to access granular performance data.
• Scalability: FloQast’s operational accounting platform is built to help you modernize your accounting function seamlessly, without any disruption. This platform and cloud services grow with you as your business and accounting team expand.
• Trust & Security: The FloQast platform is built with enterprise-grade security at every layer. FloQast operates on industry-leading infrastructure and enforces best practices throughout the software development lifecycle. Rest assured, FloQast meets compliance standards like GDPR and CCPA to ensure your data is protected.
• Integrations: Use FloQast Connect to integrate your ERP, whether on-prem or in the cloud. FloQast’s customer success team will ensure your system is set up and syncing properly so you can manage end-to-end accounting workflows in one place.
• Usability: Easily manage accounting tasks and track progress, all from one intuitive platform. You can simply log in and see your Close checklists, items assigned to you, and anything else that needs your attention.

Pricing: Contact FloQast for demo and pricing.

#7. Workday Adaptive Planning

Workday Adaptive Planning, formerly known as Adaptive Insights, is a comprehensive financial software solution developed by Workday Inc. This powerful tool is specifically designed to provide organizations with a unified platform for all their financial management needs. From accurate financial forecasting and budgeting to robust reporting and insightful analysis, Workday Adaptive Planning empowers businesses to make informed decisions and drive their financial success.

With its user-friendly interface and advanced features, you can efficiently manage and optimize your financial processes, saving time and resources. Experience the convenience of having all your financial data in one centralized place with Workday Adaptive Planning.

You don’t need any other Workday products to use Workday Adaptive Planning. Workday Adaptive Planning solution makes it super easy to quickly get started with any ERP, CRM, HR, or any other data source you have.

Features:

• Automated data collection, consolidation, and validation: It helps to reduce the risk of manual data entry.
• Role-based access and security: Administrators have the power to control who can access certain data and features within the system.
• Embedded machine learning: Automatically identify any anomalies, enabling you to make necessary adjustments to your plan when things change.
• World-class security: With world-class encryption and compliance, plus a proven multi-tenant environment, rest assured that your data is always secure.
• Automated data integration: You don’t have to rely on IT anymore to manage your data integrations. With automated integration from your CRM, ERP, HCM, and other systems, it’s a breeze!

Pricing: Contact Workday for demo and pricing.

Conclusion – Top Financial Close Automation Software Tools

In conclusion, the benefits of implementing Financial Close Automation Software are numerous. From streamlining the financial close process to improving overall financial management, these solutions can provide organizations with a competitive edge and help them achieve their strategic goals.

With the right software and implementation plan, companies can take their finance operations to the next level and drive success in the long term.

So why wait? Start exploring your options for Financial Close Automation Software today and see how it can transform your business.

Overall, the future of financial close lies in automation, and organizations that embrace this technology will be better equipped to thrive in today’s fast-paced business landscape.

So don’t wait any longer, start considering Financial Close Automation Software for your organization and see the positive impact it can make on your financial processes.

Research Process – Best Financial Close Automation Tools

• Total time we spent on evaluating these tools: 48
• Total tools evaluated: 12
• Total tools finalized: 7

We spent 48 hours evaluating and researching different Record to Report Automation Software Tools. We looked at user reviews and compared products’ features to determine which tools help you in improving your overall financial management.

Based on our research, we believe the above tools drive your project in a better direction. Here we are not giving any ranking to any tool. Every tool in the list above has decent features. The best thing out here is almost all the tools come with a free trial.

Related posts:

• Best Account Reconciliation Software
• Best Record to Report Automation Software
• Best OneStream Alternatives & Competitors
• Best Blackline Alternatives & Competitors
• Best FloQast Alternatives & Competitors
• Best Trintech Alternatives & Competitors