Gartner defines financial close and consolidation solutions (FCCS) as applications that enable corporate controllers 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.
Gartner defines financial planning software as the key tool that enables organizations to automate and streamline their enterprisewide financial planning processes. The software supports planning, budgeting and forecasting processes by connecting relevant operational and driver data to profit and loss, balance sheet and cash-flow financial statements. Additionally, the software offers enhanced decision support and analytics that can be customized to unique planning requirements. To provide this support, financial planning software offers data integration, data modeling, reporting and workflow capabilities, which all enhance a user’s ability to effectively manage the planning process and their organization’s financial performance.
Gartner defines financial reconciliation solutions as the key tool that enables the controllership team to manage and reconcile financial transactions across internal and external data sources. Financial reconciliation solutions replace manual transactional matching efforts with a standardized and automated workflow, configurable to predefined business rules. These solutions are cloud-deployed via software as a service (SaaS)
A government budgeting and planning solution provides a government-focused platform that encompasses the entire budgeting process from budget planning to budget adoption. It helps in gaining transparency across all departments to report on budget allocations and expenditures, along with in-depth and insightful reports to enable data driven decision making. Such solutions help in creating an integrated and expansive approach, by creating efficiencies and decreasing the length of time of the budgeting process. The system provides transparency to the users throughout the year to evaluate budget to actuals and program expenditures. Government Budget Owners, Program Managers, Finance and Accounting team are the predominant users.