Gartner’s most recent Magic Quadrant for Financial Close and Consolidation Solutions includes our partner, BlackLine. According to Gartner, “Financial close and consolidation solutions support automation, compliance and collaboration within an organization’s group close, consolidation and reporting processes.”
Market Overview
This Gartner report includes a market overview, which states that “financial close and consolidation is a crucial priority in today’s controllership finance transformation efforts.” The research firm highlights some important trends in the market. These include:
- Increasing investments in disclosure and regulatory reporting
- Enhanced implementation and adoption support
- Greater collaboration demands
- Robust partnerships
- Increase in AU use cases within product roadmaps
The report explains that the must-have capabilities of these solutions are:
- Close management
- Financial consolidation
- Financial reporting
Additionally, these solutions should include the following standard capabilities:
- Financial statement reconciliation
- Journal entry processing
Gartner also lists optional capabilities, such as:
- Financial reporting risk management
- Disclosure management
This Magic Quadrant includes 14 market leaders – BlackLine, Board International, Fluence Technologies, IBM, Insightsoftware, Jedox, LucaNet, OneStream, Oracle, Planful, Prophix, Solver, Vena and Wolters Kluwer.
According to Gartner, “An innovative solution is its [BlackLine’s] Financial Reporting Analytics, which provides consolidation, real-time visibility and drill-down capability from consolidated financials to transaction-level details… In 2024, BlackLine plans to introduce BlackLine Accounting Studio, a new orchestration layer providing transparency, control and automation across end-to-end accounting processes.”
