Magic Quadrant for Financial Close and Consolidation Solutions
Vendors or products added in this year’s report may indicate a change in the market, change in evaluation criteria, or change of focus by the vendor.
No vendors were added in this report.
Vendors or products dropped from one year to the next may indicate a change in the market, change in evaluation criteria, or change of focus by the vendor.
No vendors were dropped in this report.
This Magic Quadrant evaluates vendors that have met Gartner's criteria for the product market. The following are key considerations: (1) Organization's primary use cases vary by organization complexity and expected outcomes; (2) Implementation strategies and support - evaluate existing connectors to ERPs, accounting tools and accelerators; (3) Differentiating features and vendor roadmaps - evaluate vendors' future automation and AI roadmap; (4) Regulatory compliance - global and local regulations vary by country; (5) Ongoing support - consider time zone needs alignment with vendor's customer service; (6) Pricing models - mainly driven by user volume, user type or add-on support services. Key market trends include: increasing investments in disclosure and regulatory reporting, enhanced implementation and adoption support, greater collaboration demands, robust partnerships, and increase in AI use cases within product roadmap.
A: Vendors may appear one year and not the next based on several factors: (1) Meeting inclusion criteria - vendors must have at least 150 active customers OR at least 50 active customers with minimum 10% year-over-year customer count growth for calendar year ending 31 December 2022; (2) Product capabilities - solutions must support all must-have capabilities (group close management, financial consolidation, financial reporting) as defined in the Market Definition section; (3) Cloud deployment - must be deployed as cloud service, on-premises-only solutions are not included; (4) Geographic reach - must support customers with legal entities in at least two of the following regions: North America, Latin America, EMEA or Asia/Pacific; (5) Stand-alone offering - must actively market, sell and deploy the product on a stand-alone basis, not bundled with broader ERP suites.