The facts and figures produced by the close are the frameworks by which the fastest-growing organizations decide how and where to propel themselves forward. But building a compliant, up-to-date, and relevant report can be hard to achieve when the business and its data keep growing, and the goalposts keep moving.
Thankfully with modern software suites, like the Adra Suite, it’s never been easier to overcome challenges like these to ensure supporting evidence is in place, audit trails are complete, and be completely confident in the compliance of your close.
Tips For Using Software to Gain Control Over Your Close
1. Manage Your Team’s Time and Tasks More Effectively
Coordinating the closing of the books and reporting the results is a complicated puzzle of tasks that need to be completed in a short space of time — while meeting strict compliance standards.
2. Speed Up Your Transaction Matching
The first technical task in any close is to match financial transactions. When done manually, as many companies still are, this is one of the most time-consuming parts of the financial close; even when all has gone smoothly.
3. Take The Repetition Out of Your Balance Sheet Reconciliation
Balance sheet reconciliations are not complicated tasks mathematically but substantiating the balances and adding supporting documents becomes a complicated and repetitive affair when done by hand.
Download the tip sheet to read these essential financial close tips in greater detail.