2 and maybe more reasons to implement close management software
Summary
This was Charles Brett’s view when I spoke to him after he had written a whitepaper entitled “Lessening the cost and pain of the annual audit” for FloQast (registration required). While most companies look to close management software to reduce the pain of month and year ends, Brett’s whitepaper takes a different angle. For some companies the move to a more modern cloud-based ERP solution often increases the efficiency of the process and reduces the timescales but does not solve the problem. Once deployed, migrating the connection from a legacy accounting solution to a cloud-based ERP is not only simple it will often give added benefits. This was possibly not the biggest impact though as Peter Taylor, Corporate Controller explained: “our real savings on the audit side derive more from cost avoidance rather than outright audit cost reduction; in contrast, the ability of our SOX compliance team to formalize processes, tests and report generation has saved time and cut costs”.
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