Automate Your Financial Close & Consolidation

Streamlined integration and transparency. Connect seamlessly to GL/ERP systems like Oracle, SAP, and Microsoft Dynamics using pre-built connectors with drill-back capabilities. Superior data quality with guided workflows and user-friendly processes. Achieve 100% audit trails for full transparency from report to source.

Enhance risk management by linking reported balances to reconciled accounts for precision in management and a risk-adjusted balance sheet. Automate reconciliation for faster, accurate reporting. Gain full insight into the process with trial balance single sourcing, ensuring consistent syncing of financial statements.

Enhance financial accuracy and speed book closing with efficient data loading and reconciliation from OneStream financial close software. Quickly identify errors with pre- and post-load validations, reducing differences and write-offs. Support reconciliations by auto-matching transactions from diverse sources using configurable rules and detailed analysis.

Ensure compliance with US GAAP, IFRS, and local standards while reducing costs. Simplify Sarbanes-Oxley controls for certification of new guidelines. Use repeatable processes for data collection. Maintain audit trails and facilitate adjustments between US GAAP and IFRS. Support SOX 302 and 404 for transparent financials.

Integrate tax planning with CPM activities for better strategy and transparency. This unified approach boosts efficiency, cuts cycle times, and reduces reconciliation, streamlining financial close. Automate and optimize tax reporting, supporting ASC 740 disclosures, and eliminate the need for separate Excel solutions.

Automate and streamline ESG reporting for stakeholder insights with financial close software. Access detailed metrics with dashboards, drill-down, and automated footnotes for ESG and financial data alignment. Connect to ESG data sources, aggregate and calculate data, and comply with GRI, SASB, and EU SFDR/CSRD frameworks for future-proof compliance.

Financial close software is a tool designed to automate and streamline the process of closing a company’s financial books at the end of a reporting period. It helps ensure accuracy, compliance, and efficiency by automating tasks such as data reconciliation, journal entry processing, financial reporting, and consolidations. This software reduces the manual effort involved, accelerates the close process, and provides real-time visibility into financial results, allowing for quicker and more accurate decision-making.

Financial close is the process of finalizing a company’s financial records at the end of a reporting period, such as a month, quarter, or year. It involves reconciling accounts, ensuring all financial transactions are recorded accurately, and preparing consolidated financial statements. The goal of the financial close is to ensure the accuracy and completeness of financial reporting, meet compliance standards, and provide management with a clear, up-to-date view of the company’s financial performance.

Financial consolidation is crucial for providing a clear and accurate view of a company's overall financial health. It helps ensure compliance with accounting standards, improves decision-making, and allows for better strategic planning at the corporate level.

How are Financial Close and Consolidation Related?

Key steps include collecting and verifying data, performing account reconciliations, making necessary adjustments, closing sub-ledgers, consolidating financial statements, preparing reports, and reviewing for accuracy before finalizing the close.

Yes, most financial close management software includes tools to automate and streamline intercompany reconciliation, helping eliminate discrepancies between related entities, ensuring that transactions are properly matched, and improving the accuracy of consolidated financial statements.

One of the best financial close software solutions is OneStream. We offer a unified platform that streamlines and automates the financial close process, reducing manual tasks and improving accuracy. With features like automated reconciliations, journal entries, financial consolidations, and reporting, OneStream accelerates the close cycle while ensuring compliance and providing real-time insights into your financial data. Seamless integration with existing systems makes us a top choice for organizations looking to optimize their financial close processes.