5 Month-End Close Best Practices for Insurance
Discover the benefits that financial automation delivers to insurance accounting.
As insurance organizations grow, their back-end processes become more complex, especially within the accounting department. While the front office utilizes automation technology to process claims, assess risk, and enhance customer experience, the finance back office is often behind the curve, relying on spreadsheets and other manual methods to complete the financial close. This not only delays the close but also further exposes insurance companies to risk.
Insurance accountants must implement a few best practices into their close process, and consider modernizing their legacy tools. This will help decrease areas of risk and unburden their team to focus on long-term, strategic goals.
- Reevaluate Current Accounting Tools
- Pinpoint Areas of Compliance Concern
- Analyze the Process
- Sharpen the Competitive Edge
- Select the Right Technology Partner