at Financial Technnology Year
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Adaptive Financial Close from Adaptive Insights
Offers a streamlined financial close process with collaborative workflows, integrated planning, and analytics. Provides tools for variance reporting and collaboration across departments to ensure accuracy and compliance.
Product analysis by function
Financial Close Automation Systems for Finance and Accounting
Platforms that streamline the period-end financial close process, reducing time and errors in financial statement preparation.
More Financial Close Automation Systems
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Core Financial Close Functionality
(0 Yes /0 Known /15 Possible features)
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Automated Journal Entry Posting Ability to automate and schedule journal entries to various ledgers. |
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Account Reconciliation Automation Automatically matches and reconciles account balances across systems. |
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Intercompany Elimination Automates the process of eliminating intercompany transactions for consolidated reporting. |
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Trial Balance Automation Enables real-time automated generation and validation of trial balances. |
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Sub-ledger to GL Reconciliation Automates and manages reconciliation between sub-ledgers and the general ledger. |
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Accrual Management Automates the accrual calculation and posting for period-end. |
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Suspense Account Monitoring Automatically monitors, tracks and resolves suspense account entries. |
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Reconciliation Templates Provides customizable templates for different account types and reconciliations. |
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Bulk Close Operations Ability to close multiple entities, books, or business units simultaneously. |
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Soft Close Capability Allows interim closing of ledgers before final close for review purposes. |
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Number of Supported Ledgers Maximum number of separate general ledgers supported in the platform. |
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Custom Workflow Support Ability to define and automate multi-step close workflows tailored to organizational needs. |
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Automated Adjustments System identifies and automatically posts adjustment entries as needed. |
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Close Task Checklists Provides configurable, tracked checklists to ensure all close tasks are completed. |
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Close Calendar Management Helps manage and visualize close timelines, milestones, and dependencies. |
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Integration & Data Management
(0 Yes /0 Known /12 Possible features)
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ERP Integration Direct connectors or APIs for major ERPs (e.g., SAP, Oracle, Microsoft Dynamics). |
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Data Import Automation Scheduled or on-demand data imports from multiple source systems. |
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Real-Time Data Sync Synchronizes financial data in real-time or near real-time. |
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Data Validation Rules Customizable controls to validate data integrity during the close process. |
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Data Transformation Tools Features to map, clean, and transform data for compatibility with various systems. |
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File Format Support Range of supported data file formats (Excel, CSV, XML, etc.). |
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Integration with Document Management Systems Direct integrations with platforms like SharePoint or Box for supporting documents. |
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API Access Availability of RESTful, SOAP or GraphQL APIs for integration and automation. |
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Bulk Data Processing Speed Rate at which the platform can process and import bulk data. |
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Audit Trail for Data Changes Tracks all changes made to imported or exported data. |
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Manual Data Entry Support Ability for users to manually upload, enter, or amend data as needed. |
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Master Data Management Integration Supports connectivity to centralized master data systems. |
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Controls & Compliance
(0 Yes /0 Known /12 Possible features)
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Segregation of Duties Ability to enforce separation of roles for critical processes. |
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SOX Compliance Features Built-in controls and checklists for Sarbanes-Oxley compliance. |
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Audit Trail Comprehensive logging of user activity and changes to financial data. |
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Policy Enforcement Ability to enforce close process policies and escalation rules automatically. |
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Attestation Processes Enables formal certification/attestation of reconciliations and close tasks. |
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Approval Workflows Configurable approval flows for journal entries and reconciliations. |
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User Access Controls Granular controls over user roles and access to data/features. |
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Automated Controls Testing Features for periodic test and verification of key controls. |
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Compliance Reporting Pre-built and customizable reports for regulatory compliance. |
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Change Management Tracking Tracks all changes to process configurations, rules, and templates. |
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Retention Policy Management Automates application of document/data retention policies. |
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Sensitive Data Masking Automatically hides or redacts sensitive financial information. |
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Process Automation & Orchestration
(0 Yes /0 Known /10 Possible features)
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Workflow Engine Configurable process flows with automated assignment and hand-offs. |
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Task Automation Automates repetitive tasks like reconciliations, reminders, and calculations. |
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Exception Handling Automates identification and escalation of exceptions or breaks. |
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Automated Notifications Sends alerts and updates based on process events or deadlines. |
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Parallel Processing Support Allows tasks to be completed in parallel, speeding up the close. |
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Scheduling Tools Configurable schedules for automated run of close activities. |
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Business Rule Automation Ability to define and apply custom business logic for process flows. |
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Role-based Task Assignment Automated assignment of tasks to users based on roles, workload, or rules. |
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Performance Monitoring Real-time tracking of process progress and blockers. |
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BPMN Support Compatibility with BPMN standard for documenting business processes. |
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Reporting, Analytics & Visualization
(0 Yes /0 Known /10 Possible features)
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Standard Financial Reports Pre-built templates for key financial close and reconciliation reports. |
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Custom Report Builder User-friendly interface to create custom reports and visualizations. |
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KPI Dashboards Live dashboards tracking close metrics (cycle time, open items, bottlenecks, etc). |
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Drill-down Capabilities Ability to move from summary data into details and source transactions. |
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Variance Analysis Tools Automated tools to identify and analyze variances in financial results. |
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Export Options Range of export formats and direct integration to BI tools. |
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Real-time Close Progress Tracking Live display of process completion, overdue tasks, and status indicators. |
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Report Scheduling Automated, periodic report generation and distribution. |
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User-defined KPIs Flexible creation and monitoring of custom close-related metrics. |
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Benchmarking & Trend Analysis Uses historical data to benchmark closes and spot long-term trends. |
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User Experience & Collaboration
(0 Yes /0 Known /10 Possible features)
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Role-based Dashboards Personalized views for different user types (controllers, accountants, reviewers, etc.) |
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In-app Collaboration Features like commenting, notes, and attachments within the close process. |
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Mobile Access Responsive web/mobile app interfaces for completing close tasks remotely. |
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User Training Modules Integrated tutorials, training content, and help guides. |
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Multi-language Support Availability in multiple languages for global teams. |
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Multi-currency Support Compatible with multiple currencies, conversion rates, and reporting requirements. |
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Personalized Task Lists Each user sees their own prioritized and assigned tasks. |
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Bulk Actions Perform multiple actions (close, approve, assign) at once to speed work. |
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Accessibility Compliance Meets standards like WCAG 2.1 for accessible digital experiences. |
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Integrated Chat/Message System Instant messaging for contextual collaboration within the platform. |
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Security & Disaster Recovery
(0 Yes /0 Known /10 Possible features)
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Data Encryption Encrypts data in transit and at rest using industry-standard protocols. |
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Multi-factor Authentication Enhances platform access security via MFA/2FA options. |
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Regular Security Audits Platform undergoes periodic third-party or internal security testing. |
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Disaster Recovery SLA The committed time within which systems are restored after a disaster. |
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Data Backup Frequency How often the platform conducts full backups. |
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User Session Management Automatic log-off and session control features. |
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Security Certifications Possession of industry recognized certifications (e.g., ISO 27001, SOC 2). |
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Granular Permission Settings Detailed controls for access to objects, fields, and actions. |
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Audit Log Retention Length of time audit logs are retained and accessible. |
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Single Sign-On Integration Supports SSO via SAML, OAuth, or Active Directory. |
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Scalability & Performance
(0 Yes /0 Known /10 Possible features)
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Concurrent User Capacity Maximum simultaneous users supported without loss of performance. |
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Supported Entities/Business Units Maximum organizational units/entities handled within a single deployment. |
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Close Cycle Time Reduction Typical reduction in close time when using the platform. |
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Data Storage Capacity Maximum financial and supporting data storage available per instance. |
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Load Balancing Support System remains performant during peak workloads through automated load balancing. |
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Performance Monitoring Tools Built-in analytics for tracking system response and throughput. |
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Batch Processing Throughput Maximum number of records processed per hour in batch operations. |
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API Rate Limits Maximum number of API calls per time unit. |
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Geographic Distribution Support for distributed teams and operations across multiple regions. |
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Flexible Deployment Models Options for SaaS, on-premises, or hybrid deployments. |
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Insurance-Specific Capabilities
(0 Yes /0 Known /10 Possible features)
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Regulatory Reporting Templates Pre-built templates for statutory, regulatory and NAIC (US) or Solvency II (EU) disclosures. |
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Policy-to-Ledger Reconciliation Automated tools to reconcile policy systems with accounting ledgers. |
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Claims Reserve Calculations Supports actuarial reserve calculations and integration with actuarial systems. |
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Investment Accounting Integration Automated feeds from investment management systems to GL/reconciliation. |
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Multi-GAAP Support Handles US GAAP, IFRS 17, and other insurance accounting standards. |
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Reinsurance Agreement Tracking Automated reconciliation for ceded/premium for reinsurance contracts. |
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Premium Receivable Reconciliation Reconciles policy premium receivables automatically. |
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Claims Payments Tracking Reconciles actual claims payments against reserves and accounting entries. |
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Product/Line of Business Segmentation Allows close data and reporting by product or line of business. |
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Regulatory Filing Automation System automates the population and e-filing of regulatory reports. |
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Implementation & Support
(0 Yes /0 Known /10 Possible features)
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Implementation Time Typical time frame required to deploy and go live. |
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Onboarding Assistance Dedicated onboarding and migration support. |
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24/7 Customer Support Support availability around the clock (live chat, call, or ticket). |
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Knowledge Base Comprehensive self-serve documentation and troubleshooting guides. |
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Dedicated Account Manager Provides an assigned point of contact for ongoing support and escalation. |
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SLAs for Issue Resolution Guaranteed maximum times for critical and non-critical issue resolution. |
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User Community Forums Active community or user groups for peer support. |
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Training and Certification Programs Structured courses and certifications for users and admins. |
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Partner Network Ecosystem of third-party implementers and solution partners. |
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Upgrade/Release Frequency How often platform releases major product enhancements. |
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Cost & Commercial Terms
(0 Yes /0 Known /10 Possible features)
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Transparent Pricing Model Clear, published or easy-to-understand pricing (vs. custom quotes only). |
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Modular Pricing Option to pay only for needed modules or features. |
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Free Trial Availability Ability to try the software at no initial cost for a limited period. |
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Per User Licensing Licensing and cost scales with number of users. |
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Transactional Pricing Option Option for pricing based on volume of transactions processed. |
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Implementation Fees One-off fees for initial setup or configuration. |
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Ongoing Maintenance Costs Annual/monthly fees for support, updates, and hosting. |
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Discounts for Multi-year Commitments Reduced pricing available for longer contracts. |
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Flexible Contract Terms Monthly/annual options; early termination and upgrade/downgrade policies. |
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Cost Predictability All-in costs clearly outlined with minimal hidden fees. |
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