Financial Close and Consolidation Solutions
Financial close and consolidation tools enable automation, compliance and collaboration in group close, consolidation and financial reporting. CFOs can use this research to evaluate vendors that align with their accounting transformation objectives.
Market Definition
Gartner defines financial close and consolidation solutions (FCCS) as applications that enable CFOs and their teams to manage the organization’s group close, consolidation and reporting processes. The FCCS market equips organizations to (1) manage and drive financial control across their close cycles through configurable workflows and dashboards that support collaboration and provide a centralized auditable view; (2) execute financial consolidation across multiple legal entities (LEs) and geographies; (3) meet accounting standards for currency translation, intercompany elimination and top-side adjustments; and(4) generate reporting that adheres to generally accepted accounting principles (GAAP),International Financial Reporting Standards (IFRS) and regional compliance.
CFO’s and their team's objective is to provide a compliant, efficient and collaborative group financial close is placed at risk by the increasing complexity of company structures, escalating financial regulations, multiple systems of record and the rise in remote working. The FCCS market enables finance teams to manage and execute their group close activity with a centralized cloud-based application that draws on machine learning and AI to optimize performance. Finance teams typically leverage these solutions across three business challenges: to assist with the goal of more efficient controllership function; to support the increasingly regulated environment, enabling teams to reach compliance faster; or to simplify complex environments in which they operate. The solutions reduce risk and redundancy in the consolidation process, achieve faster group close times and generate compliant financial statements for external and management reporting.
Report 2025
Here is a summary of the vendors featured in the Gartner magic quadrant 2025 report.
For the full analysis and detailed insights, you can read the report
here
and view the magic quadrant graphic
here.
| Market Status | Market Vendor |
|---|---|
Leader |
Oracle |
Leader |
OneStream |
Leader |
Wolters Kluwer |
Niche Player |
Vena |
Niche Player |
Lucanet |
Niche Player |
insightsoftware |
Niche Player |
Prophix |
Niche Player |
Jedox |
Niche Player |
Solver |
Challenger |
BlackLine |
Challenger |
IBM |
Challenger |
Planful |
Challenger |
Anaplan |
Challenger |
Board |
Challenger |
HighRadius |