The financial close is a vital process for the Finance & Accounting (F&A) team to ensure all items are properly reconciled and the accounts are ready to be certified. For too long, organizations have been conducting this process manually with error-prone spreadsheets and disconnected systems. As you explore automation options, it’s time to see the true benefits of automating the financial close process for you and your team.
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!
Within the financial close, 76% of your automation benefit impacts operational efficiencies.1 For many organizations, they often had to mail documents between two branches and faxing was just as laborious. Automation gives them the benefit of bringing everyone’s ideas and comments together in a unified digital platform.
When companies conducted their financial close manually, they were never sure of missed tasks, data entry-mistakes and their risk of misstatements until the end. Now, by automating the financial close, they can catch that understated expense receipt before the auditors come to town. One of the major roadblocks of conducting the financial close with manual methods is that documents, corrections and mistakes can often be lost in the process. Automated reconciliations can impact to up to a 47% improvement in visibility, 2 a major boost to planning organizational change in advance.
To learn more about how automation solutions can improve your financial close process, download our eBook.
Written by: Chelsea Downey