Posts Categorized: Month End Close

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September 20, 2018
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How Does Automating the Financial Close Process Benefit You?

For some organizations, the financial close process has always been fraught with delays, miscommunication, misdirection and blown budgets. They may want to scale up their business and move into new markets – all while keeping incremental costs minimal. Let’s explore how automation can work for them!

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September 6, 2018
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Best Practices of Established Shared Service Centers

Here you’ll find a brief summary of the trends of SSCs that have been established four to six, seven to ten and 10+ years, and a discussion on how some are automating manual tasks and establishing new best practices to mirror the innovation that they were once realizing.

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September 6, 2018
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Shared Services in Finance and Accounting

Historically, companies have chosen to consolidate their office of finance’s operations to a shared service center (SSC) as a cost-saving measure that drives efficiency and standardization. However, according to the Shared Services and Outsourcing Network, there’s been increased focus on data analytics and long-term ROI over the past couple of years, particularly with companies in...

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September 5, 2018
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How to Save Lives and Time with Efficient and Effective Healthcare Financial Management

If you can picture a healthcare facility as a living body, and its doctors and nurses as the “healing hands” of that body, the office of finance could be seen as the brain responsible for processing financial details. To provide the most effective and efficient level of healthcare, you must have financial systems that are as proficient as the caregivers keeping all documentation in order. Proper healthcare financial management in a facility builds revenue, which supports hiring to handle patient increases and keeps the board...

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August 23, 2018
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The Three Key Components of an Efficient Monthly Financial Close Process

Speed is a result of innovation. After all, if no one had invented the wheel, humanity would be getting around much more slowly today. Similarly, in the world of Finance & Accounting (F&A), you need to innovate to move toward a more efficient final close process. The faster you close your books, the sooner you can move on to higher value-added tasks, such as data analysis and strategic planning for new opportunities your business wants to pursue. To that end, this...

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July 19, 2018
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Achieving a Better, Faster, Cheaper Month End Close

Impact of Automation for a Fast Month End Close The common adage in terms of speed, quality and cost states that you can only pick two. In other words, if you want something done faster and better, you will have to pay for it. If you want something fast and cheap, you need to prepare...

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July 11, 2018
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Get Your Evenings Back with an Automated 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, CFOs and controllers have even greater pressure to ensure the integrity of the financial close. It’s easy to say, “That...

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July 4, 2018
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How to Reduce Stress During the Financial Reporting Process

In any organization, there are very few who do not feel pressured. Yet, everyone assumes that all departments are under the same level of stress, if not a little less – the ‘grass is always greener’ psychology. Contrary to what some may think, finance departments must produce more than just a profit-loss statement and balance...

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June 28, 2018
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Email Is Killing the Productivity of Your Month End Closing Activities

We would like to think that our relatively recent ability to communicate via email has improved our rate of productivity. However, studies have determined that to be vastly untrue. The Warwick Business School© found that, since 1973, productivity had only risen by 2%. Meaning, despite all our technological advances, we are barely more productive now...

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June 26, 2018
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5 Areas CFOs Need to Have More Control of in the Month End Close Process

Every CFO would like to believe that they consistently maintain tight control over the accounting team and their accounts and reconciliation processes. But in reality, this control can be extremely limited. In our recent market survey, we discovered that most CFOs admittedly continue to struggle to gain control over their monthly close process. In fact,...

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