What are our data sources?
We use the data sources on the side for ranking solutions and awarding badges in financial close software category. Our data sources in financial close software category include;
Financial close is the process of reviewing, verifying, and adjusting account balances at the end of each period before the accounting cycle closes. Financial close software, or accounting close software, help businesses to streamline the financial close cycle.
If you’d like to learn about the ecosystem consisting of Financial Close Software and others, feel free to check AIMultiple Finance.
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BOARD helps organizations reach a single vision of their performance in a simple and extremely effective manner.
We use the data sources on the side for ranking solutions and awarding badges in financial close software category. Our data sources in financial close software category include;
review websites
social media websites
search engine data for branded queries
According to the weighted combination of 7 data sources
BlackLine
Vena
BOARD
FloQast
CCH Tagetik
Taking into account the latest metrics outlined below, these are the current financial close software market leaders. Market leaders are not the overall leaders since market leadership doesn’t take into account growth rate.
BlackLine
FloQast
Vena
BOARD
Prophix Software
These are the number of queries on search engines which include the brand name of the solution. Compared to other Finance categories, Financial Close Software is more concentrated in terms of top 3 companies’ share of search queries. Top 3 companies receive 85%, 12% more than the average of search queries in this area.
76 employees work for a typical company in this solution category which is 55 more than the number of employees for a typical company in the average solution category.
In most cases, companies need at least 10 employees to serve other businesses with a proven tech product or service. 16 companies with >10 employees are offering financial close software. Top 3 products are developed by companies with a total of 500k employees. The largest company building financial close software is IBM with more than 300,000 employees.
Taking into account the latest metrics outlined below, these are the fastest growing solutions:
Vena
BlackLine
BOARD
CCH Tagetik
OneStream XF
We have analyzed reviews published in the last months. These were published in 4 review platforms as well as vendor websites where the vendor had provided a testimonial from a client whom we could connect to a real person.
These solutions have the best combination of high ratings from reviews and number of reviews when we take into account all their recent reviews.
This data is collected from customer reviews for all Financial Close Software companies. The most positive word describing Financial Close Software is “Easy to use” that is used in 11% of the reviews. The most negative one is “Difficult” with which is used in 5.00% of all the Financial Close Software reviews.
According to customer reviews, most common company size for financial close software customers is 51-1,000 employees. Customers with 51-1,000 employees make up 40% of financial close software customers. For an average Finance solution, customers with 51-1,000 employees make up 35% of total customers.
These scores are the average scores collected from customer reviews for all Financial Close Software. Financial Close Software is most positively evaluated in terms of "Customer Service" but falls behind in "Ease of Use".
This category was searched on average for 307 times per month on search engines in 2022. This number has increased to 320 in 2023. If we compare with other finance solutions, a typical solution was searched 792 times in 2022 and this increased to 880 in 2023.