Are your current tools equipped to handle a virtual close?

If you’re like most organizations, your current tools present a challenge. Many finance teams use outdated solutions, such as spreadsheets, that were originally designed to work in tandem with in-person communication and are not as flexible as they need to be in order to accommodate a virtual close process.

Today, finance teams require remote work tools that allow visibility into the entire close process, increase the efficiency of all period-end tasks and enforce internal controls, as well as promote better team collaboration and productivity, as each member is now geographically separated.

4 Tips For an Improved Office of Finance

1. Document Your Process

The entire month-end close often involves many departments, stakeholders, and teams. Rather than every team member “knowing” the close process in their heads, implementing a financial close task management solution, such as Adra® Task Manager, provides reliability by documenting best practice policies and procedures and offers the ability to build out checklists inside the program to keep your process organized.

2. Improve Team Communication

One of the biggest challenges of maintaining a remote workforce may be the inability to walk over to a team member’s desk and ask for clarification. With a task management tool, such as Adra Task Manager, team communication is always flowing, lowering the need for constant status update calls

3. Track and Prioritize Tasks for a Smoother Workflow

Knowing what you want to do and when you want to do it is the foundation of good communication. Before any substantial task is started, spend time developing a clear and coherent plan to walk the team through.

4. Monitor the Progress of Your Financial Close

Implementing a financial close task management solution promotes a more transparent close process with increased accountability and ownership for each accountant.

Download the tip sheet to discover how Adra Task Manager can improve your Office of Finance.