Jake Ballinger

Jake Ballinger - FP&A Writer

November 2022 - min to read

The 10 best financial close & consolidation software (for 2023)

The 10 best financial close & consolidation software (for 2023)

It’s the 7th of the month. You’re neck-deep in AR reconciliation, still waiting on answers to some lingering questions. You must wrap things up today so the team can solidify the financial statements before their delivery deadline. 

You glance at the clock. It’s 8:37 pm. Your stomach growls. 

“We can’t keep doing things this way,” you think, realizing that you’ve been late to head home three days in a row. 

You need help. You need a better system.

You need some kind of financial close software. 

Read on to learn about best-in-class solutions to automate your financial close process, unify your data, and create more efficient processes for every part of your financial function.

Contents

  1. What is financial close software?
  2. The top 10 financial close software tools
  3. Conclusion

You know your business’s financial health relies on accurate and timely reporting. But as organizations grow (in headcount and complexity), the goalposts continue to shift. 

Software automation is the best method of scaling your practice to keep pace.

61% of CFOs see significant value in automating the finance function, with 32% rating it a 5 out of 5 on a 5-point scale where 5 is “significant.” 

The biggest challenge they face in digital transformation? Knowing where to begin and how to choose a solution.

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What is financial close software? 

Financial close software brings together your company’s financial data into a central location, allowing you to close the books at month end in an efficient and organized way. 

Using financial close software, you can automate many manual processes, create a streamlined invoice reconciliation system, and speed your time to close with confidence. 

Using automation and the right platform, you can complete your month-end close checklist, including:

  • Cash review
  • AP and AR reconciliation
  • Fixed asset review
  • Accruals and Fluxes
  • Financial statement creation
  • Reporting approval and distribution 

A dynamic reporting platform brings your data and your teams together for a collaborative, streamlined reporting process.

Top 10 financial close software tools to consider

1. Cube 

Cube believes that finance professionals should work in their favored environment—the spreadsheet. As such, Cube is the first spreadsheet-native FP&A tool. Cube users enjoy all the power of a robust FP&A tool—including scenario analysis, data consolidation, multi-currency support, dynamic user controls, robust source system integrations, and custom reporting—within the ease and familiarity of Excel or Google sheets. 

Cube lets finance teams quickly and accurately close the books with automation to handle repetitive tasks, tools that help them collaborate and manage the close process, and robust reporting features that allow them to deliver highly valuable, customized financial reports to every stakeholder.  

Best for: Cube helps FP&A teams at companies of all sizes successfully drive faster and more accurate month-end closes while keeping the spreadsheet functionality they love.

Features:

  • Data consolidation: Bring vital data from all your streams into one place and automate the reporting process with high accuracy and confidence.
  • Spreadsheet-driven: Cube unites the power of a dynamic financial close platform with the familiarity of a spreadsheet, including powerful integrations to accelerate the reporting process without learning a new system. (We love Excel and Google Sheets as much as you do!)
  • Audit trail: Dynamic audit tools let you quickly dig into the transactions and cell-level data.
  • Scenario Analysis: Iterating data to surface new insights is easy with customizable analysis and dashboards.
  • Data management: Cube allows you to import, consolidate, and validate data from multiple systems to create a single source of truth for all your financials.
  • Report distribution: Create, approve, and distribute financial packages to all internal and external stakeholders.

Pros

  • The spreadsheet-native platform allows your teams to work where they are most comfortable and productive.
  • Easy implementation process and easy access to a world-class customer support team.
  • Sophisticated automation tools make manual processes and error-prone data entry a thing of the past.
  • Eliminating busy work and manual entry saves money and lets your teams focus on creating value.
  • Extensive reporting functions allow you to parse and analyze data and scenarios without requiring extensive code. Reporting and visualizations are available at a glance.

Cons

  • Built with the financial professional in mind. This tool is best for small businesses, mid-market users, and enterprise companies. We’re not intended for personal finance applications. 
  • Cube is built for finance professionals. Teams new to FP&A will have an additional learning curve.

Pricing: We believe in transparent pricing for every need. Service starts at $1,250/month for lean finance organizations and provides services for growth-minded companies starting at $2,450/month. Check out detailed pricing information here.

Schedule a demo to learn more

Still want to browse options? That’s okay, too! Read on to see the rest of the Top 10. 

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2. BlackLine 

BlackLine helps finance and accounting to manage end-to-end financial reporting and close processes through automated workflows and streamlined financial reporting options. The software integrates with multiple ERP and CRM data sources to unite data into a single source of truth. They boast an extensive partner network of consultants, outsourcing partners, and cloud partners to help reduce manual processes and associated issues and costs.

For: Serves a variety of segments, focusing primarily on enterprise-sized companies.

Features: 

  • Smart Close (for SAP)
  • Dynamic user management
  • Internationalization
  • Variance analysis

Pricing: Blackline doesn’t share pricing information through its website.

3. FloQast 

FloQast is an accounting automation tool built for the accounting industry by the accounting professionals who know it best. It helps accelerate the close process and allows teams to work from anywhere. It offers robust integrations with other finance tools and high-confidence reporting and approval, your books are always audit-ready. 

For: Clients of all sizes, mainly in the mid-market.

Features: 

  • Data consolidation and management
  • Financial reporting and distribution
  • Journal entry adjustments
  • Audit trail 

Pricing: Pricing information for FloQast is not provided on their website.

4. LucaNet 

LucaNet is an all-in-one FPM solution focuses on providing process automation and professional consulting services as an integrated solution. The product is developed by finance industry professionals and strengthened by a global network of partners. Specializes in corporate performance management and forecasting. 

For: Serves mostly small business and mid-market clients.

Features: 

  • Data visualization tools
  • Customizable reporting
  • Real-time data access
  • Versioning support

Pricing: LucaNet does not disclose pricing on its website. 

5. Redwood Software

Redwood Software is a large supplier of one-stop cloud solutions for IT, Finance, and business process. They provide solutions for enterprise customers such as robotic process automation (RPA), Finance automation, and low-code tools for various industries. The company specializes in workload automation and job scheduling automation and offers best-in-class integration options for complex systems. 

For: Has a strong client base of enterprise customers.

Features: 

  • Workload processing and management
  • Financial data management
  • AI-enabled automation

Pricing: Redwood does not disclose pricing. Contact a sales representative for further information.

6. Datarails 

Financial planning and analysis (FP&A) platform Datarails automates reporting and planning, saving time on manual processes. Though Datarails is not spreadsheet native, it does offer integrations for Windows-based spreadsheet users. It automates manual and repetitive processes and centralizes data across several streams to deliver confident data analysis and reporting. Datarails is built for the spreadsheet expert.

For: Focused on serving the small to medium business (SMB) segment.

Features: 

  • Spreadsheet-based functionality
  • Visualization tools
  • Scenario modeling
  • KPI tracking

Pricing: Datarails provides custom quotes for its services.

Check out our full review of Datarails

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7. Workiva

Workiva offers a financial platform that’s “open, intelligent, and intuitive” to help professionals do their most complex work without manual process or system-hopping. In centralizes data and integrates sources so “you can work better in the cloud.” The company specializes in enabling Environmental, Social, and Governance (ESG) reporting to help clients demonstrate a corporate commitment to this emerging investment metric. 

For: Has a strong following in the mid-market and enterprise sectors.

Features: 

  • Audit support
  • Custom financial close documentation
  • Custom reporting

Pricing: Pricing for Workiva services is not disclosed on the website.

8. Adra by Trintech 

Adra focuses on delivering simplicity to the financial close process with a cloud-based solution that improves the speed and accuracy of reporting. The company offers data continuity solutions through automated transaction matching, reconciliation, task management, and real-time reporting. This delivers more visibility and data confidence. 

For: Focuses on serving mid-market clients.

Features: 

  • Financial audit support
  • Financial close management
  • Report distribution

Pricing: Adra does not offer pricing information on its website.

9. Vena

Vena is a complete planning platform that offers users a spreadsheet-native planning tool to empower growth. The Vena financial close tool is part of the larger Vena planning and performance management tool set. The Vena platform stands out as an Excel-based tool built specifically for Microsoft 365, with added business intelligence tools designed specifically for the platform.

For: Serves customers in all segments, mainly from the mid-market sector.

Features: 

  • Custom data import
  • Versioning control
  • Data visualization
  • Journal entry adjustment

Pricing: Vena does not offer pricing information on its website.

10. Board 

Board offers a self-service approach to reporting and analysis. The platform features time-saving automation solutions with an easy-to-use interface. The platform's automation capabilities allow users to investigate, create, and audit financial reports quickly and easily. The platform offers consolidation features such as currency conversion, customizable closing periods, intercompany controls, and multiple consolidation models. 

For: Serves clients across the small business, mid-market, and enterprise segments.

Features: 

  • Trial balances
  • Custom and template reporting
  • Predictive analytics
  • Integration support

Pricing: Pricing information is not provided on the Board website. 

Conclusion

Now you know the details on the top financial close tools in the industry.

If you're looking for a tool that:

  • Works with the spreadsheets that you're already using,
  • Makes it easy to collaborate and share across the team or departments, and
  • Also makes the rest of your accounting and FP&A work easier,

then Cube might be a fit for you. The best way to learn about Cube is to see it in action—Schedule a demo to see exactly how Cube can help you.

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