About Financial Close Software
Financial close software, also called accounting close software, provides tools to help businesses complete the financial close cycle. Many organizations perform financial close at the end of each month, during which accountants within an organization use this software to ensure the books are accurate and any transactions were successfully completed. Tasks, such as bill payment and delivery, expense approval, and lead importing, will be laid out in checklists and checked off once completed. Financial close products often include features such as individual task allocation, reconciliation management, reporting, and databases of past accounting close data organized by month and transaction type. Individual progress and deadlines for each period can also be tracked by the accounting team throughout the cycle.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 9.39% |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Financial Close Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
BlackLine (United States), IBM Cognos Controller (United States), FloQast (United States), Prophix (Canada), Tagetik (Italy), Vena (Canada), Oracle (United States), Kaufman (United States), Equity Edge (United States), Longview (United States), Trintech (United States) and ReconArt (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Lucanet (Germany), SAP (Germany) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Financial Close Software market by and Region.
On the basis of geography, the market of Financial Close 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). If we see Market by Organization Size, the sub-segment i.e. SMEs will boost the Financial Close Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Platform, the sub-segment i.e. Windows will boost the Financial Close Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pricing, the sub-segment i.e. Annually will boost the Financial Close Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. Cloud will boost the Financial Close Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Developments
Market Growth Drivers:
Features of Financial Close Software is Fuelling the Market Growth
Challenges:
Stiff Competition Among the Major Players
Restraints:
High Costs Associated with the Software
Opportunities:
Increasing Demand of Financial Close Software is Boosting the Market
Market Leaders and their expansionary development strategies
In July 2023, Trintech, a leading global provider of cloud-based financial close solutions for the Office of the CFO, announced its acquisition of Frontier Reconciliation and Accurate Reconciliation from Fiserv, a leading global provider of fintech and payments solutions. Serving customers across multiple verticals including financial services, telecommunications, retail, insurance and utilities, the acquired reconciliation business will act as a springboard for innovation, expanding Trintech’s accounting automation platform.
In October 2023, Oracle NetSuite introduced NetSuite Enterprise Performance Management (EPM). NetSuite EPM brings together planning, budgeting, forecasting, account reconciliation, financial close, and reporting processes from across the entire organization to help increase business visibility, enhance decision-making, and drive growth.
Key Target Audience
software vendors, government, Researchers and Distributors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.