Finance teams face constant pressure to improve the monthly close process.
It is not just about speed though. There is also a demand for better accuracy and transparency of financial data. Regulatory bodies continue to introduce new standards and accounting rules. And yet many finance organisations find they are being asked to cope with all this with headcounts that have been reduced in order to meet economic pressure.
The financial close, consolidate and report cycle – often referred to as record to report, or R2R – is a series of steps that can be summarised as:
Many companies still rely on suites of complex interlinked spreadsheets, with a lack of formal controls or auditability. Such a process is time-consuming, manually intensive, and error-prone.
On the other hand, using the right tools can increase finance team productivity, accelerating the close, giving confidence in the numbers, and freeing up valuable finance resource for the data analysis that is essential to support better business decisions.
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