By 2027, half of midsize and larger
enterprises will use close management software to speed the close
and achieve greater control of the process, a new ISG report
finds
Demand for financial consolidation and close management software
is on the rise as companies face greater regulatory and legal
scrutiny and their need for speed and efficiency grows, according
to a new research report from leading global technology research
and advisory firm Information Services Group (ISG) (Nasdaq:
III).
The ISG Buyers Guides for Financial Consolidation and Close
Management, produced by ISG Software Research (formerly Ventana
Research), say that consolidation and close management software has
improved in recent years, reducing workloads through automation,
enhancing ease of use and providing a single work area for staff
accountants to reduce administrative overhead.
ISG Software Research projects that by 2027, half of midsize and
larger enterprises will use close management software to speed time
to close and achieve greater control of the process.
For enterprises with especially complex structures and reporting
requirements, the ability to consolidate using multiple accounting
standards at different levels and branches of the corporate
hierarchy requires especially robust software platforms, the report
notes.
“The need to increase the productivity of finance and accounting
departments has been driving demand for consolidation and close
management software. Over the past decade, applications have become
more capable while easier to implement and use,” said Robert Kugel,
executive director of Business Research at ISG Software Research.
“Midsize and larger enterprises have a wealth of options to choose
from to meet their operational needs and budgets. Our rigorous,
fact-based assessment gives buyers a starting point for creating a
short list of providers for evaluation.”
The reports note that today’s consolidation and close software
offers more effective collaboration features to streamline the
close process and ensure resiliency, including secure data sharing
as well as centralized document storage for working papers and
supporting evidence.
Most companies agree that organizations should complete the
accounting close within a business week. Workflow automation is
especially useful in accelerating the close-consolidate-report
cycle, specifically to manage the process in a hybrid working
environment and for organizations that span the globe, the reports
say.
The reports note that with workflow-enabled processes,
administrators spend far less time ensuring individuals have
started or completed their tasks, hand-offs are smoother and, where
reviews and approvals are required, these events are recorded and
easily accessed by external and internal auditors and support
attestations that internal controls and procedures have been
followed.
Consolidating and closing the books should be almost exactly the
same from one period to the next, including processes for handling
exceptions and unexpected events and managing the close calendar.
With workflow management, the reports say, the controller and chief
accounting officer can spend less time on administration while
having greater situational awareness and control.
Today’s technology also can help finance and accounting
executives make their departments more productive, improve the
overall working environment, and enhance their ability to attract
and retain the best talent in a resource-constrained environment,
the reports note.
Advances provided by artificial intelligence and generative AI
will likely make dedicated close management software an even more
compelling choice, especially in a time of growing complexity in
accounting and the need for increased staff productivity, the
reports say. While accounting relies on doing the same things
consistently, how they are done is always evolving because of legal
and regulatory changes and the constant change in how accounting
principles are reflected in processes.
The ISG Buyers Guides for Financial Consolidation and Close
Management evaluate software products based on these capabilities:
ownership structures, currency, intercompany management, journals,
roll-up structures, multi-GAAP reporting, data validation,
collaboration, compliance and auditing, application of AI/Gen AI to
processes, reconciliations, process and administration, and
analysis and reporting.
For its 2024 Buyers Guides for Financial Consolidation and Close
Management, ISG assessed software providers across three financial
consolidation and close categories – Financial Close, Financial
Consolidation, and Financial Close and Consolidation – and produced
a separate Buyers Guide for each. A total of 21 providers were
assessed: BlackLine, Board International, FloQast, Fluence
Technologies, IBM, insightsoftware, Infor, Jedox, LucaNet,
NetSuite, OneStream, Oracle, Planful, Prophix Software, SAP,
Talentia Software, Trintech Adra, Trintech Cadency, Vena Solutions,
Wolters Kluwer and Workday.
ISG Software Research designates the top three software
providers as Leaders in each category. For the 2024 study, the
leading providers in ranked order are:
Financial Close: Oracle, BlackLine and SAP
Financial Consolidation: Oracle, OneStream and SAP
Financial Close and Consolidation: Oracle, SAP and Board
International
”The heightened need for efficiency and speed in financial
processes require automation and software to achieve accurate
results in a timely fashion,” said Mark Smith, partner of Software
Research at ISG. “This Buyers Guide is an authoritative tool to
best understand, assess, optimize and select the right software
providers.”
The ISG Buyers Guides for Financial Consolidation and Close
Management are the distillation of more than a year of market and
product research efforts. The research is not sponsored nor
influenced by software providers and is conducted solely to help
enterprises optimize their business and IT software
investments.
Visit this webpage to learn more about the Buyers Guides for
Financial Consolidation and Close Management and read executive
summaries of each of the three reports. The complete reports,
including provider rankings across seven product and customer
experience dimensions and detailed research findings on each
provider, are available by contacting ISG Software Research.
About ISG Software Research
ISG Software Research, previously Ventana Research, provides
authoritative market research and coverage of the business and IT
software industry. It distributes research and insights daily
through its user community, and provides a portfolio of consulting,
advisory, research and education services for enterprises, software
and service providers, and investment firms. Its on-demand service
provides structured education and advisory support through
subject-matter experts. ISG Buyers Guides support the RFI/RFP
process and help enterprises evaluate and select software providers
through tailored assessment services and the ISG Software Research
Value Index methodology. Visit www.ventanaresearch.com for more
information and to sign up for free community membership.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading
global technology research and advisory firm. A trusted business
partner to more than 900 clients, including more than 75 of the
world’s top 100 enterprises, ISG is committed to helping
corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including AI and automation, cloud and data analytics; sourcing
advisory; managed governance and risk services; network carrier
services; strategy and operations design; change management; market
intelligence and technology research and analysis. Founded in 2006,
and based in Stamford, Conn., ISG employs 1,600 digital-ready
professionals operating in more than 20 countries—a global team
known for its innovative thinking, market influence, deep industry
and technology expertise, and world-class research and analytical
capabilities based on the industry’s most comprehensive marketplace
data. For more information, visit www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240628999577/en/
Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com
Julianna Sheridan, Matter Communications for ISG +1 978-518-4520
isg@matternow.com
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