10 Financial Close Trends You Should Be Breaking
How Stale Is Your Financial Close And Reporting Process?
When it comes to the financial close and reporting process, all companies face similar problems no matter what industry they’re in. A general lack of visibility, bottlenecks in the workflow, and a constant demand from executive management to close month end tasks faster all plague the typical close process. And unfortunately, most companies are aware of these issues but get complacent. Change is scary, and it’s easy to feel that there isn’t enough time or resources to make the effort to improve.
The Status Quo Isn’t Good Enough When Approaching Month End Tasks
Often the result is to adopt a “why fix what’s not completely broken” attitude and to throw budget and efforts into treating the symptoms of a problem, rather than curing it at its source. The result? Teams facing the same problems quarter after quarter, year after year, with the intensity of those problems only increasing as the company grows in complexity. To help, we’ve made a list of 10 close rules that need to be broken to fix your financial close process.
You should not:
- Conduct the close process with error-prone spreadsheets
- Publish results no matter what
- Choose between cost, quality, and speed
Discover a better way to approach your month end tasks with these tips and more.