Overview

Novacly brings close coordination, trial-balance preparation, reporting, and forecasting into one platform. That range suits finance teams seeking a shared workflow across entities, rather than separate tools for closing and planning. The trade-off is assurance: the maker says the product has not completed SOC 2, ISO 27001, or other formal compliance audits, and advises against system-of-record use until certifications are achieved.

Key features

Close management and data preparation

Task templates, dependencies, deadlines, team assignments, status dashboards, and activity audit trails help teams track responsibility and progress through recurring close work. Multi-entity support is relevant to groups managing several sets of books; these workflow controls are less compelling for a small team with a simple close.

Novacly imports trial balances from CSV, Excel, or API sources and offers direct, split, formula, and bypass transformation rules. This gives finance teams several ways to handle incoming balances before reporting. ERP connectivity is through an API, while the stated data inputs also include spreadsheets and CSV files.

Reporting, planning, and Excel

Reports can be filtered and organized by entity, period, scenario, and layer, with dimension filters, drill-down to source transactions, and Excel or PDF export. That combination supports review from summarized results down to underlying transactions. FP&A features include driver-based planning, rolling forecasts, actuals-based seeding, cost allocations, and segment submission and approval workflows, making the platform relevant to teams coordinating forecasts as well as closes.

An Excel add-in provides 11 custom NOVACLY formulas for retrieving financial data and refreshing it in Excel. This offers a way to work with Novacly data from spreadsheets, though the platform's other stated access point is the web interface.

AI and security

AI can suggest account mappings, draft variance commentary, answer natural-language data queries, and match intercompany items. Users review the suggestions and make the decisions, so these tools assist finance work rather than remove human review.

The maker says data is encrypted at rest with AES-256-GCM and in transit using TLS, with tenant isolation enforced through PostgreSQL Row-Level Security. Those protections do not substitute for completed formal audits: Novacly has not undergone SOC 2 Type I or Type II audits and is not SOC 2 Type II certified. That gap weighs heavily for organizations that require audited controls.

Pricing

Beta: 0.00 USD per free, billed Free during beta, with no credit card. It includes full platform access, unlimited usage, multi-entity support, and priority support with direct access to the team. This is the most useful option for eligible teams evaluating the full product, but beta access should not be mistaken for a permanent price or an audited system of record.

Early adopter pricing (target): custom pricing. The target is around $50/mo for early adopters when pricing launches, with a discount intended for beta users. This is a future target, not a current charge.

Launch pricing (target): custom pricing. The target is ~$250/mo at launch, also not a current charge. No seat or usage caps are stated for these target plans; the beta plan is described as unlimited usage.

Platforms

Novacly is available on web and through an API. It also provides an Excel add-in and supports CSV and Excel data imports. Google and Microsoft OAuth sign-in are listed as authentication options.

Who it's for

Novacly is best suited to mid-market finance teams managing multiple entities, including multi-entity companies, private equity portfolios, and real estate funds. Its close controls, reporting dimensions, and planning workflows address the coordination burden of that work. Organizations that need completed formal compliance audits before placing financial records in a platform should look elsewhere for a system of record.

Pros and cons

Pros: Close templates, dependencies, assignments, and audit trails help teams coordinate recurring work across entities.
Pros: Reporting and planning span drill-down reporting, forecasts, allocations, and segment approvals, reducing the need to separate those finance workflows.
Pros: The beta provides full platform access, unlimited usage, multi-entity support, and priority support at no charge.
Cons: The product has not completed SOC 2, ISO 27001, or other formal compliance audits, limiting its suitability as a system of record for risk-sensitive teams.
Cons: The beta has no stated end date, and the roughly $50/mo early-adopter and ~$250/mo launch prices are targets rather than current offers.

Alternatives

For a directory of Financial Close Software, compare the available options against your close and compliance requirements. Mayday may suit teams looking for a free plan with unlimited users and up to three same-currency intercompany balances, or a paid plan at 10.00 GBP per month; its free trial is another evaluation route. Nordavix is another beta option, offering unlimited companies, unlimited team seats, and every module free during its founding-firms beta. Double is an option for teams that want its complete platform and dedicated onboarding on an annual flat-rate plan, with pricing by sales contact. OneStream is an alternative for teams considering a paid platform across web, desktop, mobile, API, and self-hosted environments; pricing is by demo request. CoGroAccounting may appeal to teams wanting a 60-day free trial for up to 10 members with all modules and AI assistant access. FIS Data Integrity Manager is a paid web-based alternative. ScaleXP may fit smaller teams seeking a defined paid entry plan: Starter costs 100.00 GBP per month when paid annually for a 10% saving, covers up to two users and 200 invoices per month, and adds subsidiaries for £40 pm each. Xenett may suit accounting teams looking for a per-client AI financial review plan at 7.50 USD per month with a browser extension for QBO and Xero and a white-labeled client portal.

Verdict

Choose Novacly if your mid-market finance team needs close coordination, reporting, and planning across multiple entities and can evaluate a free beta without treating it as an audited system of record. Its breadth and included beta access are the main draws. Look elsewhere if completed formal compliance audits are a prerequisite for handling financial records.

	novacly	Xenett
Free plan	Yes	No
Free trial	No	Yes
Paid from	Free	$7.50/mo
Platforms	api, Web	extension, Web
Free plan	Yes	No
Task dependencies	Yes	Yes
Approval workflows	Yes	Yes
Audit trail	Yes	Yes
Multi-entity close	Yes	Yes
Recurring templates	Yes	Yes
ERP connectivity	api	native
Paid from		7.5 /mo

novacly vs Xenett

novacly

Xenett