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Controls & Compliance

Features designed to ensure regulatory and organizational compliance, with full auditability.

Approval Workflows: Configurable approval flows for journal entries and reconciliations.
Attestation Processes: Enables formal certification/attestation of reconciliations and close tasks.
Audit Trail: Comprehensive logging of user activity and changes to financial data.
Automated Controls Testing: Features for periodic test and verification of key controls.
Change Management Tracking: Tracks all changes to process configurations, rules, and templates.
Compliance Reporting: Pre-built and customizable reports for regulatory compliance.
Policy Enforcement: Ability to enforce close process policies and escalation rules automatically.
Retention Policy Management: Automates application of document/data retention policies.
SOX Compliance Features: Built-in controls and checklists for Sarbanes-Oxley compliance.
Segregation of Duties: Ability to enforce separation of roles for critical processes.
Sensitive Data Masking: Automatically hides or redacts sensitive financial information.
User Access Controls: Granular controls over user roles and access to data/features.

Core Financial Close Functionality

Fundamental features that enable and automate essential financial close activities.

Account Reconciliation Automation: Automatically matches and reconciles account balances across systems.
Accrual Management: Automates the accrual calculation and posting for period-end.
Automated Adjustments: System identifies and automatically posts adjustment entries as needed.
Automated Journal Entry Posting: Ability to automate and schedule journal entries to various ledgers.
Bulk Close Operations: Ability to close multiple entities, books, or business units simultaneously.
Close Calendar Management: Helps manage and visualize close timelines, milestones, and dependencies.
Close Task Checklists: Provides configurable, tracked checklists to ensure all close tasks are completed.
Custom Workflow Support: Ability to define and automate multi-step close workflows tailored to organizational needs.
Intercompany Elimination: Automates the process of eliminating intercompany transactions for consolidated reporting.
Number of Supported Ledgers: Maximum number of separate general ledgers supported in the platform.
Reconciliation Templates: Provides customizable templates for different account types and reconciliations.
Soft Close Capability: Allows interim closing of ledgers before final close for review purposes.
Sub-ledger to GL Reconciliation: Automates and manages reconciliation between sub-ledgers and the general ledger.
Suspense Account Monitoring: Automatically monitors, tracks and resolves suspense account entries.
Trial Balance Automation: Enables real-time automated generation and validation of trial balances.

Cost & Commercial Terms

Attributes that determine the cost-effectiveness and commercial flexibility of the solution.

Cost Predictability: All-in costs clearly outlined with minimal hidden fees.
Discounts for Multi-year Commitments: Reduced pricing available for longer contracts.
Flexible Contract Terms: Monthly/annual options; early termination and upgrade/downgrade policies.
Free Trial Availability: Ability to try the software at no initial cost for a limited period.
Implementation Fees: One-off fees for initial setup or configuration.
Modular Pricing: Option to pay only for needed modules or features.
Ongoing Maintenance Costs: Annual/monthly fees for support, updates, and hosting.
Per User Licensing: Licensing and cost scales with number of users.
Transactional Pricing Option: Option for pricing based on volume of transactions processed.
Transparent Pricing Model: Clear, published or easy-to-understand pricing (vs. custom quotes only).

Implementation & Support

Services, support levels, and performance guarantees relevant to system deployment and ongoing use.

24/7 Customer Support: Support availability around the clock (live chat, call, or ticket).
Dedicated Account Manager: Provides an assigned point of contact for ongoing support and escalation.
Implementation Time: Typical time frame required to deploy and go live.
Knowledge Base: Comprehensive self-serve documentation and troubleshooting guides.
Onboarding Assistance: Dedicated onboarding and migration support.
Partner Network: Ecosystem of third-party implementers and solution partners.
SLAs for Issue Resolution: Guaranteed maximum times for critical and non-critical issue resolution.
Training and Certification Programs: Structured courses and certifications for users and admins.
Upgrade/Release Frequency: How often platform releases major product enhancements.
User Community Forums: Active community or user groups for peer support.

Insurance-Specific Capabilities

Features tailored for the unique closing and regulatory requirements of insurance companies.

Claims Payments Tracking: Reconciles actual claims payments against reserves and accounting entries.
Claims Reserve Calculations: Supports actuarial reserve calculations and integration with actuarial systems.
Investment Accounting Integration: Automated feeds from investment management systems to GL/reconciliation.
Multi-GAAP Support: Handles US GAAP, IFRS 17, and other insurance accounting standards.
Policy-to-Ledger Reconciliation: Automated tools to reconcile policy systems with accounting ledgers.
Premium Receivable Reconciliation: Reconciles policy premium receivables automatically.
Product/Line of Business Segmentation: Allows close data and reporting by product or line of business.
Regulatory Filing Automation: System automates the population and e-filing of regulatory reports.
Regulatory Reporting Templates: Pre-built templates for statutory, regulatory and NAIC (US) or Solvency II (EU) disclosures.
Reinsurance Agreement Tracking: Automated reconciliation for ceded/premium for reinsurance contracts.

Integration & Data Management

Capabilities for seamless data import/export from ERPs, sub-ledgers, and external sources.

API Access: Availability of RESTful, SOAP or GraphQL APIs for integration and automation.
Audit Trail for Data Changes: Tracks all changes made to imported or exported data.
Bulk Data Processing Speed: Rate at which the platform can process and import bulk data.
Data Import Automation: Scheduled or on-demand data imports from multiple source systems.
Data Transformation Tools: Features to map, clean, and transform data for compatibility with various systems.
Data Validation Rules: Customizable controls to validate data integrity during the close process.
ERP Integration: Direct connectors or APIs for major ERPs (e.g., SAP, Oracle, Microsoft Dynamics).
File Format Support: Range of supported data file formats (Excel, CSV, XML, etc.).
Integration with Document Management Systems: Direct integrations with platforms like SharePoint or Box for supporting documents.
Manual Data Entry Support: Ability for users to manually upload, enter, or amend data as needed.
Master Data Management Integration: Supports connectivity to centralized master data systems.
Real-Time Data Sync: Synchronizes financial data in real-time or near real-time.

Process Automation & Orchestration

End-to-end orchestration of close procedures using automation tools, scheduling, and exception management.

Automated Notifications: Sends alerts and updates based on process events or deadlines.
BPMN Support: Compatibility with BPMN standard for documenting business processes.
Business Rule Automation: Ability to define and apply custom business logic for process flows.
Exception Handling: Automates identification and escalation of exceptions or breaks.
Parallel Processing Support: Allows tasks to be completed in parallel, speeding up the close.
Performance Monitoring: Real-time tracking of process progress and blockers.
Role-based Task Assignment: Automated assignment of tasks to users based on roles, workload, or rules.
Scheduling Tools: Configurable schedules for automated run of close activities.
Task Automation: Automates repetitive tasks like reconciliations, reminders, and calculations.
Workflow Engine: Configurable process flows with automated assignment and hand-offs.

Reporting, Analytics & Visualization

Tools for creating, sharing, and analyzing close status, KPIs, and outcomes.

Benchmarking & Trend Analysis: Uses historical data to benchmark closes and spot long-term trends.
Custom Report Builder: User-friendly interface to create custom reports and visualizations.
Drill-down Capabilities: Ability to move from summary data into details and source transactions.
Export Options: Range of export formats and direct integration to BI tools.
KPI Dashboards: Live dashboards tracking close metrics (cycle time, open items, bottlenecks, etc).
Real-time Close Progress Tracking: Live display of process completion, overdue tasks, and status indicators.
Report Scheduling: Automated, periodic report generation and distribution.
Standard Financial Reports: Pre-built templates for key financial close and reconciliation reports.
User-defined KPIs: Flexible creation and monitoring of custom close-related metrics.
Variance Analysis Tools: Automated tools to identify and analyze variances in financial results.

Scalability & Performance

Product characteristics that determine its capacity and ability to efficiently handle increasing workloads.

API Rate Limits: Maximum number of API calls per time unit.
Batch Processing Throughput: Maximum number of records processed per hour in batch operations.
Close Cycle Time Reduction: Typical reduction in close time when using the platform.
Concurrent User Capacity: Maximum simultaneous users supported without loss of performance.
Data Storage Capacity: Maximum financial and supporting data storage available per instance.
Flexible Deployment Models: Options for SaaS, on-premises, or hybrid deployments.
Geographic Distribution: Support for distributed teams and operations across multiple regions.
Load Balancing Support: System remains performant during peak workloads through automated load balancing.
Performance Monitoring Tools: Built-in analytics for tracking system response and throughput.
Supported Entities/Business Units: Maximum organizational units/entities handled within a single deployment.

Security & Disaster Recovery

Measures and capabilities ensuring information security, privacy, and business continuity.

Audit Log Retention: Length of time audit logs are retained and accessible.
Data Backup Frequency: How often the platform conducts full backups.
Data Encryption: Encrypts data in transit and at rest using industry-standard protocols.
Disaster Recovery SLA: The committed time within which systems are restored after a disaster.
Granular Permission Settings: Detailed controls for access to objects, fields, and actions.
Multi-factor Authentication: Enhances platform access security via MFA/2FA options.
Regular Security Audits: Platform undergoes periodic third-party or internal security testing.
Security Certifications: Possession of industry recognized certifications (e.g., ISO 27001, SOC 2).
Single Sign-On Integration: Supports SSO via SAML, OAuth, or Active Directory.
User Session Management: Automatic log-off and session control features.

User Experience & Collaboration

Tools and interfaces designed for ease of use, transparency, and teamwork during the close.

Accessibility Compliance: Meets standards like WCAG 2.1 for accessible digital experiences.
Bulk Actions: Perform multiple actions (close, approve, assign) at once to speed work.
In-app Collaboration: Features like commenting, notes, and attachments within the close process.
Integrated Chat/Message System: Instant messaging for contextual collaboration within the platform.
Mobile Access: Responsive web/mobile app interfaces for completing close tasks remotely.
Multi-currency Support: Compatible with multiple currencies, conversion rates, and reporting requirements.
Multi-language Support: Availability in multiple languages for global teams.
Personalized Task Lists: Each user sees their own prioritized and assigned tasks.
Role-based Dashboards: Personalized views for different user types (controllers, accountants, reviewers, etc.)
User Training Modules: Integrated tutorials, training content, and help guides.

Financial Close Automation Systems features explained

for Finance and Accounting