What is Financial Close Management Software Market?
Financial close management software, also known as accounting close software, provides tools that companies can use to complete the financial close cycle. Many organizations do a financial close at the end of each month. During this time, accountants within an organization use this software to ensure that the books are correct and that all transactions have been completed successfully. Tasks such as invoice payment and delivery cost approval, and lead import is listed in checklists and ticked off after completion. Financial Close products often include features such as task assignment, reconciliation management, reporting, and databases of previous accounting closing data organized by month and transaction type. Individual progress, as well as deadlines for each period, can also hereby be tracked by the accounting team throughout the complete cycle. These tools typically integrate with spreadsheets and various accounting tools so that users can fully document relevant data and identify notable results or inconsistencies. They can also be integrated with or delivered with other corporate performance management (CPM) functions, e.g. financial consolidation or budgeting and forecasting.
Highlights from Financial Close Management Software Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | FloQast (United States), E*TRADE Financial Holdings, LLC (United States), Longview Solutions (Canada), Oracle Corporation (United States), Prophix Software (Canada), DataRails (United States), IBM (United States), CCH Tagetik (Italy), SAP (Germany), BlackLine, Inc. (United States), Trintech (United States) and insightsoftware (United States) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Financial Close Management Software market throughout the forecasted period.
FloQast (United States), E*TRADE Financial Holdings, LLC (United States), Longview Solutions (Canada), Oracle Corporation (United States), Prophix Software (Canada), DataRails (United States), IBM (United States), CCH Tagetik (Italy), SAP (Germany), BlackLine, Inc. (United States), Trintech (United States) and insightsoftware (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Kaufman Hall & Associates, LLC (United States), Vena (United States) and Planful (United States). Financial Close Management Software Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Small and Medium-sized Companies and Large Companies |
Type | Cloud-Based and On-Premise |
Industry Vertical | Banking, Financial Services, and Insurance,Telecom and Information & Technology(IT),Manufacturing,Construction,Non-Profit Organizations,Others |
Subscription Type | Annual Subscription,Monthly Subscription,One Time License |
Features | Payroll Management,Billing & Invoice,Enterprise Resource Planning,Time & Expense Management,Others |
On the basis of geography, the market of Financial Close Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Rising Adoption of AI and Block-chain Technology in the Market and Features of Financial Close Software is Fueling the Market Growth
Market Growth Drivers:
Increasing Complexities across Business Processes, Enhanced Cost Control/Efficiencies and Greater Application Flexibility and Shorter Time to Value
Challenges:
Demand for High-End Processors
Restraints:
Specific Data Processing for Specific Software and Availability of New Advanced Technologies
Opportunities:
Growth in the Use of Cloud-Based Platforms and Rising Innovations in the Fin-tech Industry
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Providers of Financial Close Management Software, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry
Market Leaders & Development Strategies
On 2nd October 2020, BlackLine, Inc., a leader in accounting automation software, announced that it has completed the acquisition of Rimilia, an AI-powered cloud-based platform that enables accounts receivable (AR) automation and digital transformation. With Rimilia, BlackLine strengthens its position with the Office of the Controller by driving end-to-end automation of the cash lifecycle and ensuring greater data integrity. The acquisition expands BlackLine's capabilities into an adjacent area, adding AR automation to financial close automation and accelerating BlackLine's larger, long-term plan for transforming and modernizing Finance & Accounting.
On 10th November 2020, insightsoftware, a global provider of enterprise software solutions for the Office of the CFO, announced it has entered into an agreement to acquire IDL Group, a leading provider of financial performance management software. IDL specializes in consolidating multi-source, financial data consequently eliminating manual closing errors and reducing closing cycle times.