The Challenge of a Virtual Close
When accountants are spread out virtually rather than from a centralized office location, the challenges that accompany the new close environment can make it difficult for the financial close to be completed in a timely manner— especially if accountants are still using spreadsheets.
- Sending spreadsheets over email platforms lengthens the financial close process, decreases levels of productivity, and increases the time that is spent on the accounting cycle.
- Spreadsheet usage in a virtual close also creates data access and security challenges. IT needs to ensure that only the right people have the right level of documentation access, which is tricky in a virtual close environment.
Implementing a cloud-based solution allows accounting teams to solve these challenges in a way that on-prem hardware cannot.
- Security and data access can be regulated, so users have the appropriate document permissions.
- Automating repetitive tasks within the financial close can reduce the amount of time spent on the close by up to 50%.
Whether working remote or in-office, accountants that utilize cloud-based financial automation work more efficiently and can then focus on more strategic initiatives, rather than performing manual work.