202115 Jun

Managing the financial close: challenges & solutions

Summary

The financial close is a crucial process that rounds off the daily efforts of the finance and accounting teams to capture, measure, record, classify, report and analyse every single business operation. Although the high-level blueprint of the process is quite similar for all business, the mechanisms of conducting a financial close can vary greatly depending on industry, size and structure, and legal requirements. Add the struggles of repetitive manual operations, constant switching between screens, excessive progress checks and reporting requests further hurting productivity. The system maintains a granular audit trail and centralised recon data repository – ranging from a detailed log of operations to automatic controls and links to notes and attachments. Complete audit readiness with all reconciliation data, supporting documentation, task assignments, and progress tracking tools in one place is well within reach in a neat, simple to navigate environment.

Source: Reconart Full Article

Classifications

Companies