SPARK Matrix™: Financial Close Management, Q4, 2022

Quadrant Knowledge Solutions defines a 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.  

Quadrant Knowledge Solutions’ Financial Close Management market research includes a detailed global market analysis of major vendors. The research comprises of vendors’ product features and functionalities, as well as competitive differentiating factors. The research provides competitive landscape and vendor analysis to enable technology vendors enhance their understanding of the market and implement a growth-oriented technical roadmap.

The research includes detailed competition analysis and vendor evaluation with the proprietary SPARK Matrix analysis. The SPARK Matrix includes ranking and positioning of the leading Financial Close Management vendors with a global impact, including –, Blackline, Board International, Flexi Software, FloQast, FYIsoft, Jedox, LucaNet, OneStream, Oracle, Planful, Prophix, ReconArt, Redwood Software, Trintech, Vena, Wolters Kluwer, and Workiva Inc.

According to Nikhilesh Naik, Analyst at Quadrant Knowledge Solutions, “An increase in the adoption of remote work culture by organizations, rising demand for increasing accounting accuracy through automation, and direct dependence on financial data to formulate organizations’ short & long-term policies are some of the primary drivers for the growth of the global financial close management market. Also, the ease in availability of cloud servers on a rental basis and ease in migration of technological offerings for shifting manual processes to automation have forced major vendors to leverage advanced technologies in order to improve their offerings.”

2022 Financial Close Management SPARK Matrix

Source: Quadrant Knowledge Solutions

Table of Contents

Executive Overview

Market Dynamics and Overview

·       Market Definition

·       Market Overview

·       Key VMS capabilities

Competition Landscape and Analysis

• Competitive Overview and Analysis
• Factors and Technology Differentiators

SPARK Matrix™: Financial Close Management

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