Due to an increase in regulations and stakeholder demands, the pressure on the organization’s financial close and reporting processes is greater than ever before. These pressures often require organizations to disclose more information in their reports, and in a shorter time frame than ever before, dramatically increasing the risk of errors across their office of finance. Due to these pressures, many organizations are now turning to automation software to help them gain better control and visibility over their entire financial close process.
So what are the most important features and benefits you should consider when evaluating financial solutions?
Here’s our baker’s dozen for achieving Best Practices:
- Single Instance: Can deploy a single instance of the solution that supports all of your financial close activities with a seamless process to ensure a single version of the truth
- Global Visibility & Control: Allows you to have a real-time view of the status of all activities, all risks and all processes across the globe; highlighting areas of potential exposure
- Platform agnostic: Provides a single platform that integrates seamlessly across companies and various ERP systems
- Cloud-based: To achieve single instance, global visibility, collaboration, and standardization, you will need to deploy leading edge software in the cloud
- Exception-based: Identifies all things necessary but enables you to focus on only the things that are critical to the integrity of your financial close
- Collaborative: Identifies relationships between activities and streamlines collaboration across your global processes
- Actionable & Iterative: Enables the ability to make quick decisions from the results you are seeing
- Future-proof: Identifies opportunities for continuous improvements by considering the strategic capabilities to transform the R2R process, not just the tactical opportunities for automation
- Risk-based: Identifies the key issues, prioritizes the work and efficiently allocates your resources
- Automated: Leverages technology to allow full automation of elements of the close and accelerates other activities such as data collection
- Standardized/Consistent: Applies accounting procedures in a uniform manner, across divisions and locations
- Timely & Efficient (and Effective): Results are available in a timely manner, at low cost; reducing re-work and poor quality
- Experienced Implementation Team: Benefit by being guided by the vendor who can bring to bear their extensive experience and expertise in implementing projects