For many years, conducting financial processes through a combination of manual methods has been the go-to approach for finance professionals. While issues such as a lack of visibility, susceptibility to human error, and an overall lack of efficiency were well known, change can be a difficult thing to make.
A manual financial close process does not allow well-educated and trained employees to fully utilize their higher-value skills because they are stuck on tedious, low-value processes. It’s time to use your talented financial team to grow your business and reduce financial risk, not spend all their time on manual financial processes.
Download this eBook to explore the “then and now” of key areas that best-in-class finance teams are improving to successfully close the books, including the following:
Tools being utilized: Each accountant has their personal method of account reconciliation when working manually and independently, but technology allows employees to be more connected digitally and more aware of critical risk levels.
Processes in place: Individualized manual methods create inconsistent processes for solving problems, but an automated workflow allows processes to be set in place to effectively problem solve.
Effectiveness of Controls: Lack of visibility naturally led to a lack of strong internal controls. Audits may never become fun, but they can be less painful. Increased efficiency can make it much easier to scale the business and its controls in the future.