Choosing the Right Financial Close Management Software: What’s Right for You?
Aug 18, 2020 | By John Siegel
When it comes to financial close management software, everyone’s needs are unique. The solution you choose needs to be a good fit for your company and for your accounting team. Here are a few things to consider:
- How long will it take to implement the software and how much will implementation cost?
- How quickly can the team learn the new software and how much training is required?
- Does it integrate with your current ERP system or create its own new systems?
- Does it improve communication, collaboration, and workflow, or will you need to expend time and energy figuring out how to work it into your monthly process?
- Does it suit the size of your business and how easily can it scale and adapt along with business growth?
All these speak to the fit between a software solution and a company, specifically, but what kind of impact can businesses expect from their financial close management software investment? Amalgam Insights surveyed 50 financial close software users and asked them about the key benefits they've experienced. They found:
- Streamlined and standardized the close process
- Time saved during the month-end close
- Added confidence that the financials are accurate
For years, BlackLine was the go-to financial close solution — but it’s definitely not a fit for everyone. First-time users of close software tout FloQast’s ease of remote and mobile use, team collaboration, and confidence in their audit readiness. FloQast users who had previous experience with BlackLine also report noticing how much FloQast streamlines the process, saves time on the month-end close, and automates manual processes.
Close management software is supposed to make your job easier, right? Improving your workflow, smoothing out collaboration, and saving you time are all hallmarks of FloQast's close management solution. Amalgam’s research also found that FloQast’s flexibility was crucial for businesses that were growing and scaling quickly. The software grows with you and enables you to utilize the resources you have, not the resources you wish you had.
One of the biggest differences between BlackLine and FloQast is how the software works within your system. BlackLine creates its own systems inside the app. Your data is brought into BlackLine and you do your work there, including reconciliations. It also takes Excel out of the picture, relying instead on web forms to get the job done.
With FloQast, your close management tools integrate with your existing ERP system and (Excel) spreadsheets. You’ll reconcile and work efficiently in the systems you’re familiar with and easily manage the close and monitor your team’s progress. Everything updates in real-time, so you can track collaboration, monitor closing activities, and share an accessible, user-friendly financial dashboard with stakeholders who may or may not enjoy looking at spreadsheets.