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.
Gartner defines financial planning software (FPS) as the key tool that enables data-driven financial resource allocation, investment and spending decisions by supporting effective planning, budgeting and forecasting processes. FPS enables organizations to link their strategies to financial and operational plans through cloud-based software. It facilitates the creation and management of financial plans, budgets and forecasts by breaking down information silos and integrating operational KPIs. FPS analytics and reporting features offer a holistic performance view, connecting both operational (nonfinancial) and financial metrics, enabling stakeholders to make data-driven decisions.
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.