Posts Categorized: Month End Close

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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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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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October 15, 2015
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The Inevitability of the Cloud

With increased benefits from cost savings, accessibility, security and reliability, are certain industries really still hesitant about having their data in the Cloud? Over the past couple of years, Cloud providers have made significant strides in security as well as reliability, outstripping what individual enterprises can establish in-house. In addition, all solution providers have either...

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October 7, 2015
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Bottlenecks to Transformation

Almost every company experiences bottlenecks when looking at Record to Report transformation. These bottlenecks cause severe distress in the decision process and can often lead to companies pushing back any planned investment. Why would I spend extra money to increase the efficiency of one of my processes over spending that same money on a function that...

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August 21, 2015
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Top 4 Record to Report Metrics That Matter

What gets measured gets managed, or so the old adage goes, so as finance professionals, what should we be measuring when it comes to the Record to Report process? The first thing is to understand what we are trying to achieve. The end goal is to prepare and report the overall accounts of the business...

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July 16, 2015
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So You Think You’ve Automated Your Close Process? Think Again…

There is consistency among market leading experts and finance functions that the key driver for financial transformation improvements is technology. As PWC so neatly put it “Improving finance technology is the #1 method that finance professionals identify for making finance processes more effective.” Bearing this in mind, it would seem to be a fair assumption...

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July 8, 2015
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Content we love: Financial Director – Analytics dominates finance functions’ workload

Financial Director has written an interesting piece about PwC’s annual benchmarking report and highlight how the finance function is improving efficiencies and reducing costs through automating processes. As they state: “PwC’s annual finance function benchmark report found that the best performing finance functions cost 40% less than their peers and have ditched the traditional focus...

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