Most companies today have undertaken financial automation projects of some kind to reduce costs and improve efficiencies.
However, when it comes to the Record to Report process, research from Ventana Research states that “just 11 percent have nearly or fully automated their financial close, while almost half (48 percent) apply some automation and 36 percent little or none.”
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Modernizing the finance process is not new, and organizations have been incrementally improving their financial processes with investments in ERP, reporting tools, and point solutions over the last decade or so. Despite this investment, companies still struggle with their month end close because critical financial data is still in non-integrated systems. Many companies must resort to exporting data into multiple offline spreadsheets to gather and compile information from their ERPs, GL systems, and other financial data resources. At the time a reporting period closes, the clock begins ticking on a variety of time-critical tasks that must be executed accurately and efficiently. The health of the financial reporting process relies on automatic triggers, reminders, escalations, and status reports that are generated for management in an organized, planned process. Read through 4 common responses we regularly hear in the marketplace, and what new information companies are considering to transform their approaches towards world-class automation.Read More