When we initially speak to new companies we commonly hear, “Why would I need software to manage my close when it’s currently being managed in my ERP »?
It’s true that ERP solutions go some way to help with the various individual close processes, however, it’s also true that companies such as AstraZeneca, Siemens, Ingram Micro, etc. also have ERPs but still wanted to improve their automation through the implementation of made-for-purpose R2R software.
Why? Because they weren’t happy with their current technology. They still struggled with all of the white space outside the ERP and were heavily reliant on spreadsheets and manual processes to manage their end to end Record to Report (R2R) processes and close their books. They all wanted to reduce the complexity of the close by automating their processes and close more quickly, for less money and with fewer resources.
Different companies, however, aren’t starting from the same place and we see a number of different landscapes when it comes to businesses’ ERP environments, including:
So, what can be done to solve these challenges?
The analysts recommend a fully integrated solution that removes all these white spaces and offers a single view of your close. One that can integrate not only across your ERP landscape for consistent data management, but also across your whole financial close process, to offer a single view across the business, wherever and whenever.
As Gartner states, “When considering the automation and unification of critical financial processes, such as account reconciliations, compliance and Financial Close, the whole is greater than the sum of its parts. These activities are highly dependent on each other and, when unified, create new insights and return on investment (ROI) savings.”
For more information on how Record to Report technology can help make the most of your ERP investment, view our webinar recording, « Your ERP Is Just the Start: It’s Time to Close the Process. »