A Faster Close for Financial Institutions
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5 best practices that can streamline the close process for financial institutions.
Financial institutions face numerous, complex challenges in the close process. From accommodating relevant customer behaviors and needs, to ensuring their financial reporting is accurate and compliant with strict regulations, finance and accounting teams need to be prepared for any changes.
However, traditional financial tools like spreadsheets and manual processes that are commonly utilized can create a significant amount of risk and contribute to inefficiencies within the accounting workflow.
Transitioning away from spreadsheets to an automated solution can alleviate some of the biggest challenges that financial institutions face and help them to implement best practices in their close process, such as:
- Centralizing their documentation
- Tracking close progress
- Reducing human intervention
- Optimizing account reconciliation
- Ensuring appropriate data access