At the end of your close cycle, how are you ensuring the accuracy of your reports?
After all of the collaboration it takes to match and reconcile your transactions, handle exceptions, making multiple journal entries, and finally gain all of the required approvals, reporting is the reputation-risky final task that stands in-between you and a complete close.
Depending on your enterprise’s unique characteristics and goals, be it public or private, large or small, or even local or global, you will need to produce a wide variety of reports that all have different deadlines, submission requirements, stakeholders with the utmost accuracy.
Financial restatements can destroy up to 35% of an organization’s worth and inaccurate internal reports can quickly lead to a multitude of challenges and costs including staff turnover, timing delays, ill-informed business decisions and additional stress to what is already a time and resource-stressed process. What are you doing to prevent these issues?