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.