Published: October 2025
When your accounting team is juggling spreadsheets and chasing sign-offs via email, you know something needs to change. But does your business actually need specialised month-end close software, or will a well-organised project management tool do the job?
After analysing feedback from Australian finance teams managing their month-end processes, we've broken down the real differences between accounting-specific software and general task management tools. More importantly, we'll help you determine which approach makes sense for your business size and complexity.
Before diving into specific tools, Australian businesses need to assess three key factors:
Scale and complexity. A straightforward business with five staff has vastly different needs than one managing complex consolidations with distributed accounting teams. The number of reconciliations, intercompany transactions, and reporting requirements directly impact whether you need purpose-built software.
Current pain points. Are you losing days to tracking down who completed what task? Or are you struggling with actual accounting work like identifying variance drivers and managing reconciliations? The answer determines whether you need better task management or accounting automation.
ERP integration requirements. Businesses on systems like NetSuite, Xero, or MYOB need to consider how easily tools can pull actual financial data. Manual data exports add time and error risk that specialised tools eliminate.
Many Australian businesses assume they need expensive, purpose-built accounting software when simpler solutions would work perfectly well. Let's start with when you probably don't need specialised tools.
Your business has straightforward accounting. Small operations with simple chart of accounts and minimal reconciliations often manage perfectly well with organised spreadsheets or basic project management tools. A shared Excel or Google Sheets checklist updated daily during close might be entirely adequate.
You close quickly already. If your close is already completed within 3 business days and everyone knows their responsibilities, specialised software might add complexity without meaningful time savings. Focus on maintaining good processes rather than adding tools.
Your team is disciplined with existing processes. If everyone completes their reconciliations on time, documentation is thorough, and you rarely face audit questions, your current approach works. Don't fix what isn't broken.
Budget constraints are significant. A business turning over $2-5 million might struggle to justify $15,000+ annually for close software when that money could fund additional accounting support or process improvements.
For businesses that need better organisation but not accounting-specific features, general project management tools can work effectively.
Pricing: Approximately AUD $15-25 per user per month for standard plans
Best for: Businesses already using Monday.com who want to extend it to accounting workflows, or those managing complex dependencies across many departments
Monday.com offers flexibility through customisable boards and workflows. Australian accounting teams can create month-end close boards with task assignments, due dates, status tracking, and dependencies between items. The visual interface updates automatically as team members complete work.
Advantages for month-end close:
Limitations for accounting work:
Pricing: Free for basic use, approximately AUD $17-45 per user per month for premium features
Best for: Very small businesses (under 10 employees) with simple closes who need basic task tracking
Asana provides similar project management capabilities to Monday.com but with a different interface approach. Teams can create projects for month-end close with tasks, subtasks, due dates, and assignees.
Why accounting teams often outgrow Asana:The lack of accounting-specific features means you're essentially building a detailed checklist. There's no way to track whether a reconciliation actually balances, no integration with your ERP to verify completion, and no automation of the actual accounting work. You're managing tasks, not streamlining accounting.
When your processes become more complex or your current approach creates bottlenecks, purpose-built accounting software delivers measurable benefits.
Pricing: Approximately AUD $40-80 per month for small teams (1-3 users)
Best for: Australian businesses with straightforward closes who need better organisation than spreadsheets but don't require sophisticated automation
Easy Month End takes a simpler approach focused on workflow management rather than deep accounting automation. You create checklists, assign tasks, set deadlines, and track completion. The system sends email reminders and allows team members to leave review comments directly on tasks.
Key features:
Australian context: This tool appeals to Australian accounting firms managing multiple smaller clients, or businesses where the close process is relatively straightforward. At under $100 monthly for small teams, it removes the spreadsheet chaos without the investment of enterprise software.
Limitations: Easy Month End lacks the reconciliation automation, variance analysis, and transaction-level ERP integration of more sophisticated platforms. You're managing tasks, not automating accounting work.
Pricing: Free starter plan, then approximately AUD $180-300 per user per month for paid tiers (pricing varies by features and commitment)
Best for: Growing Australian businesses (10-100 employees) using NetSuite, Xero, or QuickBooks who want modern software without enterprise complexity
Numeric has gained significant traction among Australian accounting teams for good reason. The platform offers real-time synchronisation with your general ledger, pulling transaction-level detail automatically. This means accountants can drill into specific transactions without switching between systems.
Key features:
Australian context: Several Australian accounting teams report using Numeric's free tier successfully for basic close management, then upgrading as their needs grow. The platform works during Australian business hours with transaction data syncing overnight from local ERP instances.
Implementation: Most teams start using Numeric within their first month of sign-up. The setup involves connecting your ERP, mapping your chart of accounts, and creating your close checklist. Total implementation typically takes days, not weeks.
Pricing: Approximately AUD $230-290 per user per month, with annual minimums around AUD $17,000-22,000 depending on features and team size
Best for: Established mid-market to enterprise Australian businesses (100+ employees) with complex closes and substantial budgets
FloQast has been in the market since 2013 and offers comprehensive close management capabilities. The platform integrates with major ERPs including NetSuite, Microsoft Dynamics, and SAP, though Australian businesses should verify integration specifics for local ERP versions.
Key features:
Australian context: FloQast's pricing positions it for larger Australian businesses with established accounting teams. The platform requires approximately 1-2 months for implementation, including chart of accounts setup and team training.
Common feedback: Australian users appreciate the reconciliation features and real-time visibility but note the cost can be difficult to justify for smaller teams. Some report the platform feels overpriced relative to newer alternatives offering similar functionality at lower price points.
Accounting-specific tools provide:
General PM tools require:
Consider these practical scenarios based on Australian business contexts:
Scenario 1: Retail business, $6M revenue
Current close takes 5 days with three accounting staff. Main pain points are tracking who completed which reconciliations and locating supporting documentation from previous months.
Recommendation: Easy Month End or a well-structured Monday.com board. The business doesn't need sophisticated automation, just better organisation. Save the $15,000+ annually and invest in process documentation instead.
Scenario 2: Technology company, $25M revenue
Current close takes 8 days with six accounting staff across different locations. Team uses NetSuite. Pain points include consolidation delays, reconciliation bottlenecks, and time spent investigating variances.
Recommendation: Numeric. The real-time ERP sync, variance analysis, and task dependencies will directly address the actual accounting work slowing down the close. The investment of roughly $25,000-35,000 annually justifies itself if it cuts even two days from the close.
Scenario 3: Professional services firm, $15M revenue
Current close takes 6 days with four accounting staff. Uses Xero. Team is disciplined but wants better visibility into progress and clearer accountability for tasks.
Recommendation: Start with Easy Month End or Numeric's free tier. Test whether basic task management solves the visibility problem before investing in more expensive solutions. Upgrade only if reconciliation automation or variance analysis become clear needs.
Many Australian businesses find success with a hybrid model:
Use specialised software (Numeric or Easy Month End) for the core accounting close process, particularly reconciliations and sign-offs. This ensures proper audit trails and accounting-specific workflows.
Use project management tools (Monday.com or Asana) for related activities like management reporting preparation, board pack creation, or cross-departmental tasks that feed into but aren't technically part of the close.
This separation keeps accounting work in accounting-appropriate systems while leveraging familiar project management tools for everything else.
Data residency and privacy. Australian businesses should verify where their financial data will be stored. Most cloud accounting tools use Australian or regional data centres, but confirm this aligns with your privacy policies and any regulatory requirements.
Internet reliability. Cloud-based tools require stable internet connections. Businesses in regional areas with inconsistent connectivity should test platforms thoroughly and understand offline capabilities (usually limited).
Change management. The biggest implementation risk isn't technical but human. Accounting teams comfortable with spreadsheets may resist new software. Budget time for training and expect productivity dips during the first 1-2 close cycles as people adjust.
Integration limitations. Verify specific integration capabilities with your ERP version. A tool might integrate with "MYOB" generally but not your specific MYOB product or version. Request demonstrations with your actual data before committing.
Regardless of which tool you choose, measure these specific metrics to determine if the investment delivers value:
Days to close. Track actual business days from period-end to finalised, signed-off financial statements. Target at least a 15-20% reduction within six months of implementing new software.
Reconciliation exceptions. Count how many account reconciliations have unexplained differences or require follow-up investigation. Better software should reduce this through early detection and clearer documentation.
Audit preparation time. Measure hours spent gathering documentation and responding to auditor queries. Proper close software creates this trail automatically, substantially reducing audit season stress.
Team overtime hours. Track total overtime worked during close periods. If your team regularly works evenings and weekends during close, software that eliminates even a day of close time has significant quality-of-life value beyond pure financial ROI.
Do I need month-end close software if I have straightforward accounting?
Not necessarily. Businesses with simple structures often manage perfectly well with organised spreadsheets or basic project management tools. Consider specialised software if you're spending significant time tracking down information, your close takes more than 5 business days, or you're preparing for rapid growth.
What's the real difference between Numeric and FloQast?
Both handle task management and reconciliations, but Numeric offers more modern AI features (automated variance explanations) and faster implementation at a lower price point. FloQast has been in market longer and offers more extensive ERP integrations, but costs roughly 50% more. For most Australian SMEs, Numeric provides better value.
Can project management tools like Monday.com replace accounting-specific software?
Only for very basic close processes. Monday.com excels at task management and collaboration but lacks reconciliation features, ERP integration, variance analysis, and accounting-specific audit trails. You'll spend significant time building custom workflows that still won't match purpose-built accounting software capabilities.
How much should an Australian SME budget for month-end close software?
Small businesses (under 20 employees): $500-2,000 annually for basic tools like Easy Month End. Medium businesses (20-100 employees): $8,000-35,000 annually for platforms like Numeric. Larger businesses (100+ employees): $20,000-60,000+ annually for enterprise solutions like FloQast. Always calculate potential time savings against subscription costs.
Does close software work with Australian ERPs like MYOB and Xero?
Yes, most platforms integrate with Xero specifically given its popularity in Australia. MYOB integration varies by product – Numeric and FloQast support MYOB Advanced but verify specific compatibility. QuickBooks Online is universally supported. Request demonstrations using your actual ERP before committing.
How long does implementation typically take?
Easy Month End: 1-2 weeks to set up checklists and train team. Numeric: 2-4 weeks including ERP integration and initial close cycle. FloQast: 4-8 weeks for full implementation including training. All timelines assume dedicated internal resources and clear existing processes to document.
What happens to our data if we stop using the software?
Most reputable platforms allow data export in standard formats (CSV, Excel) upon cancellation. However, verify this specifically in contracts. Ensure you can export your close checklists, reconciliation records, and audit trails, not just raw financial data. Consider downloading key documentation quarterly as backup regardless.
Will this software actually reduce our close time?
Realistic expectations: expect 1-2 days reduction within the first 3-6 months for well-implemented software addressing real bottlenecks. Businesses moving from disorganised spreadsheets to Numeric often see 2-3 day improvements. However, if your close processes have fundamental issues (late data entry, poor reconciliation practices), software alone won't fix them.
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