Automate & Streamline your Financial Close Management
Save time, resources and reduce risk from manual data entry.
Financial Close Challenges
It’s commonly said that CFOs assist steer their firms’ fiscal health with one eye in the rearview mirror and one on the road ahead. The financial close process is notoriously time-consuming and tiresome, and financial statements — a major output — are only valuable if they are accurate and timely. Unfortunately, the financial closing process is disconnected, inefficient, and labor-intensive in many organisations. In fact, one popular KPI that CFOs track is cycle time for monthly close, in an effort to get financial data and statements into the hands of consumers faster and redeploy accounting employees to higher-value projects.
The Need to Balance Speed & Accuracy
When it comes to the financial close management, there is a tension between doing the task quickly and doing it well. Accounting teams can close the books faster if they have easy access to crucial financial data.
Innacurate or Missing Data
Finding and resolving erroneous or incomplete data takes time and effort, whether it’s duplicate data, unrecorded payments, missing invoices, simple typos, or math errors.
Systems That Don’t Talk
Financial close management can be long and arduous. It is not always possible to locate all of the relevant information and guarantee that all transactions from all business departments are appropriately recorded in a single business place. Organisations with multiple operational entities often employ local accounting systems, which may not integrate smoothly at headquarters. various locations, for example, may utilise various versions of accounting software or even entirely distinct systems. The more local instances there are, the more likely integration challenges will develop due to inconsistent or inconsistently implemented charts of accounts and other formatting differences. International enterprises with several locations throughout the world and in different time zones may face additional difficulties, particularly in the absence of tight schedules.
Human Error
Scaling Teams
Some organisations lack the time, systems, and/or personnel to work on a continuous close, therefore they rely on manual processes, obsolete batch systems, and paper documentation. Inadequate support can create a vicious loop that requires additional time and labour while still resulting in delayed information of limited value. As a result, some businesses are reluctant to invest in what they perceive to be useless information and the processes that support it. The impact on accounting employees is enormous, and it increases the chance of errors since workers may purposefully or inadvertently skip crucial processes merely to get the job done.
Remote Teams
Accounting teams, like data, can be distributed and work remotely. Some teams digitally closed the books for the first time in 2020, and they discovered that a few important measures made their remote closes go more successfully. These featured excellent collaboration systems, process mapping, and sound security practises as a result of using a strong FMS software.
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