Record to Report Suite

Financial Close Management Software

Reduce peak load and gain control of your month-end close process using LiveCube automation. Track progress with Close Progress Dashboards.

Reduce days to close by 30%.

Desktop with Black Screen
AI-Based Credit Management Software

Financial Close Software Modules

AI-based E-Mail Remittance Capture

LiveCube Task Automation

Customizable Template Setup for Data Extraction & Transformation. Big data-backed platform integrated to automate your month close computation and journal output creation. More

AI-based E-Mail Remittance Capture

Journal Entry Management

Automated Journal Entry Preparation & Posting to ERP. Automated journal preparation and posting by customizing LiveCube templates as per the choice of system of records. More

AI-based E-Mail Remittance Capture

Close Progress Dashboards

Track Progress of All Tasks in One Place. Customizable dashboards and automated out-of-the-box reports for tracking close progress. More

AI-based E-Mail Remittance Capture

Maker Checker Workflow

Multi-Level Approval Workflow. Put a check on items that need to be monitored and segregate the duties among the ones responsible with customized task workflow. More

AI-based E-Mail Remittance Capture

Close Checklists

Streamlined Close Process. Checklist templates, close task worklists and collaterals for an efficient close along with automated task logs for audit purposes. More

Additional Modules | Pricing Deductions Research Automation | Shortage Deductions Research Automation

PRODUCT

Key Modules

  • LiveCube Task Automation
  • Journal Entry Management
  • Close Progress Dashboards

VALUE

Improve Operational KPIs

  • 50% Close Task Automation
  • 95% Journal Posting Automation
  • 100% Close Checklist Completion

Deliver Business Outcomes

  • Manual Tasks Automation by 50%
  • Reduction in Days to Close by 30%

Key Modules

  • LiveCube Task Automation
  • Journal Entry Management
  • Close Progress Dashboards

Improve Operational KPIs

  • 50% Close Task Automation
  • 95% Journal Posting Automation
  • 100% Close Checklist Completion

Deliver Business Outcomes

  • 40% Close Productivity Improvement
  • 30% Reduction in Days to Close

HighRadius Vs. The Competition

Financial Close Management Software Feature Comparison

HighRadius ERP Vendors(e.g. SAP, Oracle) Niche Players(e.g. Blackline, Floquast, Trintech) Niche Players(e.g. Esker, Billtrust) Niche Players(e.g. Blackline, Floquast, Trintech)

Close Checklists

  • Navigation across periods
  • Flexible calendars

Close Progress Dashboards

  • Dashboard
  • Interactive reporting tool

Livecube Task Automation

  • Custom derived column creation
  • Iterative data transformation

Advanced Dunning

  • Bulk correspondences with customizable templates
  • Smart payment links within emails

Disclaimer: Feature comparison is based on each vendor’s most recent and modern version available as of February 1st, 2024. Information is based on data collected from public websites and forums, analyst papers, and product datasheets as of February 1st, 2024.

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Accounting Managers

Say bye to data mismanagement, human errors, and accounting omissions to bring in trust, compliance, and consistency to your reporting.
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Controllers

With seamless communication on an integrated platform, get complete visibility on the status of your month-end close and reconciliation processes. Read More

CFOs and CAOs

With hyperdata centralization and automation, say bye to manual and time-intensive data processing tasks across your accounting processes.
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HighRadius Financial Close Solution Overview

Collections Flow Diagram

FAQs: AI-Powered Financial Close Management Software

What is financial close management software?

A financial close management software helps you reduce peak load and gain control of your month-end close process with automation. It extracts data from and automatically posts journal entries to your ERP. It also helps you collaborate better with close task automation and an approval workflow.

What are the benefits of using a financial close software?

Organizations use a financial close software to reduce their days to close - total amount of time it takes you to close books. It also helps standardizing processes for global R2R teams and improving accountants' productivity, thereby optimizing costs.

How does a financial close automation software impact days to close?

Enterprise and mid-size organizations typically take between 5 to 10 days to close their books. Financial close automation software helps you close 30% faster by providing you a centralized platform for managing the month-end close process, leading to a faster and more efficient close.

How does a financial closing software handle audit requirements?

A financial closing software, like HighRadius, has 'task logs' to help track all changes made to every close task in a chronological order. Additionally, accountants can add all collaterals - supporting documents, comments, and web links - to their task for auditors to have all information handy.

How to choose the right financial close management solution for your organization?

While many financial close solutions integrate with ERPs, you must look for software that integrates with third-party accounting solutions that your organization might be using - like Expensify. Additionally, the software must automate the most time-intensive task of performing computations with the help of out-of-the-box, configurable templates and formulae.

Does a Financial Close Management Software integrate with ERPs?

A close management software must offer a flexible solution, seamlessly integrating with major ERPs like SAP, Microsoft Dynamics 365, Oracle, NetSuite, Sage Intacct, and Workday. This adaptability ensures the effortless extraction of GL accounts for reconciliation with bank data, facilitating a timely close. Moreover, the system must send journal entries back to the ERP in the supported format.

How to do month end closing entries in a month end financial close software?

Month end financial close software integrates with your ERP to automatically post journal entries for updating final GL balances. Users can use existing templates to create journal entries wherein all transaction details are already auto-populated to make the process more efficient.

Why consider an AI-Powered accounting close management software?

An AI-powered accounting close management software like HighRadius offers several advantages. It enhances accuracy by automating repetitive tasks, improves efficiency by streamlining processes, and provides real-time insights for better decision-making. It also reduces manual errors and saves time, ultimately leading to a faster and more reliable financial close.

How much IT involvement is needed to maintain a cloud financial close management software?

A cloud financial close software must be designed for minimal IT involvement. With pre-packaged modules and industry-specific best practices, HighRadius makes it easy for customers to minimize their reliance on internal IT resources. Remote deployment further streamlines the process, reducing the need for extensive IT involvement. This approach ensures a smooth and efficient implementation experience for our clients.

How does a financial close software handle data security and privacy?

A financial close software, like HighRadius, prioritizes your data security and privacy, meeting key compliance standards such as GDPR, HIPAA, SOC 1 Type 2, and SOC 2 Type 2. This ensures that your data remains confidential and secure, giving you peace of mind while managing your finances.