Modern finance teams know that automation is the key to productivity, control and decision-making, yet despite the significant amounts of time and effort invested during the financial close process, many crucial close tasks fall through the gaps left between traditional ERP and financial consolidation systems. A lack of automation hampers process visibility, hinders timely decision-making and even jeopardises compliance with statutory deadlines.
By utilising automated financial close software, organisations can benefit from:
- A faster close - through standardising, organising and automating many of the processes around month-end close, controllers and accountants can reduce their work load, spend more time on value added tasks and avoid the late night number crunching.
- A more accurate close – standardised workflow, reporting and auditing tools guarantee that no accounts are missed and exceptions are identified proactively. With automated financial close software, finance staff can wave goodbye to error-prone financial close processes in spreadsheets.
- Increased productivity - with the automatic creation, population and certification of certain low risk reconciliations (such as zero balance accounts, sub-ledger matches etc.) accountants can shift their time and skills to the high risk accounts and other value added activities.
- Greater visibility - through automating the financial close, organisations can gain critical, real-time visibility into their close, account reconciliations, journal entries, SOX and regulatory compliance and more. Real time dashboards and robust reporting capabilities allow management up-to-the-minute visibility into all locations to better monitor the progress of all close activities throughout the organisation.
- Greater control – organisations can gain and maintain complete control over the financial close and other accounting process from one central location, with proper review, approval, and segregation of duties.
Here at Eclipse, we recommend the BlackLine Finance Controls and Automation Suite for automating financial close processes. BlackLine is the first and most experienced provider of enterprise-class software designed to automate and control the entire financial close process and is used by companies of all sizes around the world.