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Insights Closing Software Solutions: Using optimisation potential in the closing process

Closing Software Solutions: Using optimisation potential in the closing process

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​​​​​published on 3 dezember 2024 | reading time approx 2 minutes​

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Financial closing software offers a wide range of options for optimising financial close processes. Software solutions for the financial close offer standardised and structured automation of processes for which management is responsible at the end of the period. This automation reduces manual work and enables a more accurate financial close. By eliminating repetitive tasks, preparers can focus on higher-risk tasks and reconciliations, thus increasing efficiency. Financial close software also enables greater transparency and better collaboration within the close team, for example, with real-time dashboards and customised checklists.​
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Financial close process capabilities can be found in both point solutions and larger financial systems. Financial close processes are often supported by enterprise resource planning platforms, accounting software, and corporate/enterprise performance management systems.  
 
Most providers of such software solutions offer the following: 
 
  • Tools for account reconciliation 
  • Task management and assignment 
  • Process automation 
  • Spreadsheet integrations
  • Integration with accounting software through automated steps 
  • Creation of checklists 
  • Customisable task lists 
  • Time planning for the closing process 
  • Historical data from previous closings 
  • Reporting support 

​Some providers also offer additional functions that go even further. 

 

Comparison of closing software as the basis for a tailor-made solution 

In view of the wide range of options and the abundance of possibilities, comparing different closing software solutions is essential to ensure a meaningful and tailor-made selection in the specific corporate context. The following factors, in particular, should be considered: 

· Software scope: Is each product a single solution focused on closing processes, or is it a more comprehensive application?  

· Scalability: Is the platform designed for smaller companies or corporations? Smaller products are likely to be easier to use and manage, while platforms for larger companies with more complex structures may have more advanced features and be more robust and financially scalable at high transaction volumes. 
 
· Integrations: What other financial systems does the organisation already use or plan to use? 

​In view of this, it is usually advisable to have an independent and expert consultant prepare and support the selection process for closing software solutions with a view to the company's individual requirements and system architectures. Ideally, this consultant should also support the implementation. 

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Thomas Hafner

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