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Optimize Your Virtual Close with Cloud Based Financial Management Software

The Challenge of a Virtual Close

When accountants are spread out virtually rather than from a centralized office location, the challenges that accompany the new close environment can make it difficult for the financial close to be completed in a timely manner— especially if accountants are still using spreadsheets.

  • Sending spreadsheets over email platforms lengthens the financial close process, decreases levels of productivity, and increases the time that is spent on the accounting cycle.
  • Spreadsheet usage in a virtual close also creates data access and security challenges. IT needs to ensure that only the right people have the right level of documentation access, which is tricky in a virtual close environment.

The Cloud Based Financial Management Software Solution

Implementing a cloud-based solution allows accounting teams to solve these challenges in a way that on-prem hardware cannot.

  • Security and data access can be regulated, so users have the appropriate document permissions.
  • Automating repetitive tasks within the financial close can reduce the amount of time spent on the close by up to 50%.

Whether working remote or in-office, accountants that utilize cloud-based financial automation work more efficiently and can then focus on more strategic initiatives, rather than performing manual work.

For more benefits of cloud based financial management software, check out the full webinar.