Menu Close

How to solve the financial close dilemma: 3 strategies that never fail

The great surge in entrepreneurship following the pandemic resulted in a significant disruption of most industries, which was mainly reflected in significant and widespread adoption of tech, both old and contemporary. Today, technologies such as artificial intelligence (AI) and machine learning (ML) are being applied across multiple departments and are helping teams work in synergy at a faster pace.

Finance teams are no exception to this trend. The month-end closing process benefits greatly from automation, reducing manual errors, streamlining internal controls, executing recurring events and tasks, and providing real-time insights into the process for quicker decision-making.

However, adopting new platforms and technologies to speed up processes can be overwhelming and time-consuming, especially when you don’t know where to start. So, I’ve put together three main strategies to put you on the path to fully digitizing your business and noticeably improve the closing process.

Automate low-value tasks

The data gathered in these steps will allow you to identify your business’ root issues quickly, which will then let you assess what to do next.

There’s an increasing need to remove laborious and recurring tasks from your team’s plate so they can focus on what’s important. But when it comes to the financial closing process, what can and should be automated?

These are a few recurring tasks that, when automated, can help your team check their status or progress at a glance:

The preparation and review of balance sheet reconciliations.
Completion and management of closing checklists.
Balance sheet flux and/or P&L variance analysis.
Data analytics on the health and status of the month-end close.

The data gathered in these steps will allow you to identify your business’ root issues quickly, which will then let you assess what to do next.

Not only will the adoption of automation tools further optimize the closing process, but as technologies continue to evolve, teams that layer these together will substantially improve speed and accuracy. These investments result in financial and operational growth, offering greater analytics and aiding the decision-making process.

Streamline internal controls

How to solve the financial close dilemma: 3 strategies that never fail by Ram Iyer originally published on TechCrunch

When it comes to the closing process in financial and accounting reporting, what can and should be automated?
How to solve the financial close dilemma: 3 strategies that never fail by Ram Iyer originally published on TechCrunch   TechCrunch 

Generated by Feedzy

Disclaimer

Innov8 is owned and operated by Rolling Rock Ventures. The information on this website is for general information purposes only. Any information obtained from this website should be reviewed with appropriate parties if there is any concern about the details reported herein. Innov8 is not responsible for its contents, accuracies, and any inaccuracies. Nothing on this site should be construed as professional advice for any individual or situation. This website includes information and content from external sites that is attributed accordingly and is not the intellectual property of Innov8. All feeds ("RSS Feed") and/or their contents contain material which is derived in whole or in part from material supplied by third parties and is protected by national and international copyright and trademark laws. The Site processes all information automatically using automated software without any human intervention or screening. Therefore, the Site is not responsible for any (part) of this content. The copyright of the feeds', including pictures and graphics, and its content belongs to its author or publisher.  Views and statements expressed in the content do not necessarily reflect those of Innov8 or its staff. Care and due diligence has been taken to maintain the accuracy of the information provided on this website. However, neither Innov8 nor the owners, attorneys, management, editorial team or any writers or employees are responsible for its content, errors or any consequences arising from use of the information provided on this website. The Site may modify, suspend, or discontinue any aspect of the RSS Feed at any time, including, without limitation, the availability of any Site content.  The User agrees that all RSS Feeds and news articles are for personal use only and that the User may not resell, lease, license, assign, redistribute or otherwise transfer any portion of the RSS Feed without attribution to the Site and to its originating author. The Site does not represent or warrant that every action taken with regard to your account and related activities in connection with the RSS Feed, including, without limitation, the Site Content, will be lawful in any particular jurisdiction. It is incumbent upon the user to know the laws that pertain to you in your jurisdiction and act lawfully at all times when using the RSS Feed, including, without limitation, the Site Content.  

Close Bitnami banner
Bitnami