Year-end Close is well behind us now but…There’s got to be a better way!
For many, the financial close process is a decently oiled machine but demands personal commitment above and beyond the call of duty characterized by long days followed by long nights with lots of pizza-fueled meetings in between.
When it comes to overseeing the process that underpins the integrity of financial reporting, many finance functions fall back on a primitive checklist crafted in spreadsheets. That might be fine on a very small scale but certainly is not best practice for any company with any level of complexity.
Risky at Best!
One Trintech customer instantly persuaded her senior executive team to automate their financial close process by saying this one simple sentence:
“We are managing $52 billion on our balance sheet… and we are managing it in Excel.”
Like so many companies, her executive team instantly recognized just how exposed they were to risk!
So is there a better way of managing the close process?
With the advent of cloud-based financial governance solutions that engender new and more productive ways of working and provide the finance team with process visibility across their entire finance organization.
Controllers can now know “who is working on what” and “which activities are late”, giving them the ability to proactively manage the process for the very first time, to eliminate manual processes, identify bottlenecks and issues as they arise, and to redeploy resources as circumstances demand.
A Repeatable Process!
It’s a new paradigm, but the good news is that once the year-end is complete the same solution can be used for all period-end close processes.
Check out our White Paper: Guide to 7 Strategies for Optimizing Balance Sheet Reconciliation