Accounting

Everything midsized companies need to know about buying close management software

Dec 18, 2018 John Siegel

Implementing close management software can help businesses maximize efficiency and prevent costly mistakes, but establishing when and what software to choose can be a challenge, especially for midsized businesses.

Change can be hard.

Moving on from tried and true systems and processes that contributed to helping a business grow can seem daunting, but as pretty much any successful company can attest: The need for more efficient solutions trumps nostalgia every day of the week.

Midsized businesses occupy a unique space in the economy. They’ve outgrown the startup stage, but haven’t yet reached the mature stage. While growth and demand remain high, many such organizations remain wary of purchasing software out of fear that it might cost too much, take too long to implement, or not be nearly as effective as advertised.

For accounting teams, close management software can automate tedious tasks, improve communication, and eliminate errors that could literally cost the company. According to a study by Ventana Research, 71 percent of companies that integrate “substantial” methods of automation into their close process were able to close the books each month in six days or less.

Still, establishing the best accounting software to implement can be a challenge. Recently, Ventana Research published a guide for such occasions. “A Guide to Buying Close Management Software: Top 10 Considerations for Midsize Companies” discusses:

  • When and why a company should purchase close management software
  • The effect software automation has on the monthly financial close
  • What features to look for when purchasing

If you’re interested in learning more about how close management software can streamline your month-end close process, download the free report here.