According to the Regional Research Reports, the global financial close software market size was valued at a million USD in 2021 and is estimated to reach over multi-million USD by 2033 at a CAGR of 15.3 % over the forecast period (2023-2033). Most companies function on an accounting cycle, or fiscal year, of twelve months. This means that all accounts are balanced every twelve months, and preparing the financial information to generate financial statements every year is important. Also known as year-end close, this process can be optimized by performing monthly or quarterly closing tasks, such as ensuring accounts are balanced at the end of each month. The platforms in this software category help automate and simplify these sensitive processes.Financial Close Software Market Definition
The process of financial closing is one of the critical tasks to ensure all accounts in a general ledger have the same credit and debit totals. This process is based on a fundamental accounting principle, which states that each transaction should have a debit and a credit in the general ledger. Ideally, the debit and credit amounts should be the same so they are balanced. A zero balance means a transaction has been recorded properly, ensuring compliance with accounting regulations. Additionally, balancing credit and debit allows companies to quickly determine profit and loss for an accounting period.
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Financial Close Software Market Segmentation
Global Financial Close Software Market, By Deployment Model, 2018-2021, 2022-2030 (USD Millions)
On-Premise
Cloud
Hybrid
Global Financial Close Software Market, By Component, 2018-2021, 2022-2030 (USD Millions)
Solution
Services
Global Financial Close Software Market, By End User, 2018-2021, 2022-2030 (USD Millions)
Small Business
Mid Market
Enterprise
Global Financial Close Software Market, By Industry, 2018-2021, 2022-2030 (USD Millions)
BFSI
Healthcare
Energy & Utility
IT & Telecommunication
Retail & E-commerce
Manufacturing
Government & Defense
Media & Entertainment
Others
Global Financial Close Software Market, By Region and Country, 2018-2021, 2022-2030 (USD Millions)
Global Financial Close Software Market Segment Percentages, By Region and Country, 2021 (%)
North America
US
Canada
Mexico
Europe
Germany
France
The U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of the Middle East & Africa
Financial Close Software Market Pricing
The financial close software pricing is estimated to range from USD 200 to USD 1250 per year. The pricing depends on the specifications and features integrated into the software. The financial close software can be delivered as a product or as part of a financial management suite. Standalone financial close software must integrate with accounting software, ERP systems, or related point solutions such as AR automation software.
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SWOT Analysis:
Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to evaluate your own company's position in the market relative to competitors and