Financial Close Management

Maker Checker Workflow

30% Faster Close. Hierarchical, multi-level review and customizable approval workflow.

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Key Features

AI-based E-Mail Remittance Capture

Customizable Task Approval Workflow

Assign roles based on the organization's hierarchy, set up controls for approvals, and track the progress of all tasks.

AI-based E-Mail Remittance Capture

Segregation of Duties

Gain control of the whole process with a review and approval workflow for the entire team.

Trusted By The Best Accounting Teams Around The Globe

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Best Checklist Template for Month end close

Download this ready-to-use dynamic checklist for accounting managers and their teams to track their close tasks' progress.

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Financial Close Product tour

This package contains an excel sheet and an ebook for A/R leaders for justifying a business case in an automated cash application system.

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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.

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