Picture

Questions?

+1-866-353-3335

SEARCH
What are you looking for?
Need help finding what you are looking for? Contact Us
Compare

PUBLISHER: QKS Group | PRODUCT CODE: 1445898

Cover Image

PUBLISHER: QKS Group | PRODUCT CODE: 1445898

Global Market Share: Financial Close Management, 2022

PUBLISHED:
PAGES: 39 Pages
DELIVERY TIME: 1-2 business days
SELECT AN OPTION
PDF (Single User License)
USD 4900
PDF (Corporate User License)
USD 5900

Add to Cart

Quadrant Knowledge Solutions Reveals that Financial Close Management Market is Projected to Register a CAGR of 17.50% by 2027.

The financial close management process is an important segment of the accounting process that allows organizational stakeholders to gain an accurate view of the organization's financial landscape. However, like all accounting processes, it can suffer from challenges like the presence of financial data at multiple locations, lack of documented protocols to handle accounting data, insufficient knowledge to handle automation solutions, lack of a centralized system to store accounting data, and fast-moving nature of reconciliation process that results in errors in manual handling. Therefore, vendors in the market are providing solutions to automate the end-to-end financial close management process. They are further enriching their products with emerging technologies such as AI, ML, big data, and cloud to reduce the burden on the accounting teams and generate error-free financial reports.

The financial close management process covers the documentation of transactions, reconciliation of accounts, documentation of monthly journal entries, reconciliation of balance sheet accounts, evaluation of accounts, preparation of financial reports, and closing system. The financial close management software offers a centralized system that enables the account departments to extract transaction data from all disparate systems and manage the month-end close timeline appropriately. The process then follows the reconciliation of subsidiary ledgers with the general ledgers, where the software integrates with all programs to accelerate the process of capturing, reconciling, recording, and matching transactions. The process then moves towards automation of documenting recurring journal entries and their archiving in a repository to simplify the process of entry matching and reconciliation. The next step of this process deals with the reconciliation of balance sheet accounts, where transactions are matched with bank statements along with the closing balance of that concerned account. The financial close management software automates the process of extracting account data, matching it with bank statements, and reconciliation of cash accounts to detect errors and streamline the cash flow in the organization. The process then moves towards evaluation, where the financial accounts are reviewed by the management. Financial close management software understands the importance of internal control and provides automation solutions for streamlining this step and providing visibility and access to the end-to-end accounting reconciliation process. The preparation of financial reports deals with the creation and maintenance of documents containing financial statements that are properly reconciled. The financial close management software facilitates an automation solution for the entire step of compiling accounting data to denote the close of the accounting period within the system.

The financial close management process deals with some of the major accounting challenges at the organizational level. Some of the common financial close process challenges consist of the presence of financial data at multiple locations, lack of documented protocols to handle accounting data, insufficient knowledge to handle automation solutions, lack of a centralized system to store accounting data, and fast-moving nature of reconciliation process that results in error in manual handling. The importance of this process and its continuous occurrence within the organization has resulted in vendors focusing more on resolving these issues by utilizing emerging technologies such as AI, ML, big data, and cloud to enrich their offerings. The financial close management software enables the accounting team and financial departments to automate the end-to-end financial close management process to overcome these challenges and allows them to focus more on strategic decisions rather than handling manual work. A few suggestions for improving the financial close management process include frequent reconciliation of accounts within the month, development of standard operating procedure with detailed instructions, expectations, & responsible parties, and an increase in time to review the closure process.

Quadrant Knowledge Solutions defines Financial Close Management as "A process of recording, verifying, adjusting, and closing of financial transactions at the end of a designated time period to produce financial reports denoting an organization's financial status." The Financial Close Management software automates the entire record-to-report process, comprising transaction recording, matching of statements with account data, consolidation of financial results, closing the books, reporting as per the requirement of the finance department, and suggestions for the current & future financial year.

Some of the highlighting trends for the financial close management software include:

Automation and the use of Artificial Intelligence: Utilization of automation tools & AI for automating the process of automated journal entry creation, account reconciliation & report is becoming increasingly prevalent in financial close management software.

Real-time collaboration & visibility: Vendors offering financial close management software are implementing real-time collaboration tools to improve collaboration between finance teams and other departments of organizations and achieve better communication and visibility into status updates, task assignments, and task completions.

Mobile Apps: Vendors are developing mobile applications that allow finance professionals to access & manage financial close processes on the go and provide real-time visibility into financial close processes through mobile applications.

Product Code: QKS-02766

Table of Contents

Chapter 01: Research Summary

  • 2023 Competition Outlook
  • Top Research Findings and Key Takeaways

Chapter 02: Market Overview

  • Market Definition and Scope
  • Revenue Type
  • Geographical Regions
  • Industry Verticals

Chapter 03: Market Share Analysis

  • Market Share by Total Market
  • Market Share by Deployment Type
    • Cloud
    • On-Premises
  • Market Share by Geographical Regions
    • Canada
    • Central & Eastern Europe
    • Japan
    • Latin America
    • Middle East & Africa
    • USA
    • Western Europe
    • Asia Ex-Japan China (AxJC)
    • China
  • Market Share by Industry Verticals
    • Banking and Financial Services
    • Electronics & Telecom
    • Retail and eCommerce
    • Professional Services
    • Healthcare and Life Sciences
    • Manufacturing
    • Media & Entertainment
    • Government and Public Sectors
    • Education
    • Energy & Utility Others
    • Others
  • Market Share by Customer Types
    • SMB
    • Large
    • Enterprise

Chapter 04: Analyst Recommendations

  • Analyst Recommendations

Chapter 05: Appendix

  • Research Methodologies
Product Code: QKS-02766

List of Tables

  • Table 1 : Market Share, Total Market, Worldwide
  • Table 2 : Market Share By Deployment Type, Worldwide
  • Table 3 : Market Share By Geographical Regions, USA
  • Table 4 : Market Share By Geographical Regions, Canada
  • Table 5 : Market Share By Geographical Regions, Latin America
  • Table 6 : Market Share By Geographical Regions, Western Europe
  • Table 7 : Market Share By Geographical Regions, Central & Eastern Europe
  • Table 8 : Market Share By Geographical Regions, MEA
  • Table 9 : Market Share By Geographical Regions, Asia ex. JPC
  • Table 10 : Market Share By Geographical Regions, Japan
  • Table 11 : Market Share By Geographical Regions, China
  • Table 12 : Market Share By Industry Vertical 1, Worldwide
  • Table 13 : Market Share By Industry Vertical 2, Worldwide
  • Table 14 : Market Share By Industry Vertical 3, Worldwide
  • Table 15 : Market Share By Industry Vertical 4, Worldwide
  • Table 16 : Market Share By Industry Vertical 5, Worldwide
  • Table 17 : Market Share By Industry Vertical 6, Worldwide
  • Table 18 : Market Share By Industry Vertical 7, Worldwide
  • Table 19 : Market Share By Industry Vertical 8, Worldwide

List of Figures

  • Fig. 1 Market Share of Financial Close Management, Worldwide, 2022
  • Fig. 2 Market Share of Financial Close Management, USA, 2022
  • Fig. 3 Market Share of Financial Close Management, Canada, 2022
  • Fig. 4 Market Share of Financial Close Management, Latin America, 2022
  • Fig. 5 Market Share of Financial Close Management, Western Europe, 2022
  • Fig. 6 Market Share of Financial Close Management, Central & Eastern Europe, 2022
  • Fig. 7 Market Share of Financial Close Management, Middle East & Africa, 2022
  • Fig. 8 Market Share of Financial Close Management, Asia excluding Japan and China, 2022
  • Fig. 9 Market Share of Financial Close Management, Japan, 2022
  • Fig. 10 Market Share of Financial Close Management, China, 2022
  • Fig. 11 Market Share of Financial Close Management, IT & Telecom Industry, 2022
  • Fig. 12 Market Share of Financial Close Management, Banking & Financial Services Industry, 2022
  • Fig. 13 Market Share of Financial Close Management, Insurance Industry, 2022
  • Fig. 14 Market Share of Financial Close Management, Healthcare Industry, 2022
  • Fig. 15 Market Share of Financial Close Management, Government & Public Sector, 2022
  • Fig. 16 Market Share of Financial Close Management, Retail & eCommerce, 2022
  • Fig. 17 Market Share of Financial Close Management, Manufacturing, 2022
  • Fig. 18 Market Share of Financial Close Management, Hospitality, 2022
  • Fig. 19 Market Share of Financial Close Management, On-premises Deployment, 2022
  • Fig. 20 Market Share of Financial Close Management, Cloud Deployment, 2022
  • Fig. 21 Market Share of Financial Close Management, SMB Customers, 2022
  • Fig. 22 Market Share of Financial Close Management, Large Customers, 2022
  • Fig. 23 Market Share of Financial Close Management, Enterprise Customers, 2022
Have a question?
Picture

Jeroen Van Heghe

Manager - EMEA

+32-2-535-7543

Picture

Christine Sirois

Manager - Americas

+1-860-674-8796

Questions? Please give us a call or visit the contact form.
Hi, how can we help?
Contact us!