There is a type of applications for financial processes that is focused on closing period activities. To achieve it, companies invest a significant amount of time, energy and money into the process.
My client is one of them and we have provided some solutions that works in this direction: automate as much as possible.
Working continuously on the improvement of these tools, enable them to:
- Improve their cycle times, focusing on more business critical activities during the financial close (financial analysis to be more competitive).
- Fewer resources required to support the financial close and financial reporting.
- A reduction in audit fees
- Reduce or eliminate workload peaks during the financial close
- Standardization of processes, reference data and compliance activities across the enterprise
- Issue isolation and resolution
- Better adaption to the changes
- Fewer reporting errors