Finance teams often migrate outside of the ERP landscape and utilize legacy tools to tediously balance and match transactions, as well as prepare for auditing and reporting. The migration away from the System of Record further creates more complexities as accountants near the end of their month-end close.
The challenges that arise from navigating the close with a fragmented framework all come down to manual, repetitive tasks. Whether you’re juggling multiple different ERPs, decentralized data silos, or manual migration of financial data, they all contribute to inefficiencies throughout the close.
On the other hand, financial automation effectively supplements existing ERP systems by seamlessly integrating with distinct ERP vendors while automating tedious, manual-heavy processes.
Steps to Optimize Your Financial Close Framework
1. Identify Which Processes Sit Outside of Your ERP
Organizations must deeply analyze their existing processes to best identify key priorities for the close and pinpoint processes that require repetitive, manual work.
2. Establish Key Priorities and ROI for the Close
After assessing your challenges, establish the key priorities for the close. Highlight the calculated ROI when navigating current close processes and outline an expected ROI when automating your key priorities.
3. Align Business and Technology Initiatives
Communicate initiatives between business leaders and IT department members. Implementing a new software solution to your organization should always require input from IT leaders.
4. Invest in a Solution that Seamlessly Integrates
Organizations can effectively reduce risk and streamline the data upload process by finding a close solution that integrates seamlessly with various ERP vendors.
5. Implement Process Automation
The implementation process is exactly that: a process. Starting off, organizations will implement process changes, such as changes in how they conduct reconciliations within the software solution or how they outline and delegate tasks.
Discover these challenges, benefits, and steps to optimize your close in more detail by downloading this comprehensive eBook below.