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Find the best accounting close software for 2024 with our top 10 picks, designed to streamline your financial processes and enhance accuracy.
For high-volume businesses, the financial close presents a unique set of challenges. When you’re processing thousands of transactions, manual methods aren’t just inefficient—they’re a liability. Ensuring compliance with standards like ASC 606 while maintaining accuracy can feel nearly impossible without the right systems in place. This is where specialized accounting close software becomes essential. It’s built to handle complexity and scale, automating revenue recognition and consolidating data to give you a clear, audit-ready financial picture. This guide is for companies ready to move beyond spreadsheets and implement a solution that supports profitable growth and ensures financial integrity.
If your month-end close process involves a tangled web of spreadsheets, endless email chains, and a whole lot of stress, you’re not alone. For years, this was just the accepted reality for finance teams. Accounting close software is designed to change that. Think of it as a centralized command center for your entire financial close process. It’s a tool that helps your team finish financial reports accurately and on time by bringing all your financial data together in one organized place.
Instead of manually chasing down numbers and reconciling accounts in Excel, this software automates the tedious work. It standardizes your workflows, creates visibility for the entire team, and ultimately helps you close your books faster and with far more confidence. This shift allows your finance professionals to spend less time on manual data entry and more time on strategic analysis that actually moves the business forward.
At its core, financial close software pulls together financial data from all the different systems your business uses—your ERP, CRM, billing platforms, and bank accounts. It acts as a single source of truth, eliminating the confusion that comes from having data siloed in different departments. The software then automates many of the repetitive, manual tasks that bog down the closing process. This includes things like account reconciliations, transaction matching, and preparing journal entries. By automating these steps, the software significantly reduces the risk of human error and frees up your team to focus on investigating anomalies and providing valuable financial insights. It transforms the close from a chaotic scramble into an orderly, predictable, and fast process.
When you start looking at different solutions, you’ll see a few core features pop up again and again. Most platforms offer a centralized dashboard with task management checklists, so everyone knows who is responsible for what and when it’s due. Another key feature is automated account reconciliation, which uses rules and even AI to match thousands of transactions in minutes. Look for tools that also provide robust reporting and analytics, giving you a real-time view of the close status. Strong close management software also includes built-in controls and digital audit trails, which makes proving compliance and getting through audits much smoother. These features work together to create a more controlled and efficient financial environment.
Many companies turn to close software to solve existing problems, and it’s helpful to know what those common hurdles are. One of the biggest month-end close challenges is a lack of standardization. When each team member or department has their own way of doing things, it creates inconsistencies and slows everything down. Disconnected systems and manual data entry are also major culprits, leading to errors that can be difficult to track down under pressure. The intense time crunch to close the books quickly often forces teams to work long hours, which can lead to burnout and even more mistakes. Recognizing these pain points is the first step toward finding a solution that brings order and accuracy to your close.
When you start looking at accounting close software, the options can feel endless. To cut through the noise, it helps to focus on the core features that will actually make a difference for your team. The right software isn't just about closing the books faster; it's about doing it more accurately, with less stress, and with better visibility into your company's financial health. Think of it as building a toolkit for your finance department. Below are the non-negotiable tools you should look for in any solution you consider.
Manual checklists and endless status-update meetings are a drain on your team's time. Modern close software automates the entire process by creating digital workflows that assign tasks, send reminders, and track progress from start to finish. This means your team spends less time managing the process and more time on valuable analysis. It gives everyone a clear roadmap to follow, ensuring every step is completed in the right order by the right person. This creates a smooth, predictable close every single time and prevents crucial steps from being missed, especially when you need to manage approvals across different departments.
Your close software shouldn't live on an island. The most effective tools connect directly with the systems you already use, like your ERP, CRM, and payment processors. This seamless data integration pulls information from all these sources into one centralized platform, which gets rid of manual data entry and dramatically reduces the risk of human error. When all your financial data is consolidated, you create a single source of truth for the entire organization. This ensures everyone is working with the same reliable numbers, which is the foundation for accurate financial reporting and trustworthy business insights.
Staying compliant with financial regulations like ASC 606 can be a major challenge, especially for high-volume businesses. Look for software with built-in controls that help you adhere to accounting standards and internal policies automatically. These features can enforce approval workflows, automate complex revenue recognition calculations, and ensure proper documentation is always in place. It's about embedding the rules directly into your process so your team follows them without a second thought. This not only makes daily operations smoother but also prepares you to pass audits with confidence, knowing your financials are consistent and well-documented.
Waiting until after the month ends to understand your company's performance is no longer a viable strategy. Modern close software offers real-time dashboards and analytics, giving you an immediate, up-to-the-minute view of your financial health. You can track key metrics as they develop, not weeks after the fact. This allows you to spot trends, identify potential issues early, and make agile decisions based on the most current information. This continuous visibility into your data transforms the finance function from a historical scorekeeper into a forward-looking strategic partner for the business.
The month-end close is a team sport, and your software should help everyone play their position effectively. Look for features that foster clear communication and teamwork, especially if your team is remote or distributed. This includes shared checklists where everyone can see task statuses in real time, centralized document storage to avoid version-control chaos, and in-app messaging to resolve questions quickly. These tools eliminate the need for endless email chains and status meetings, allowing your team to focus on getting the work done. It creates a more coordinated and less stressful close process for everyone involved.
When you're handling sensitive financial data, security isn't just a feature—it's a necessity. A top-tier solution must offer robust security protocols, including data encryption, role-based access controls, and regular system backups. Just as important is a detailed and unchangeable audit trail. This feature keeps a clear record of every action taken within the system, showing who did what and when. This level of transparency is essential for strong internal controls and makes life much easier when auditors ask for documentation. It provides a clear, defensible history of your financial close process, building trust and accountability.
Finding the right accounting close software can feel like a huge task, but it’s all about matching a solution’s strengths to your company’s specific challenges. Whether you’re a small team drowning in spreadsheets or a large enterprise managing complex compliance, there’s a tool designed to make your month-end smoother and more accurate. We’ve gathered ten of the best options to help you compare features and find the perfect fit for your financial operations. Let's look at what each platform does best.
HubiFi is purpose-built for high-volume businesses that need to master complex revenue recognition. If your team struggles with ASC 606 compliance or spends too much time manually reconciling data from different systems, this is the solution for you. HubiFi shines by automating revenue recognition and providing real-time analytics, turning your financial data into a strategic asset. It’s designed to handle massive transaction volumes without breaking a sweat, ensuring your financials are always accurate and audit-ready. By offering seamless integrations with your existing ERPs and CRMs, it eliminates data silos and gives you a clear, consolidated view of your financial health. This makes it ideal for companies focused on scaling profitably.
BlackLine is a leader in the financial close space, offering a comprehensive suite of tools to help companies move beyond manual, spreadsheet-dependent processes. It’s designed to manage the entire close process, from account reconciliations and transaction matching to task management and journal entry. If your goal is to standardize your close and enforce internal controls across the board, BlackLine provides the structure to do so. It’s a robust platform favored by large organizations aiming to improve efficiency and reduce risk. The software helps manage financial close by automating repetitive tasks, giving your team more time to focus on analysis and strategic initiatives.
Built by accountants for accountants, FloQast is known for its user-friendly approach to close management. It works with your existing systems, including your ERP and even your spreadsheets, rather than forcing you to replace them. FloQast excels at centralizing your month-end checklist, organizing documentation, and streamlining review and approval workflows. This makes it a fantastic choice for teams that want to add structure and visibility to their current processes without a massive overhaul. It’s particularly effective for mid-market companies looking for a practical way to organize their close and improve team collaboration, ensuring everyone knows what needs to be done and when.
If your finance team lives and breathes in spreadsheets, Cube might be the perfect fit. This platform is designed for those who love the flexibility of Excel or Google Sheets but need more power, control, and automation. Cube connects directly to your spreadsheets and source systems, allowing you to pull real-time data without manually exporting and importing files. It’s especially strong for financial planning and analysis (FP&A) but also offers solid features for the financial close. With a reputation for an easy setup, it’s a great option for teams that want to enhance their existing workflows with a tool that feels familiar from day one.
LucaNet is a powerful solution for companies with complex financial consolidation needs, particularly those with multiple entities or international subsidiaries. While it offers a full suite of corporate performance management (CPM) tools, its capabilities for the financial close are top-notch. It automates the process of collecting, validating, and consolidating financial data from various sources, ensuring you have a single, reliable source of truth. If your business struggles with intercompany reconciliations or needs to report in multiple currencies and accounting standards, LucaNet provides the validated tools to handle that complexity with confidence. It’s best suited for mid-sized to large enterprises that require a high degree of accuracy and control.
For public companies or those in highly regulated industries, Workiva is a go-to platform for connected reporting and compliance. It excels at creating audit-proof documentation for everything from SEC filings to internal board reports and ESG reporting. Workiva allows teams to link data directly from their source systems into reports, ensuring that when a number changes in one place, it updates everywhere. This dramatically reduces the risk of errors and saves countless hours on manual updates. While it manages the close, its true power lies in its ability to streamline the final reporting process, making it an essential tool for teams where compliance is a top priority.
Redwood Software is an enterprise-grade automation platform that treats the financial close as one piece of a much larger puzzle. Its solution, RunMyJobs, is designed for end-to-end business process automation. For finance teams, this means you can automate everything from data extraction and journal entries to reconciliations and report generation in a single, orchestrated workflow. It’s a powerful choice for large organizations that want to eliminate manual handoffs between different systems and departments. If your goal is to achieve a "lights-out" financial close where processes run automatically, Redwood provides the deep automation capabilities to make it happen.
Datarails is another excellent option for teams that want to stick with Excel but need more robust financial planning and analysis capabilities. It’s an FP&A platform that helps small to medium-sized businesses automate data collection and reporting. Datarails creates a centralized database from all your disparate sources—like your ERP, CRM, and HR systems—and keeps your spreadsheets connected to it. This means your reports are always up-to-date without manual work. While its primary focus is on budgeting and forecasting, its ability to consolidate actuals makes it a useful tool for streamlining the close, especially for teams that want to bridge the gap between accounting and FP&A.
Adra by Trintech offers a suite of cloud-based tools specifically designed to automate and streamline the financial close for mid-market companies. What makes Adra stand out is its modular approach. You can choose the tools you need most, whether it’s for balance sheet reconciliations, transaction matching, or managing your close checklist. This flexibility makes it an accessible option for companies that want to target their biggest pain points first without committing to a massive, all-in-one platform. The Adra Suite is known for being easy to implement and use, helping teams quickly gain control and visibility over the month-end process.
OneStream is a unified, enterprise-scale platform designed to handle the most complex financial operations for large corporations. It aims to replace multiple legacy systems by providing a single solution for financial consolidation, planning, reporting, and analytics. Its key strength is its ability to provide a single source of truth for financial and operational data, eliminating data silos and improving confidence in the numbers. With advanced features, including built-in AI and machine learning capabilities, OneStream is built for organizations that need a powerful, scalable platform to manage vast amounts of data. It’s a premium choice for enterprises looking to transform their entire finance function.
With so many powerful tools on the market, picking the right accounting close software can feel overwhelming. The key is to move past the flashy features and focus on what your business truly needs to thrive. A thoughtful evaluation process will ensure you select a partner that not only solves today's challenges but also supports your future growth. By breaking down your decision into a few key steps, you can confidently choose a solution that streamlines your financial close and delivers real value to your team.
Before you even look at a demo, take a step back and evaluate your current process. Where are the biggest bottlenecks? Are you spending too much time on manual reconciliations, or are you worried about compliance risks? Choosing the right financial close software can significantly reduce errors, catch issues early, and make your month-end process much smoother. Make a list of your absolute must-haves versus nice-to-haves. Consider your transaction volume, team size, and specific reporting requirements. Understanding these core needs will give you a clear scorecard for evaluating different platforms and help you find more insights into optimizing your operations.
Your close software doesn't operate in a vacuum. For it to be truly effective, it needs to communicate seamlessly with the other tools you rely on every day. A major benefit of modern platforms is their ability to connect with your ERP and accounting systems to automate calculations in real time. Make a complete inventory of your tech stack—your CRM, billing platform, ERP, and any other systems that hold financial data. When vetting solutions, ask specifically about their integrations. Native, pre-built connections are usually the easiest to manage, ensuring your data flows smoothly and your close software becomes the single source of truth for your financial reporting.
The solution that fits your business today might not be the right one for tomorrow. As you evaluate options, think about your company’s growth plans for the next three to five years. It’s wise to "pick software that can handle more work as your business gets bigger," because migrating systems is a major undertaking you want to avoid. Ask potential vendors how their platforms and pricing models support growth. Can the system handle a higher volume of transactions, additional users, and more complex reporting as you expand? Choosing a scalable solution ensures your investment continues to pay off as your business evolves.
Even the best software is only as good as the team that helps you implement and use it. Don't underestimate the value of strong customer service and ongoing support. When you’re in the middle of a critical month-end close, you need to know that help is available and responsive. During your evaluation, ask about the onboarding process, training resources, and the different tiers of customer support available. Look for a company that acts as a true partner, invested in your success long after the initial sale. Learning about the team behind the software can give you confidence that you're choosing a vendor you can count on.
While price is an important factor, it shouldn't be the only one. Think in terms of total value and return on investment. The sticker price doesn't account for the hours your team will save, the costly errors you'll avoid, or the strategic advantages of having faster, more accurate financial data. Many providers offer tools or case studies to help you calculate the potential savings and gains. When you're ready to have a more detailed conversation, you can schedule a demo to build a business case that outlines not just the costs, but the significant financial and operational returns you can expect.
Choosing the right accounting close software is a huge step, but the work doesn’t stop there. A successful implementation is what truly transforms your financial operations from a source of stress into a strategic advantage. Without a solid plan, even the best software can lead to messy data, frustrated teams, and a delayed return on your investment.
The key is to be proactive. By thinking through the process from start to finish, you can sidestep common hurdles and get your team up and running smoothly. A thoughtful approach ensures you’re not just installing a new tool, but fundamentally improving how your finance team works. These best practices will help you build a clear path forward, ensuring your new software delivers on its promise from day one. A great software partner will also guide you through this process, turning a potentially complex transition into a manageable project.
A smooth rollout doesn't happen by accident; it’s the result of a well-defined strategy. Before you begin, it’s crucial to get everyone on the same page. Start by setting a realistic timeline with clear milestones. Who is responsible for each step of the process? Define these roles clearly to avoid confusion and ensure accountability. A solid communication plan is also essential to keep all stakeholders informed of progress and any potential roadblocks. A great first step in building your strategy is to schedule a consultation to walk through the software’s capabilities and map out an implementation plan that fits your team’s specific needs.
Getting your historical data into the new system is one of the most critical parts of the implementation. This process, known as data migration, requires a detailed plan to ensure nothing gets lost or corrupted. You’ll need to decide what data needs to be moved, how you’ll clean it up to remove duplicates or errors, and how you’ll validate it in the new system to confirm its accuracy. Taking the time to map out your data migration carefully prevents future headaches and ensures the integrity of your financial reporting. This is also where having a solution with seamless integrations becomes a massive advantage, simplifying how data flows between your systems.
How will you know if your new software is actually making a difference? You need to establish key performance indicators (KPIs) before you even start. These metrics are your benchmark for success. Focus on measuring both the speed and accuracy of your financial close. You can track metrics like the total time it takes to close the books, the number of manual journal entries, or the frequency of post-close adjustments. Measuring the efficiency of your close process allows you to quantify the software’s impact, celebrate wins with your team, and identify areas where you can continue to refine your new workflows.
A new tool is only as good as the team using it. Investing in comprehensive training is non-negotiable for maximizing the benefits of your new software. Your goal is to make your team feel confident and empowered, not overwhelmed. Provide hands-on training sessions, easy-to-access resources, and ongoing support as they adjust to the new system. When team members are comfortable with the software, they’re more likely to adopt it fully, leading to higher productivity and fewer errors. Prioritizing team training and adoption ensures you get the most out of your investment and fosters a more efficient and collaborative finance department.
Once your new accounting close software is up and running, your work isn’t over. In fact, the most important part is just beginning: measuring its impact. How do you know if your investment is actually paying off? The answer lies in tracking the right key performance indicators (KPIs). These metrics go beyond simple numbers on a dashboard; they tell a story about your financial operations, highlighting improvements in efficiency, accuracy, and team performance.
Think of it as a before-and-after snapshot of your close process. By establishing a baseline before implementation, you can clearly see how the new software is streamlining workflows and strengthening your financial foundation. Consistently tracking these metrics will not only help you justify the investment but also identify areas for further improvement. It’s about turning data into a clear narrative of progress, ensuring your finance team is equipped to support the company’s strategic goals. For more ideas on optimizing your financial operations, you can find great articles and insights on the HubiFi blog.
This is the classic metric for a reason. Close cycle time measures the total time it takes to go from the end of a reporting period to having the books officially closed. The goal is to shorten this window without sacrificing quality. After all, as finance experts note, "Speed and accuracy are both essential to a strong month-end." Your new software should help you measure the quality of your close, not just the speed. Look for a consistent reduction in the number of days it takes to close. A shorter, more predictable cycle means less stress, fewer late nights, and faster delivery of critical financial information to decision-makers.
How often do you have to make correcting entries after the books are supposedly closed? Each adjustment points to an issue that was missed during the close process. A high number of post-close adjustments can erode confidence in your financial statements. Tracking this metric is a direct way to gauge the accuracy of your initial close. A significant decrease in these adjustments is a clear sign that your new software and automated controls are helping your team get it right the first time. Monitoring these balance sheet KPIs is fundamental to achieving a smooth and reliable financial close.
Similar to post-close adjustments, tracking error rates during the close process gives you insight into the health of your workflows. Are manual data entry errors decreasing? Are reconciliation discrepancies being caught automatically? By monitoring the frequency and types of errors, you can see exactly how automation is improving accuracy. Focusing on these metrics helps your team "streamline the financial close process, improve accuracy and provide timely, reliable financial information to stakeholders." A lower error rate means your team can spend less time fixing mistakes and more time on strategic analysis.
Your close process needs to be more than just fast and accurate; it must be compliant. This metric measures how well your team adheres to internal controls and external regulations like ASC 606 and IFRS 15. The right software should have compliance baked in, with clear audit trails and controls that prevent deviations from standard procedures. As NetSuite points out, financial key performance indicators are essential for measuring progress toward strategic goals, and compliance is a critical one. A successful implementation will result in cleaner audits and give you peace of mind that your financial reporting is sound.
Don't overlook the human element. A burned-out, frustrated team is more prone to errors and less efficient. How has the new software affected your team's day-to-day work? You can measure this by tracking overtime hours, task completion rates, and even through simple surveys. Is the team spending less time on tedious, manual tasks? Do they feel more empowered by the new tools? A happy and engaged team is a productive team. Improving this accounting department KPI is one of the surest signs that your new software is a true success.
The financial close process is evolving quickly. What was once a month-end marathon of manual tasks and spreadsheets is becoming a more streamlined, continuous, and strategic function. The software solutions leading the charge are leaning into several key trends that are reshaping what’s possible for finance teams. If you're looking to stay ahead, it’s helpful to understand where the industry is headed. These shifts are all about working smarter, not harder, and using technology to turn your financial data into a powerful asset for growth.
From artificial intelligence that acts as a co-pilot to real-time data that empowers proactive decisions, the future is less about closing the books and more about opening up new strategic possibilities. It’s a move away from simply reporting on what happened last month and toward a model where the finance team is a forward-looking, strategic partner to the entire organization. This transformation is powered by deeper automation, cloud-native platforms, and predictive analytics that provide insights, not just numbers. We'll explore the key developments that are defining the next generation of financial close management, helping you see how these advancements can transform your own operations and prepare your business for what's next.
Artificial intelligence is no longer just a buzzword; it's becoming a practical co-pilot for accounting teams. The next wave of close software uses AI and machine learning to do more than just automate repetitive tasks. It actively helps you make the process smoother and more accurate. Think of it as an intelligent assistant that can spot anomalies, suggest journal entries, and flag potential risks before they become problems. This saves an incredible amount of time and allows your team to focus on analysis and strategy instead of getting bogged down in the details.
We all know the financial close can be a grind of tedious, error-prone tasks. The future lies in deeper, more intelligent automation that goes beyond basic checklists. This means creating systems that can handle complex reconciliations, manage intercompany transactions, and consolidate data from various sources without manual intervention. The goal is to build a truly touchless close where the system does the heavy lifting. By connecting your entire tech stack, from your ERP to your CRM, you can ensure data flows seamlessly through key integrations, reducing the risk of human error and freeing up your team for higher-value work.
Why wait until the end of the month to know where you stand? The trend is moving away from the traditional, period-end close toward a "real-time" or continuous close model. With modern software, your financial data is constantly updated, giving you an accurate picture of your business's health at any moment. This is a game-changer for decision-making. Instead of reacting to last month's numbers, you can make proactive adjustments based on what's happening right now. This approach also reduces audit errors and establishes much stronger internal controls with access to real-time data.
If you haven't moved your accounting to the cloud, you're falling behind. Cloud-based software has become the standard for a reason. It eliminates the need for clunky on-premise servers and gives you the flexibility to access your financial data from anywhere with an internet connection. This model makes it easier to integrate with other tools, scale your operations as you grow, and receive automatic updates with the latest features and security patches. The accessibility and scalability of cloud platforms are the foundation that makes trends like real-time close and mobile access possible.
Business doesn't stop when you're away from your desk, and neither should your financial processes. Mobile accessibility is becoming a must-have feature in close management software. The ability to review reports, approve journal entries, or check the status of a task from your phone or tablet is crucial for maintaining momentum. This flexibility is especially important for growing teams and remote workforces. It ensures that key stakeholders can provide approvals and insights quickly, preventing bottlenecks and keeping the close process moving forward smoothly, no matter where your team members are located.
Closing the books is historically a backward-looking process. The future, however, is all about using that historical data to look forward. Modern accounting solutions are incorporating predictive analytics to help you forecast revenue, manage cash flow, and model different business scenarios. By analyzing trends and patterns in your financial data, you can move from simply reporting on what happened to predicting what will happen next. This allows you to make more informed, strategic decisions and identify opportunities for growth. It transforms the finance function from a cost center into a strategic partner in the business.
My team is small. Is accounting close software still worth it for us? Absolutely. The value of this software isn't determined by your team's size but by the complexity of your processes and your goals for growth. Even for a small team, automating manual tasks frees up precious time to focus on strategic analysis instead of chasing down numbers. Think of it as building a solid financial foundation that can easily support your business as it scales, preventing the chaotic, spreadsheet-heavy processes that often hold growing companies back.
Will we have to completely abandon our current systems, like our ERP or spreadsheets? Not at all. In fact, the best close management software is designed to work with the tools you already use. It acts as a central command center that integrates with your ERP, CRM, and other systems, pulling data into one place to create a single source of truth. This eliminates the need for a disruptive "rip and replace" project. You get the benefits of automation and control without having to start your entire tech stack from scratch.
What's the real difference between accounting close software and the accounting system we already use? It's a great question that highlights a key distinction. Your general accounting system, like QuickBooks or NetSuite, is the primary record-keeper—it’s where all your financial transactions live. Accounting close software is a management layer that sits on top of it. It orchestrates the entire process of closing the books by managing tasks, automating reconciliations, enforcing controls, and providing real-time visibility. It’s the tool that ensures the data in your accounting system is accurate, compliant, and finalized on time.
How much work is involved in getting this software up and running? The implementation effort depends on the solution you choose, but it's far more manageable than you might think. A good software provider will act as a partner, guiding you through a structured process that includes mapping out your data, configuring workflows, and training your team. The initial setup requires a focused effort, but this upfront investment pays for itself quickly by creating a more efficient and less stressful close process for years to come.
How do I justify the cost of this software to my leadership team? Focus on the return on investment beyond just the sticker price. Calculate the hours your team currently spends on manual, repetitive tasks and translate that into salary cost. Consider the financial risk of a material error, a failed audit, or a decision made on outdated information. The right software mitigates these expensive risks while giving your team the capacity to provide strategic insights that can drive revenue and improve profitability. It’s an investment in accuracy, efficiency, and smarter business decisions.
Former Root, EVP of Finance/Data at multiple FinTech startups
Jason Kyle Berwanger: An accomplished two-time entrepreneur, polyglot in finance, data & tech with 15 years of expertise. Builder, practitioner, leader—pioneering multiple ERP implementations and data solutions. Catalyst behind a 6% gross margin improvement with a sub-90-day IPO at Root insurance, powered by his vision & platform. Having held virtually every role from accountant to finance systems to finance exec, he brings a rare and noteworthy perspective in rethinking the finance tooling landscape.
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