Best Financial Close Software of 2024

Find and compare the best Financial Close software in 2024

Use the comparison tool below to compare the top Financial Close software on the market. You can filter results by user reviews, pricing, features, platform, region, support options, integrations, and more.

  • 1
    Xero Reviews
    Top Pick

    Xero

    Xero

    $2.90/month
    4,611 Ratings
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    Save 90% for 6 months on Xero's award-winning accounting and online bookkeeping platform. Beautifully simple, Xero offers a wide range of features that help businesses manage their numbers effortlessly, including invoicing, inventory management, bank connections, payroll, reporting, and app integrations for a seamless user experience. Xero offers plans for businesses of any size, with room to grow. Xero provides a comprehensive ecosystem of integrated apps and connections to banks and financial institutions, allowing small businesses to access a variety of solutions within its open platform to efficiently manage their operations and finances. For accounting and bookkeeping practices, Xero offers powerful compliance tools, intelligent practice management software, and a centralized cloud-based accounting ledger for all clients, accessible in one place. Xero automates data entry by pulling sales and expense records directly from banks, invoicing apps, point-of-sale systems, and more. It securely connects to business bank accounts, eliminating manual data input, while smart bank reconciliation learns user preferences to streamline the process.
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    Sage Intacct Reviews
    Top Pick
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    Sage Intacct is a premier cloud-based financial management software designed for growing businesses. It offers comprehensive features including core financials, accounts payable and receivable, cash management, and multi-entity consolidations. The software automates key financial processes, enhancing efficiency and accuracy. Sage Intacct provides real-time financial insights through intuitive and customizable dashboards, enabling data-driven decision-making. Seamlessly integrating with various business applications, Sage Intacct ensures a unified view of operations, enhancing data consistency and collaboration across departments. Its robust reporting and analytics tools allow users to generate detailed financial statements, track key performance indicators, and gain deep insights into financial performance. Sage Intacct is scalable, reliable, and trusted by thousands of organizations worldwide. It supports complex organizational structures with multi-entity management, facilitating seamless consolidations and inter-entity transactions. The cloud-based platform ensures continuous innovation, keeping your financial management tools up-to-date. With award-winning customer support, Sage Intacct empowers businesses to streamline
  • 3
    Multiview ERP Reviews
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    Our vision is to End Month End. For nearly 30 years, Multiview has been proudly advancing corporate finance and back-office operations alongside our clients so they can spend more time focusing on their business. Corporate Finance and accounting have been leveraged as a way to discuss past performance. There is value in that. We believe, however, there is even more value if you can leverage that information not only monthly, quarterly, or annually, but daily to drive results and decisions with the information. Not talk about the results after it is too late to do something about it. The power of data control is at the hands of the CFO or centralized in an organization is you can share it throughout the company. Trusting the information you’re making decisions on is incredibly important. Ultimately, the finance team’s job is to tell stories. Tell the stories about what is actually going on within an organization, and support the story with accurate, timely data. Join us on our vision to End Month End, and help your organization Stop Chasing Numbers. Start Using them.
  • 4
    RunMyJobs by Redwood Reviews
    Top Pick
    RunMyJobs by Redwood is the most awarded SAP-certified SaaS workload automation platform allowing enterprises to achieve end-to-end IT process automation and unify complex across any application, system or environment without limits and with high availability as you scale. We're the #1 job scheduling choice for SAP customers with seamless integration to S/4HANA, BTP, RISE, ECC and more while maintaining a clean core. Empower teams with seamless integration with any present and future tech stack, a low-code editor and a rich library of templates. Monitor processes in real-time with predictive SLA management and get proactive notifications via email or SMS on performance issues or delays in all your processes. Redwood team provides 24/7/365 day global support with the industry’s strongest SLAs and 15-minute response times and a proven approach to migration that secures continuous operations, including team training, on-demand learning and more.
  • 5
    SAP S/4HANA Cloud Public Edition Reviews
    SAP S/4HANA Public Cloud: The Intelligent ERP Solution. Accelerate your digital transformation with AI-powered insights, industry best practices, and a user-friendly interface. Streamline operations, make informed decisions, and unlock new growth opportunities. SOX & GAAP compliance Financial controls, forecasting & Reports, Treasury & tax Process Automation (AI, Machine Learning, Robotic Process Automation) Supply Chain & Inventory Templated Integrations Manufacturing and the ability to scale... Take the lead in industry innovation to drive top-line, green-line and bottom-line growth. Never stop improving. Continuous insight is the key to optimizing business functionality and processes. Securing your success is a matter of choosing a partner who will be there for you
  • 6
    Microsoft Dynamics 365 Business Central Reviews
    Top Pick
    Dynamics 365 Business Central (formerly Microsoft Dynamics NAV), a comprehensive business management tool for small- to medium-sized businesses, streamlines your processes and makes smarter decisions. You can improve financial performance, track financial performance, and forecast accuracy, while still maintaining compliance and security. Maximize profitability by having an integrated view of all operations, including purchasing, manufacturing, inventory, warehouse management, and purchasing. Outlook allows you to manage the entire sales process, from start to finish, and provide exceptional customer service. Monitor your projects and plan with real-time metrics about resources, profitability, tasks and progress.
  • 7
    Board Reviews

    Board

    Board International

    1 Rating
    Board is a highly-rated decision-making platform that can be used by organizations of all sizes. It unites business intelligence, corporate performance management, and business analytics capabilities into one powerful platform. This makes it simple to create and maintain any apps in seconds with no coding. Board is available in multiple deployment options, making it easier for users to access the right information faster.
  • 8
    Datarails Reviews
    Top Pick
    Datarails is a financial analysis and planning platform that automates financial reporting. It also allows finance teams to continue using Excel's familiar spreadsheets and financial models. Finance teams can spend more time analysing data and less time collecting it by automating tedious manual processes. It also allows them to answer crucial strategic questions such as what they can do to increase revenue or reduce expenses.
  • 9
    FinAlyzer Reviews

    FinAlyzer

    Beyond Square Solutions

    3 Ratings
    FinAlyzer®, an integrated digital platform for financial consolidation and financial close, analytics, as well as management reporting, acts to facilitate CFO reporting in multientity organizations. It covers integrated group reporting, legal reports, management consolidation, segment-wise profitability reporting, and segment-wise reporting. FinAlyzer converts financial data into actionable insights using decision analytics, KPIs, insights, predictive weathering, benchmarks and more. It is not a code that can be fully configured with the standard accounting taxonomy for IFRS and Ind AS, US GAAPs, IRDAI & MIS. FinAlyzer, a corporate performance management platform, brings together all your financial and operational data seamlessly. This frees up time for report preparation and allows teams to focus on analysis and better decision-making. FinAlyzer is a high-performance BI/CPM solution.
  • 10
    SAP S/4HANA Finance Reviews
    Unified transactions, analytics and planning to improve the entire lifecycle. Intelligent automated processes that streamline and increase throughput. You can choose from subscription- or usage-based billing models that best suit your business' needs. Real-time evaluations and actionable insights are available at the point of decision. Comprehensive analytics can help you increase profit and reduce costs. Real-time reporting, predictive analysis, and integrated business planning allow you to assess profit and margin contribution. Analyze customer experience strategies and manage profitability. Allow subscription-based revenue models. Identify the product or service combination that best suits your customers. With a complete view of your customer, you can deliver consolidated invoices, manage credit scoring and resolve disputes. Simplify financial close and accounting. A single journal that combines financial, management accounting, and profitability data.
  • 11
    SAP BPC Reviews
    Streamlined planning and consolidation can improve decision-making, collaboration, efficiency, and productivity. You can spend more time growing your business, and less time closing the books. By streamlining planning, you can achieve a faster and more accurate close. SAP Business Planning and Consolidation's (SAP BPC), application provides planning, budgeting and forecasting capabilities. This allows you to easily adjust plans and forecasts, accelerate budget and closing cycles, and comply with financial reporting standards. Better outcomes can be achieved by using scenario planning and what-if analyses to base decisions. A single integrated software solution for consolidation and business planning will help you save time and reduce errors. Automate aggregations, allocations and other manual processes to speed planning cycles. You can also run what-if scenarios in order to identify quick course corrections.
  • 12
    OneStream Reviews

    OneStream

    OneStream Software

    Our intelligent finance platform lets you get rid of the limitations of legacy applications and spreadsheets. A single, extensible platform that combines financial consolidation, planning and reporting allows you to unify all aspects of financial consolidation, planning, analysis, and reporting. You can conquer the complexity of financial close, consolidation planning, reporting, analysis and reporting. OneStream supports corporate standards and also meets more specific line of business planning requirements. Teams can use trusted financial intelligence to large amounts of operational data to identify trends and financial signals that will allow them to make informed decisions at the speed of business. OneStream's integrated understanding of accounts, currencies and ownership can help you speed up time to value. A unified application replaces multiple legacy systems and cloud point solutions.
  • 13
    ReconArt Reviews

    ReconArt

    ReconArt

    $300/month/user
    ReconArt, an enterprise-class web-based platform, is designed to automate all data reconciliation processes and integrate management. Our reconciliation software solution uses best practices and technology to keep up with digital transformation trends in finance and accounting. ReconArt's integrated functionality supports every aspect of the reconciliation lifecycle: from administrative management and data management, to robust transactional matching and exception management technology, to comprehensive, fully auditable reconciliation of balance sheets, as well as other supporting functionality like journal approvals or variance analysis. ReconArt's user-owned functionality allows for any type of reconciliation. This includes bank accounts, credit cards, payments, GL/suspense and AR/AP. It also supports ledger to subledger, intercompany trades, positions and balance sheets.
  • 14
    Lucanet Reviews
    Lucanet empowers modern CFOs to lead with ease. Our standardized, ready-to-use, out-of-the-box solutions streamline financial processes and reporting, delivering unmatched speed and accuracy. Trusted by over 5,000 companies globally, Lucanet equips finance teams with compliance-ready data and intelligent workflows that enable confident decision-making. Inside Lucanet, you’ll find a passionate team of over 800 people dedicated to continuously improving our products – and to your success. Together with our global partner network, we provide the local knowledge and ongoing support you need to unlock the strategic potential of your finance team. Whether you're facing challenges with consolidation, financial planning, ESG reporting, or global tax complexities, you can count on Lucanet for an intelligent solution with fast time to value. Let's connect and discuss how we can help you simplify your daily work, gain data-driven insights, and make impactful decisions. 
  • 15
    Keeper Reviews

    Keeper

    Keeper.app

    $8 per month per month
    Communicate with clients, catch errors in coding, track KPIs and manage your work. Your clients will have one place to access their financial information, receive bank statements, and answer uncategorized transactions. Automated emails can be set up so that you don't have to send another reminder. Keeper can help you catch misclassified transactions and correct them. You can track KPIs and create customized financial packages for clients. Keeper has a Client List, which is often the first page that you see when you log in to Keeper. This list displays all of your clients as well as your progress on each client's closes. You can also view high-level stats for your open Client Questions and whether any of them are answered. To get more information about your clients, you can add Client Properties (or any other property) to your Client List. You can create a checkbox property to indicate VIP clients so that you can filter your list to only show them.
  • 16
    G-Accon Reviews

    G-Accon

    G-Accon

    $60 per month
    Improve your financial management and operational efficiency. Our users report saving up to 40 hours per month. G-Accon's cutting-edge features can save you thousands of dollars. You can easily import data from Xero and QuickBooks into Google spreadsheets. Make changes and then sync the spreadsheets back. Eliminate manual data entry and ensure your records are always current. Take advantage of the power of live data analytics for finance professionals. G-Accon’s cutting-edge analytics tools help CFOs and Accountants make better decisions faster. Let G-Accon do the heavy lifting. Our suite of automation software is designed specifically for finance professionals to reduce repetitive tasks and manual tasks. CSV files are no longer a problem. G-Accon allows users to create, edit, or delete financial records from Google Sheets.
  • 17
    CCH Tagetik Reviews
    CCH Tagetik Corporate Performance Management software is trusted by companies to save time, reduce costs, and reduce risk. Connect data, processes, and people with one trusted source to get a quicker close and more forward-looking planning. CCH Tagetik Finance Transformation Platform powered by the Analytic Information Hub is the unified platform that connects finance & operations and streamlines consolidation & close planning, reporting & analysis, disclosures, and compliance.
  • 18
    Prophix Reviews

    Prophix

    Prophix Software

    Prophix is a corporate management (CPM), software that can be used by companies of any size and in any industry. Prophix integrates budgeting, planning and forecasting with financial consolidation and reporting capabilities. This software platform allows businesses to move beyond Excel and improve their performance. Prophix can be used on-premise or in cloud to automate core financial processes.
  • 19
    Hubble Reviews

    Hubble

    insightsoftware

    Hubble is a dynamic performance platform that combines reporting and analytics with planning, data visualization and data integration to give you more insight into your business. Hubble was created by insightsoftware.com and is designed for critical business systems such as ERP, HCM, CRM, and other technology. Hubble can be used by any business to simplify their processes and help them understand, manage, and predict their business.
  • 20
    Vena Reviews

    Vena

    Vena Solutions

    Vena Solutions is a corporate management software that combines planning, budgeting, and revenue forecasting tools to help companies succeed. Vena Solutions allows enterprises to free their employees from manual budgeting, forecast short-term and long term revenue performance, gain insight for better decisions, and easily prepare regulatory reports. Vena Solutions has been recognized by Deloitte and PWC as an award-winning platform.
  • 21
    Bloomberg Tax & Accounting Fixed Assets Reviews
    Bloomberg Tax & Accounting Fixed Assets, a cloud-based platform and an on-premise platform, was created by Bloomberg to automate and manage the entire lifecycle of fixed assets, from construction to disposal. Bloomberg Tax & Accounting Fixed Assets is equipped with flexible integration capabilities and powered via the Advantage platform. It empowers businesses by helping them to make better decisions, optimize tax savings, minimize financial close times, and respond to change faster. The primary features of the program include inventory management, fixed asset management, compliance, and reporting. Additional modules include G/L Integration, Construction In Progress, Foreign Currency, DataView for Excel, and Construction In Progress (CIP).
  • 22
    Limelight Reviews

    Limelight

    Limelight Software

    Your ERP can provide real-time planning, forecasting, and reporting. Limelight, the next-generation Excel, allows data integration, collaboration, and control. All your data is in one place. Limelight connects your data and people in one location. This increases communication, makes work visible, and speeds up time to insight. You can get your forecasting and budgeting done faster, with more accuracy, and with greater collaboration from all departments. Limelight allows you to view and analyze reports in real-time, drill down into transaction details, and provide information via narratives that managers understand and can use to make informed decisions.
  • 23
    Adra Balancer Reviews
    For a quick, accurate, and simple financial close, take the repetition out your balance sheet reconciliation process. You can see the most useful features, dashboards, and consoles in action. You can achieve the speed, accuracy, and control that you desire in your balance sheet reconciliation process.
  • 24
    Adra Analytics Reviews
    Get valuable insights and complete visibility into your financial data. Adra Analytics provides customized reports and dashboards that can be tailored to your needs. As your business grows, it is likely that your close process will become more time-consuming if you perform a lot of tasks manually. The Adra Suite can modernize your close process by standardizing behavior and increasing efficiency.
  • 25
    Workday Financial Management Reviews
    Intelligently automating financial processes and deeper insights allow you to focus less on transaction processing and more time on analysis and taking action. Businesses change over time. With Workday's flexible foundation, you can stay agile and ahead of the curve. You can adapt business processes and track changes as they happen. Machine learning reduces friction by constantly detecting anomalies, making recommendations, and reducing friction. Finance can interpret and review the results, while focusing their attention on the most important areas of business. We provide data to all areas of your organization and give you insight when you need it. Stakeholders can view the driving forces of the business and take immediate action. Workday provides undefeatable electronic evidence. Workday documents every transaction and every change in real time, so you can monitor compliance and prevent risk.
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Overview of Financial Close Software

Financial close software is designed to help organizations streamline their financial closing processes, by making them more accurate, efficient, and secure. It allows users to track and manage the entire close process from start to finish, including activities like consolidation, reporting, journal entries, reconciliations, and audit activities. The software helps improve both the speed and accuracy of closes by automating routine tasks such as data extraction from multiple sources into a consolidated format for review and analysis.

Users can leverage features like automated reconciliation of accounts, and integration with existing accounting systems like SAP or Oracle (E-Business Suite) for coding journal entries quickly and accurately. This allows the user to quickly identify any discrepancies between different systems before taking corrective measures. Clients are able to easily generate reports based on standardized templates rather than having to manually enter large amounts of data into spreadsheets. Financial close software also provides robust security features that allow organizations to control who has access to what data in real-time during the entire closing cycle.

Financial close software provides end-to-end visibility which improves the accuracy of financial statements while helping meet tight deadlines set by regulatory bodies such as the SEC or the IFRS. It facilitates collaboration between stakeholders and external auditors via built-in governance capability which allows users to review documents securely located in a central repository with various roles assigned during the entire closing process. Additionally, alerts can be configured within the system for flagging potential issues that might occur during a financial statement audit enabling quick resolutions with minimal impact on operations.

Overall it is an ideal solution for companies looking for ways to optimize their financial closing processes while ensuring compliance with legal regulations and best practices throughout the organization’s life cycle.

Why Use Financial Close Software?

  1. Improved accuracy and consistency: Financial close software can ensure that all the transactions and accounts are recorded accurately, which reduces the chance of mistakes or discrepancies.
  2. Reduced timeline: Automated financial close processes can help to speed up the entire process, as it eliminates manual data entry and calculations, allowing users to quickly reconcile their accounts.
  3. Increased visibility over the financials: With a financial close system in place, users have access to real-time insight into their finances, making it easier to track your performance and identify areas where improvements need to be made.
  4. Streamlined workflow: Financial close software helps to streamline complex processes by providing instant access to data across multiple departments—making it easier for teams to collaborate on tasks with approved workflow frameworks designed for their specific industry requirements.
  5. Reduced risk of data breaches and errors: By automating certain aspects of the financial closure process, organizations can reduce the risk of data loss or human error caused by manual entry or calculation errors. This also increases security levels across an organization as sensitive information is encrypted within the database structure and monitored continuously for unauthorized access attempts.

Why Is Financial Close Software Important?

Financial close software is an essential tool for any organization or business looking to remain competitive and profitable in the current economic climate. It provides visibility into a range of finance processes, from budgeting to forecasting and from treasury management to accounts payable. This type of technology allows organizations to increase their level of accuracy when managing financial data and help them become more efficient across all levels of the company.

Having visibility into these processes helps an organization anticipate risks, detect problems early on, and ensure that all financial activities are controlled in a compliant manner. The software can be customized as needed so companies can set up automated alerts for various activities such as payments that require manual review or reconciliations that need attention before the end-of-the-month close. Financial close software can also provide detailed reports that highlight areas where cost savings could be made or where increased profits could occur if specific measures were taken.

Overall, financial close software is important because it provides organizations with the tools they need to streamline their accounting functions while at the same time maintaining consistency across departments within the business. It also increases efficiency by enabling businesses to better manage their finances with real-time information, giving them greater control over costs and helping them achieve better returns on investments.

Financial Close Software Features

  1. Account Reconciliation: Financial close software includes automated account reconciliation, which is essential for detecting potential discrepancies between the general ledger and sub-ledger accounts. Automated tools are used to reconcile accounts from multiple sources, such as financial statements, bank reconciliations, and third-party documents.
  2. Close Scheduler: A close scheduler feature allows users to create and assign tasks related to the periodic financial close process. The scheduler tracks all tasks assigned during the close cycle – from gathering source documentation to delivering finalized reports – ensuring that a consistent timeline is maintained across accounting teams.
  3. Document Management: Financial close software provides secure document storage, allowing users to store critical information within an integrated system of record keeping for easy retrieval and organization when needed. This ensures that any changes made remain traceable while also improving overall efficiency in the financial closing process by streamlining document exchange and communication among team members or external stakeholders.
  4. Reporting: Reports generated with a financial close solution provide visibility into key performance indicators (KPIs) related to each step of the process–from data input accuracy through the financial audit process – enabling users to quickly identify potential issues before they can manifest into bigger problems down the road. Additionally, these reports serve as a reliable source of evidence in auditing scenarios, providing clear evidence supporting business decisions or other activities performed during the closing period..
  5. Automation Tools: Automation features within financial close software enable faster generation of end-of-period reports without manual intervention from accounting staff members by automating workflows like journal entry creation and data validation processes–saving time in addition to preventing errors due to human error along with labor costs associated with manual activities throughout this period.

What Types of Users Can Benefit From Financial Close Software?

  • Financial Controllers: Financial controllers use financial close software to facilitate the entire financial close process, from gathering data to submitting reports.
  • Chief Financial Officers (CFOs): CFOs use it to oversee and review all aspects of the finance function in their companies, from controlling costs to managing finances.
  • Accounting Managers: Accounting managers can utilize financial close software to simplify complex accounting processes by automating manual tasks such as reconciliations, account analysis, and journal entry generation.
  • Financial Analysts: By using automated reconciliation and analytics capabilities, financial analysts can quickly identify issues with historical trends or unexpected fluctuations in accounts. They also can create powerful visualizations for quick insights about financial health.
  • Auditors: With financial close software comes the ability for auditors to verify more efficiently that an organization is compliant with certain regulations or standards based on their reports by automating data-gathering processes across departments within an organization.
  • Risk Managers: Risk managers use the platform's integrated risk management solutions to provide them with a comprehensive view of potential risks while they're performing independent reviews prior to signing off on results during the closure process.

How Much Does Financial Close Software Cost?

The cost of financial close software depends on a variety of factors, such as the size and scope of your organization, the specific features that your organization requires, and the vendor you choose. Generally speaking, buying financial close software can range anywhere from several hundred dollars to thousands of dollars.

For small businesses or startups with limited resources, there are some open-source options available that may provide a more affordable solution. These open-source programs offer basic features at no cost but will require manual maintenance by employees who have knowledge in coding and data manipulation.

For larger organizations looking for more robust features, most vendors will require an upfront subscription fee along with an additional fee based on the number of users who need access to the software. The exact pricing structure varies depending on the vendors’ terms and conditions. In addition to this initial cost, there is also typically an additional cost associated with tailored customization services should you need them. These services often include customizations related to auditing and compliance requirements as well as pre-built integrations into existing systems within your organization.

To get a better sense of what kind of costs are involved when purchasing financial close software for your organization it is best to contact potential vendors directly for individualized estimates based on your desired configuration and usage requirements.

Financial Close Software Risks

  • Technical Risks: Financial close software can be vulnerable to cyber-attacks, which may result in the disruption of financial operations. Additionally, hardware and software malfunctions could lead to unforeseen delays or data loss.
  • Confidentiality Risks: If the appropriate security measures are not implemented, finance departments can be at risk of unauthorized access to corporate sensitive financial and accounting data.
  • Operational Risk: By relying on automated processes rather than manual ones, organizations may reduce their ability to respond quickly to unexpected events or changes in rules or regulations.
  • Business Continuity Risk: Mishandling of critical financial operations could lead to significant problems for a business’s continuity and reputation if it cannot provide up-to-date financial statements and records in a timely manner.

What Software Can Integrate with Financial Close Software?

Financial close software can integrate with different types of software such as accounting, reporting, and budgeting software. This integration enables the user to effectively manage financial data by streamlining processes across multiple areas. For instance, accounting software tracks costs; reporting software compiles, analyzes and reports on financial data; and budgeting software provides a framework for setting goals and tracking progress. By integrating with these various types of software, financial close solutions provide the ability to better organize, analyze and report on performance data from various systems. Additionally, some integrations may support workflow automation to reduce manual effort in complex tasks such as reconciling accounts or managing intercompany transactions. Access controls may also be embedded into integrated solutions to ensure only authorized personnel have access to sensitive financial information.

Questions To Ask Related To Financial Close Software

  1. What features does the software offer in terms of automation and streamlining the financial close process?
  2. Does the software integrate with existing ERP or other enterprise-level systems?
  3. Is there a mobile app available to give access to critical documents and data?
  4. How secure is the software for processing sensitive financial information?
  5. Are there any additional costs for ongoing support, maintenance, upgrades, etc.?
  6. What kind of analytical tools are included – such as variance analysis, planning, forecasting, and budgeting capabilities?
  7. Is support provided via phone/live chat/email or a combination of these methods?
  8. Will it be necessary to install client-side components or will it be web-based only?
  9. What type of training options are available (e.g., user guides, webinars?)
  10. How long will deployment take after purchasing and setting up the software?