Posts Categorized: Month End Close

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May 22, 2018
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5 Steps to Improving Financial Processes and Controls with Technology

Conducting the final close through manual methods, such as spreadsheets, is the equivalent of trying to complete a relay race where the runners must collect a different baton at each checkpoint, and then pass on the growing collection to the next person in line. Because each person has their own unique gait and cadence, and...

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February 20, 2018
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Optimizing the Close Outside the ERP

When we initially speak to new companies we commonly hear, “Why would I need software to manage my close when it’s currently being managed in my ERP”? It’s true that ERP solutions go some way to help with the various individual close processes, however, it’s also true that companies such as AstraZeneca, Siemens, Ingram Micro,...

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October 23, 2017
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Get Your Evenings Back – Automate Your Financial Close

“It’s not what I know that keeps me up at night, it’s what I don’t know and the impact it could have on our business.” As organizational environments increasingly become more complex, compliance-focused and technology-driven, the CFO has even greater pressure to ensure the integrity of the financial close. It’s easy to say that it...

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October 6, 2017
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Benchmark Your Financial Close Process

A study of the R2R process and what you can do to make it a better experience for your team. How does your company’s Financial Close process measure up in comparison to your peers? How does your process compare to other businesses in terms of speed, stress levels and satisfaction? What could you do to...

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July 13, 2017
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What Happens When Your Financial Shared Services Center Stops Delivering Double Digit Cost Savings?

It’s an important part of any initiative to not only set goals, but also determine how a goal will be defined as met. What will success look like? How will it change as different factors come into play? Financial Shared Services’ initiatives have primarily been undertaken to deliver reduced costs and improved efficiency. These goals...

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July 12, 2017
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Best Practices for the Month-End Close  

Any organization should be able to produce accurate and timely financial statements in a reasonable amount of time after the month’s end. Financial statements are crucial to management, so they can understand the financial health of the organization and make short-term and long-term operation and strategic decisions in a timely manner. An important tool in...

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May 22, 2017
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Shatter the Bottlenecks

The financial close process is typically made up of a repeatable series of activities, performed in a specific sequence, by specific people, and by specific due dates. It sounds straightforward, but f...

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May 18, 2017
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True Measure of the Close: Time + Effort + Quality

The old adage states that what gets measured gets managed. With that in mind, how can we ensure the metrics we are implementing have the right impact on the performance of our Record to Report process...

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February 17, 2016
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Do Companies Have A Looser Grip On Controls Than They Think?

According to an article in the Wall Street Journal and a survey from the Institute of Internal Auditors (IIA), companies seem to have a looser grip on their internal controls than they realize. With recent high-profile stories like Hertz and Toshiba, it is clear that organizations need to increase the use of technology to automate all...

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November 9, 2015
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Top 10 Record to Report Red Flags

Often used as an early warning system, red flags can proactively assess the risk of re-work, financial restatements, and fraud throughout your financial process. The importance of these red flags is critical, as they foreshadow any risks prior to them negatively impacting the integrity of your financial close. These red flags often occur throughout your...

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