Closing Month-End is key for reporting timely and accurate financial statements to your various stakeholders. They need accurate numbers to make strategic business decisions both to benefit and grow the company. These numbers come from accountants compiling and processing the Month-End data – unfortunately, for many, this is a slow tedious process that often results in information no longer being relevant.
No business looks forward to the stressful and time-consuming process of closing Month-End, however, it is inevitable. Every Month-End, quarter-end and year-end an excessive amount of pressure is put on you and your team to complete the financial report while keeping on track with the abundance of other assignments.
All that being said, there are many ways to alleviate this stress – starting with finance automation. Finance automations allow you to analyze, approve and acquire real-time data in an accurate manner. This can replace manual processes which have room for human error and can be difficult to track changes being made – slowing down the close. Automations give time back to accountants and finance teams throughout the month and reduces the weight of Month-End so they can focus on using the numbers to drive results, not chasing them.
The change to automated finances has allowed accountants to shift their focus to value added roles across the enterprise. They are now providing critical support and analysis for the company and are able to help the organization be proactive, vs reactive.