It’s hard to believe that most ERP systems and accounting software still don’t include this essential feature. But here we are…

First off, I’d like to welcome you to our new format for our Month-End Closers Newsletter. We’re going to be sharing news, deep dives, demos, PLUS the usual hand-curated jobs, resources and more.

I figured it’s only fitting to kick off this newsletter called, Month-End Closers, about month-end close software…

Beyond Excel, few tools have provided as much value to accounting operations as month-end close or financial close software. Those with experience understand the significant impact these tools can have on business operations. Whether dealing with the large size and scope of your business, the complexities of consolidating multiple entities, heavy transaction volumes causing reconciliation headaches, or managing headcount in a horizontally structured department, a robust financial close software becomes an essential pillar of your operation.

Investing in such software can materially transform your operations, reduce errors, and streamline audits—be they external, compliance-related, or otherwise.

I’d wager that most companies invest in financial close software 6-12 months after they realize they need it. The chaos inevitably catches up with them.

Dr: Timely Reporting
Cr: (Chaos)

The MEC Sector:

The software solutions in this space are looking at a healthy growth rate over the remainder of the decade. The MEC software market is looking to grow at a compound annual growth rate (CAGR) of 8% (rounding is key). It’ll be very interesting to see how this corner of the market fills out.

The Who’s Who.

Floqast is the leader in this space—there’s no denying that. They recently raised a $100 million Series E round, valuing the business at a cool $1.6 billion. It’s such a simple business idea targeting a huge administrative pain point in the recurring accounting cycle. Built incredibly well, with a strong focus on UX and simplicity, it doesn’t feel invasive. A simple reference in already existing Excel working papers allows it to work effectively as your MEC management tool.

Is it worth it though? Probably not for the price tag for smaller businesses, but for horizontal teams with various moving pieces and tight close deadlines, its likely an essential tool in your accounting tech stack.

Pricing is usually in the 5-figure range, with the average deal size in the 25-40k range (depending on size/scope and add-ons (auto-reconciliation accounts as one example). In SaaS math, that’s 2-4k/month. 😉 

What about the others?

Blackline comes to mind, some would say the OG in the Close automation space dating back to 2001. Most buyers evaluating Floqast would be silly not to get a demo of Blackline. Based on my network and research, I think Floqast has won over customers primarily based on the UX and ease of use. Blackline plays well with larger scale enterprise customers, as it integrates HEAVILY with most (if not all of your recon accounts) and requires a longer implementation window, but once integrated, allows for true close automation.

Best of the Rest?

There are other players in the space (and more that I’m probably missing - feel free to DM me):

Numeric 

Numeric is quickly making a name for itself in the close automation space. It’s built with a clear focus on simplifying the month-end close process, with a clear focus on the user experience. The platform is designed to integrate smoothly with your existing ERP systems, offering a straightforward solution that doesn’t feel overly complicated or invasive. With real-time collaboration and automation features, Numeric.io transforms what’s typically a tedious, manual process into a streamlined and more efficient workflow.

For smaller businesses, the price might be a consideration, but (and I love this part), they have an essential offering that’s completely free. For larger teams dealing with complex consolidations, high transaction volumes, and tight close deadlines, Numeric is likely a key tool for your accounting tech stack. The software provides robust reconciliation automation, integrated flux analyses, and audit prep capabilities, making it a strong contender alongside the more established players in the market. While the pricing varies depending on the scope and add-ons, for many organizations, Numeric should be considered in the assessment/RFP process.

I’m looking forward to doing more deep dives into Numeric - I had an idea for smart subledgers years ago when I kept seeing the same problems with managing subledgers and it looks like Numeric is attempting to solve that problem.

Nominal

Nominal is another player that touts a big AI game, and includes close automation as one of its core offerings. While it’s not the only thing it focuses on, I do appreciate that it’s a primary offering and wanted to include them in the list. The platform is built with a clean, intuitive user interface and dashboard that makes navigating the close process straightforward. But it’s the collaboration and task management tools that really set Nominal.so apart, allowing teams to work seamlessly together, even when juggling multiple tasks and deadlines. I haven’t personally used Nominal, but like what they’re building and excited to see this product continue to grow.

Nominal is also trying to tackle the problem children of our balance sheets through custom workflows and generative AI, including:

• Deferred Revenue

• Accruals

• Leases

• Fixed Assets

Lots of exciting features to continue to follow as AI becomes more involved in everything we leverage on a daily basis.

BeanAI 

I’m really excited for Bean’s new close solution. It’s leveraging AI and pushing the boundaries on how we manage close. With Bean, you’re going to effectively have an AI agent assisting with all aspects of close. Closing entries, investigating reconciliation errors, and effectively communicating with the platform to get tasks done. This could be a game-changer when it comes to all aspects of getting close in a better place, in a more timely manner.

Recwise - I wanted to give Recwise a shoutout as they operate in the same nook as the others, are claiming to be more cost-effective and have some nice breadth when it comes to different industries. They’re based in Australia. I admittedly don’t know enough about them, but would love to learn more and get a demo from their team!

My DM’s are open.

NetGains - First off, thank you for creating an interactive demo (check it out here). I’m a huge fan of this and think all accounting software needs to adopt this approach - They use Storylane and it’s a fantastic alternative to getting a demo immediately.

This native solution automates reconciliation by utilizing the data already recorded in NetSuite, ie. no need for additional integrations. With its pre-defined templates for monthly, quarterly, and annual tasks, NetClose ensures that accounting procedures are well-documented and linked directly to task management, providing a seamless experience for operational accounting teams.

A slew of additional features including Flux analyses, control tracking and more.

The All-in-ones:

Fluence Technologies, a ‘close-to-disclose’ product that does consolidations, close and reporting. They flag close as a core solution on their site, but there isn’t much info on the actual product itself. Given its an “all-in-one” tool, I didn’t group with it the others above. I do like how they have a ‘disclosure management solution’ - I remember how incredibly boring (but essential) that function was on the audit file side. Nice to see some audit readiness gaps being serviced on the client side as well.

OneStream feels the same to Fluence, where they say they do financial close automation transaction matching and more, but I’m not really seeing much on their site. They have AI though… From the images and info available, the product looks SAP-esque (IYKYK).

Dokka is another player in the space, touting the traditional financial close automation, but also including pre-built workflow automations, auto-proposed AJE’s and more. I wasn’t able to find pricing on their site but it sounds like it’s not their only core product, as they have an AP Automation tool as well.

Vena Solutions is another solution in the market offering a robust platform that handles version control, drill-throughs, and quick-build reports. Vena automates critical financial close activities, including account reconciliations, variance reporting, and data consolidation, which helps organizations improve accuracy and efficiency in their financial reporting processes. Its central cloud database integrates with various source systems, ensuring that all financial data is up-to-date and accessible for accurate reporting and analysis. Similar to the above, it seems Vena doesn’t offer the Close solution, a la carte.

Accon.services - The simplicity of Accon is important here. With 80%+ of the market still using Quickbooks as their book of record, Accon has created a cost-effective solution to assist in closing the books and reporting, all in google sheets. Check them out if your considering a tool, and live in Google Sheets.

Auxillius - A member of their product team reached out to me informing me of Auxillius - They’re targeting a very specific corner of the market, Biopharma, touting next-level features to manage clinical trial forecasts, budgets and accruals. If you’ve ever been in this space on the operational accounting side, as well as financial reporting and FP&A, you know this is a refreshing product that can have a huge impact. Check them out in the link above.

Xenett - Finally, we have Xenett - an affordable close solution designed for bookkeepers managing clients. They’re new and very cost effective. Would love to get some user feedback (or a demo) but we’ll keep an eye on this one.

We'll be diving deeper into each one of these on Audit Friendly’s core site. If you have any additional solutions in this space that I didn’t mention, don’t hesitate to reach out!

Also, if you’re looking to decide between the above solutions, let us know how we can help.

Remote Jobs + Internships

Dr: Income
Cr: (Unemployment)

Internships

We’ve refreshed our Open Internships Database as of 09.02.24 - 5,000+ internships were created. You can access the full database in the below link:

Remote Roles

Here are my favorite Fully Remote Roles for the last week:

All Remote Roles:

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Remote Accounting and Related (Tax, Payroll, AP, AR, Equity, Audit):

Remote Finance Roles:

Wellness Corner

Dr: Mindfulness
Cr: (PTO - it's unlimited anyways...)

Travel

We don’t get to chat about mindfulness a lot in our industry. It’s all about deadlines, automation, and figuring out how to level-up. Well let’s chat about how we can relax, unwind and get some much needed R&R. I love to travel, and love getting travel recommendations so we’re going to feature some in our weekly newsletter - Feel free to skip this section if you hate relaxing 😉 

Mexico

Family Friendly:

Xcaret (780/night - USD) 

Hotel Xcaret Mexico is the perfect spot for accountants looking to unwind with their families. You get unlimited access to all their amazing eco-parks, so there’s always something fun to do without the hassle of planning every detail. Plus, the beautiful surroundings and top-notch amenities make it easy to relax and recharge after all those busy workdays.

Luxury/Ridiculous

The Residences at Solaz - Cabo San Lucas ($4,347/night)

3 bedroom penthouse, private pool. I don’t have any words for this one. Treat yourself.

The Steal:

Villa del Palmar Cancun All Inclusive Beach Resort & Spa (40% off in November)

Luxury property on the beach, with 5 outdoor swimming pools. Massive savings. Oceanfront.

GuestBook

I recently stumbled across Guestbook when I went to book my last work trip to Austin - They offer 5% back on hotel bookings, exclusive rates OR you can get 15% back on future bookings. A nice perk if you combine the 15% with booking through your travel CC (add 2-5% on top of the 15% depending on your cc Rewards). Check them out here.

Mental Health

Cognito (Canada-Only)

If you haven’t considered mental health services as an avenue to alleviate the long-hours, stress or just perpetual anxiety that a lot of us partake in, consider taking a free online assessment and determine if 1-on-1 therapy is an option worth pursuing.

Cognito is an all-in-one virtual mental health treatment platform that provides Canadians with a single access point for effective, affordable and immediate mental health care. Cognito combines cognitive behavioural therapy and support with access to medication and an integrated care team, all for an affordable, easy-to-cancel monthly subscription that costs less than a single traditional counselling session.

As a member of Month-end Closers, we get to offer our subscribers 15% off for the life of their subscription, something not offered anywhere else.

Sign up here

Betterhelp (US-Based)

BetterHelp is a convenient and accessible online therapy platform that can be a game-changer for accountants dealing with the stress and demands of their profession. With flexible scheduling and a wide range of licensed therapists to choose from, BetterHelp allows accountants to find the support they need, whether it’s managing work-related anxiety, balancing life and career, or navigating personal challenges. The ability to connect with a therapist from the comfort of their home or office makes it easier to fit mental health care into a busy schedule, helping accountants maintain their well-being and stay on top of their game.

Check them out here

Accounting Tech

Dr: Another SaaS tool
Cr: Old SaaS tool

Feature Updates

Ramp for Excel

The Co-Founder of Ramp recently posted a new feature whereby you can use Ramp, a leading spend management solution in Excel. This is major in a lot of ways because no matter how we slice it, when it comes to shiny new SaaS tools, we always end up doing work in Excel on the reporting end. This just expedites that process and I think a lot of Ramp users will find this super helpful. Link to mini demo.

AI Corner

If your in the market for some accounting automation, check out Puzzle - They’re an affordable option when it comes to bookkeeping and smart automations surrounding recons.

Check Out how Puzzle works here: Puzzle: How It works

Bounties (total available: 24,000 USD)

Dr: Cash and Cash Equivalent
Cr: (Open Roles)

If you or anyone you know is looking for a new job, we’re offering bounties exclusive to our members below - just reply to this email with a candidate and their details/resume - and if they get hired, we’ll issue you a bounty as stated below. We can sign a formal contract if your considered about the legal side of the referral agreement!

Bounty Roles:

1. Payroll Manager - Comp up to 125k - Draper, UT - Bounty - 7,000 USD

2. Assistant Controller - Comp up to 208k - Freemont, CA, Bounty - 10,000 USD

3. Sr. Accountant - Comp up to 110k - Salt Lake City, UT - Bounty - 7,000 USD

Audit Friendly Resources:

Dr: Goodwill
Cr: (Mouse Click)

Job Board | New Candidates | Referral Program | Find Software | Find Recruiters | Work With Us

Accounting TL:DR’s

Dr: Misc Exp
Cr: (Time)

• Will Accounting be more automated? Yes, but it makes the job more interesting

• Top accounting firms of 2024: Allegedly…