Cloud financial close solutions: Introduction
Financial management is a complex and dynamic area of the business world.
Among the many digital platforms and software revolutionizing the industry, cloud financial close solutions have emerged as one of the most pivotal tools.
As businesses strive to streamline their end-of-period accounting processes with greater accuracy, speed, and efficiency, the popularity of this software has risen exponentially.
With the increase in digital transactions and records, companies are now faced with the reality of dealing with vast amounts of complex financial data.
Alongside this comes the need for ever more stringent reporting requirements, as well as more efficient, consistently reliable, and always scalable solutions.
Our expert buyer’s guide is designed, developed and written to assist buyers and users currently looking for cloud financial close solutions. Our content can help buyers make informed decisions that align with their business objectives.
Industry professionals who can benefit from our buyer’s guide content
Our buyer’s guide is designed to be of use to buyers within businesses of all sizes. From small enterprises or start-ups to multinational corporations, the search for cloud financial close solutions is critical.
Additionally, this is a guide that is valuable to various industries and sectors and within those, a range of professionals.
These include corporate finance teams, and anyone looking to optimise and streamline their financial close processes. This can help reduce errors, and enhance reporting accuracy, both of which are of value to any company.
Selecting Cloud financial close solutions: key considerations
Researching and finding the right supplier for cloud financial close solutions is an important process and decision.
Naturally, there are several factors to consider when looking to ensure any chosen system meets your specific needs.
These considerations include, but are not limited to:
Seamless integration capabilities
Any cloud financial close solutions platform must be able to seamlessly integrate with your existing digital ecosystem.
Most companies have a range of data sources and this integration can help to ensure a unified and efficient close process for those in accounting.
Cloud financial close solutions scalability
All businesses are looking to grow and expand. With any growth, it is important to have a cloud-based financial solution that can grow alongside your business.
Cloud financial close solutions should be able to accommodate increased transaction volumes and additional users without compromising performance.
Without this ability to scale, companies would need to regularly procure new software solutions, making scalability both time and money saving.
Industry compliance and online security
Most industries have compliance and security considerations and concerns, but few are more impacted by these than the financial sector.
When buying cloud financial close solutions, buyers should confirm that their supplier adheres to the highest industry standards and more recent regulations.
Along with this compliance, solutions should demonstrate and include a wide range of robust security features designed and guaranteed to protect sensitive financial data.
Premium user experience
For many companies the usability factor is key.
Delivering a user-friendly interface and intuitive navigation for all users is essential for both the speed and efficiency of user adoption, as well as the optimised use by your finance team.
Support and training
Evaluate the level of support and training provided by the supplier to facilitate a smooth transition and ongoing usage.
Leading Cloud financial close solutions
As the marketplace becomes more crowded, the number of cloud financial close solutions available can be difficult to research.
Having conducted this research with a buyer’s hat on, we consider the following to be some of the leading cloud financial close solutions:
- Oracle Cloud EPM
- SAP S/4HANA Finance
- Workiva Wdesk
- BlackLine Financial Close Management
- IBM Cognos Controller
- Host Analytics Close Management
- Adaptive Insights by Workday
- FloQast Close Management
- Trintech Cadency
- Prophix Software
- Planful (formerly Host Analytics)
- Vena Solutions
- OneStream XF
- CCH Tagetik
- Kyriba Active Liquidity Network
Technological advancements in Cloud financial close solutions
Some of the latest advancements in cloud financial close solutions are changing how finance teams operate and how financial solutions are delivered.
These include:
- Integrated Artificial Intelligence (AI) and Machine Learning (ML)
- Automation of repetitive tasks with machine learning software
- AI usage helps to predict financial outcomes and provide actionable insights.
- Enhanced data analytics capabilities through AI and ML
- More sophisticated software for reporting and decision-making.
Additionally, the adoption of blockchain technology is improving the security and traceability of financial transactions for many businesses.
Cloud financial close solutions: Our conclusion
Cloud financial close solutions are indispensable for businesses looking to enhance their financial reporting and close processes.
With so many choices in terms of providers, we would always suggest using our content as a guide and information source.
By considering the factors outlined in this guide and exploring the specific systems available, you can select a solution that not only meets your current needs but also supports your future growth.
Online sources
– Gartner (https://www.gartner.com)
– Forrester (https://www.forrester.com)
– Capterra (https://www.capterra.com)
