We all know the dreaded feeling: The end of the month is fast approaching, and you know you’ll likely spend your evenings stuck in the office, frantically matching records to close the books on time.
However, accounting software is changing the game. Automated reconciliations, approvals, and financial reporting are making overtime and stress obsolete as automated systems simplify the month-end close process.
Whether you’re looking for improved visibility, automated reconciliations, or collaborative workflow management, choosing the right financial close software is critical.
This review will look at three leading financial close management platforms: NetClose vs. FloQast vs. BlackLine. We’ll cover their unique features, integrations, and workflows, and outline their pros and cons.
What is financial close software?
Financial close software automates the process of closing a company’s books at the end of an accounting period, whether that’s monthly, quarterly, or annually. For accountants, closing the books means recording all transactions accurately, completing all reconciliations, and finalizing financial statements for reporting.
Traditionally, this process relied heavily on manual data entry and spreadsheets, making it time-consuming and error-prone. However, financial close software eliminates inefficiencies by syncing all data points into a single source of truth, automating reconciliations, providing end-to-end financial close workflows, and instantly producing audit-ready reports.
What is NetClose?
NetClose by Netgain is a solution purpose-built by former Big 4 accountants to support speed, accuracy, and visibility throughout the close lifecycle.
NetClose review
NetClose automates the financial close process from start to finish, with additional AI features to classify transactions and explain flux analysis. Because it’s natively embedded in NetSuite, accounting teams can consolidate all their financial data into a single source of truth without complex integrations.
Built directly into your enterprise resource planning (ERP) platform, NetClose allows you to track progress in real time, eliminate bottlenecks, and minimize errors, cutting your time to close in half. You can combine it with additional tools like NetLease and NetAsset to create an end-to-end close suite in NetSuite.
Created by Big 4 accountants, the NetClose platform is customizable and user-friendly to meet the specific needs of companies across all industries.
NetClose features
- AI-powered flux analysis explanations identify large transactions, analyze transaction history, and draft an explanation for the variance.
- Journal entry automation updates your transactions and accelerates month-end adjustments.
- Automated reconciliations integrate with Excel and Google Sheets and eliminate manual matching and reduce errors.
- Task management features simplify the user experience with Kanban-style visualizations.
- Real-time dashboards sync your team’s progress, deadlines, and statuses across devices.
- Audit-ready reporting maintains a complete record of financial close activities, from waterfall reports to detailed financial summaries.
- Error reduction and compliance automate data accuracy checks to ensure compliance.
NetClose pros and cons
NetClose has become a go-to solution for teams looking to eliminate manual work and improve accuracy during the month-end close, and here’s why:
Pros:
- The platform is natively embedded in NetSuite and accelerates the month-end close process.
- NetClose can be combined with additional tools for lease accounting, fixed asset management, and bank reconciliations to create a complete close suite.
- Netgain offers more affordable pricing compared to competitors.
- The team goes above and beyond to create a hassle-free implementation process.
Cons:
- NetClose is currently only available for NetSuite.
Pricing: Netgain has multiple packages depending on your needs. Request a quote to learn more.
What is FloQast?
FloQast is a simplified accounting task management tool that allows small teams and non-specialists to get better control of their finances.
FloQast review
FloQast was built for accounting teams that need to streamline their month-end, quarter-end, and year-end close processes. It integrates with commonly used collaboration tools like Microsoft Teams, Slack, and email to minimize workflow disruptions. FloQast also includes reconciliation features that reduce manual workload and human error. While the platform offers strong automation capabilities, teams may find that external integrations and system switching slow down workflows, and the platform offers limited scalability for NetSuite-centric teams.
FloQast features
FloQast offers a set of financial close features, including:
- Close management dashboards provide a centralized dashboard to monitor the status of close activities.
- Reconciliation management automates tracking and journal entries and sends automatic notifications to review items.
- Flexible integrations connect with spreadsheets, collaboration tools, and accounting platforms to support existing workflows.
- Compliance management allows for business-integrated controls to enhance compliance programs.
- ReMind, a request management tool, uses templates and custom reminders to automate various notifications.
FloQast pros and cons
FloQast’s reputation generally centers on its simple interface and financial close task management features. Here are some pros and cons from real users:
Pros:
- Task management tools such as the checklist and automated reminders simplify the month-end close process.
- Frequent feature updates contribute to an overall high level of service.
- The interactive dashboard offers filters for efficient snapshot viewing.
Cons:
- Few dashboard customizations make it quite rigid for some organizations to track metrics.
- FloQast lacks a fully integrated system, requiring multiple third-party tools and additional subscriptions.
Pricing: FloQast does not publish its pricing publicly.
What is BlackLine?
BlackLine is an accounting platform aimed at large companies that want to digitize their financial close management and reconciliation processes.
BlackLine review
BlackLine pulls in data from ERP systems and streamlines workflows on centralized dashboards to help visualize the end-to-end process of common financial operations. BlackLine’s solutions cover financial close management as well as accounts receivable automation and intercompany accounting, consolidating financial data into one system.
It uses standardized workflows and reporting templates to display transactions, reconciliations, and statements in commonly used formats. While it supports compliance and audit readiness, some users find its implementation process time-consuming and its interface less intuitive compared to alternatives.
Blackline has recently pulled away from supporting mid-size companies in order to focus on enterprise customers, which is a large reason why many NetSuite customers are choosing alternative options.
BlackLine features
BlackLine has a solid feature list for large companies, including:
- Account reconciliation offers standardized templates and auto-certifications below pre-set thresholds.
- Compliance elements scan workflows to identify and manage risks.
- Variance analysis automatically calculates and identifies fluctuations in balances and activities to monitor risk.
- Smart Close helps schedule and execute tasks, monitor variances, and verify outcomes to automate activities in SAP.
- Journal entry automation eliminates manual spreadsheet data entry and mitigates the risk of errors.
BlackLine pros and cons
BlackLine is often a contender for large enterprises choosing their next financial close software. Here is what users say about the platform:
Pros:
- The dashboard shows current data and allows for quick pattern recognition.
- Task management features enable organizations to operate on a more centralized interface.
- The platform handles large transaction volumes easily to streamline complex reconciliation processes.
Cons:
- Implementation can be complicated and lengthy.
- It requires a dedicated administrator to manage effective use of the platform.
Pricing: BlackLine offers customized pricing based on the specific needs and scale of the business.
FloQast vs. BlackLine integrations
Knowing how to integrate your close management solution and which apps you can connect is vital for effective financial close data consolidation. Here are some of the leading products that you can integrate with FloQast and BlackLine.
FloQast integrations
FloQast supplements its comparatively light feature list with integrations across banking, ERP, payroll, tax, and more. Tools include:
- Oracle NetSuite
- Sage Intacct
- Microsoft Dynamics 365
- SAP
- QuickBooks Online
- Xero
- Dropbox
- Slack
- Microsoft Teams
- Jira
- Gusto
- Power BI
- Ramp
- Major banks including Wells Fargo, HSBC, and JP Morgan Chase
BlackLine integrations
BlackLine integrates with leading ERP systems and financing apps, including:
- Oracle NetSuite
- Acumatica
- CoStar
- DataBlend
- Ellucian
- Google Cloud
- Incorta
- Kyriba
- Microsoft Dynamics
- SAP
- Sage
- Tungsten Network
- Workato
- Workiva
FloQast vs. BlackLine vs. NetClose by Netgain
To compare FloQast vs. BlackLine vs. NetClose side by side, let’s take a closer look at some of the key factors that influence decision-making.
- Ease of use: NetClose by Netgain provides the most seamless experience, with an intuitive, user-friendly interface and a short learning curve. FloQast also scores well for usability but still requires some manual processes, while BlackLine can feel complex and rigid due to its extensive enterprise features.
- Customer service: NetClose excels in customer support, with users rating it 4.7 out of 5 on G2 for responsiveness and reliability. While FloQast and BlackLine offer solid support, their service can be slower, particularly during implementation and troubleshooting.
- Automation and efficiency: NetClose automates journal entries, reconciliations, and close tracking within NetSuite for a streamlined experience. FloQast helps automate checklists and reconciliations but still relies on spreadsheets for some tasks. BlackLine offers strong automation capabilities, but some see it as too rigid for businesses that need flexibility in their workflows.
- Audit readiness: NetClose keeps a full audit trail directly in NetSuite, ensuring compliance and transparency without requiring extra tools. BlackLine offers detailed reporting features, but its complexity can make audits feel overwhelming. FloQast provides good audit functionality, but it requires external integrations, which can cause data inconsistency.
While FloQast and BlackLine offer a competitive financial close package, NetClose leads the pack in usability, service, and a more accurate, faster month-end close.
Learn more about NetClose vs. FloQast vs. BlackLine
What are FloQast and BlackLine used for?
FloQast and BlackLine both work to improve the month-end close process.
FloQast is generally aimed at companies in need of a relatively simple solution that can integrate with existing spreadsheet-based systems. BlackLine tends to be for larger companies, public entities, and international enterprises with dedicated professionals to oversee the often complex implementation and maintenance of the tool.
In contrast, NetClose is fully embedded in NetSuite, which automates data transfer for reconciliations, journal entries, and reporting without relying on third-party tools or spreadsheets. NetClose helps you seamlessly close the books.
What is NetClose used for?
NetClose offers a smarter way to close the books, eliminating manual reconciliations, outdated spreadsheets, and review bottlenecks. NetClose helps accounting teams automate month-end close workflows inside NetSuite, providing the efficiency, accuracy, and visibility teams need to close faster and smarter.
Learn how NetClose can streamline your close process.
How long does implementation take for FloQast and BlackLine?
Implementation timelines vary between the two platforms, depending not only on the software itself but on each company's size and needs. Complete implementation may take anywhere from a few weeks to a few months.
How long does implementation take for NetClose?
Implementation time will vary depending on the needs of each company, typically taking up to a few months to complete. Netgain offers a flexible, guided implementation process led by experts who can answer all your questions along the way and ensure the solution is set up to meet your specific needs.
Does FloQast or BlackLine have better customer service?
Independent reviewers on G2 rank FloQast higher than BlackLine in quality of support. BlackLine scores 8.7/10, while customers rate FloQast at 9.5, pointing to quick resolution times and thorough assistance.
NetClose by Netgain stands out in this category, with a 9.6 for quality of support thanks to Netgain’s highly knowledgeable consultants. Customers report the Netgain team works to resolve issues and find solutions quickly to help users avoid lengthy delays.
What do customers say about Netgain’s customer service?
Netgain is a leader in customer service, with independent reviewers commending the prompt, knowledgeable support team. NetClose customers highlight the collaborative implementation process and flexible technical support. Additionally, the in-depth knowledge base provides step by step instructions for common questions.
How do FloQast and BlackLine work?
FloQast and BlackLine both work by consolidating all processes, documents, and data into one place, which facilitates the transaction recording, account reconciliation, and report generation involved in financial closing. They also automate data transfer and financial close workflows while providing real-time visibility into financial data for more efficient financial reporting.
How does NetClose work?
NetClose works by centralizing every step of the close process within NetSuite. It gives accounting teams access to automated reconciliations and amortization, complete visibility for auditing, and collaborative task management, making it easy to close the books with confidence. By automating tedious, manual tasks and minimizing errors, NetClose helps accounting teams close the books faster than ever before.
Enhance your financial close processes with NetClose
A streamlined financial close helps you save time, reduce stress, and improve accuracy, compliance, and team efficiency, while automated workflows help you focus on bigger-picture decisions.
NetClose stands out as the best financial close software, offering seamless automation, real-time visibility, and audit-ready reporting—all inside NetSuite.
Of course, accounting teams need much more than just financial close software, which is why Netgain also offers:
- NetLease for lease accounting solutions
- NetAsset for fixed asset management
- NetCash for bank reconciliations
- And more
Schedule a demo with Netgain to learn how you can reduce your close time by 50%.
