Many organisations struggle with a lack of order, control and visibility around their financial close. Close processes often rely heavily on manually maintained spreadsheet-based checklists and tasks. If this is true of your organisation’s financial close, your processes are likely to be slow and cumbersome and you are at risk of spreadsheet error and non-compliance when the auditors come in.
It is important for staff and managers to have peace of mind when it comes to controlling their financial close. They need to ensure the integrity of their balance sheets (and ultimately financial reports). It is also important for staff to have insight into the whole financial close process in order to quickly and effectively manage unfinished tasks and balance workloads. This will not only increase employee efficiency and morale, but also improve quality of work as staff can focus on execution. Organisations should consider implementing financial close software to automate the traditionally manual, labour-intensive financial close processes in order to achieve control, visibility and compliance.
Whilst there are various financial close solutions on the market, here at Eclipse we recommend the BlackLine Finance Controls and Automation Suite, the recognised market leader in the field of financial close software. BlackLine enables organisations to close in confidence by eliminating reliance on spreadsheets and automating and streamlining the entire financial close.
BlackLine’s Task Management tool is a configurable, web-based platform for managing financial close processes. It provides a centralised checklist repository for finance, accounting and audit teams. Staff can manage checklists associated with the close calendar, manual journals, compliance controls, auditor PBC lists and more, from one platform. Documents can be attached and preserved; email alerts can be set up, notifying individuals of work pending, or overdue tasks. Real-time dashboards and reports can transform the close with unmatched transparency and business intelligence. BlackLine brings structure and schedule to the close process in keeping with best practices and company policy so that audits run smoothly and you will always close on time and with confidence.
For further information, call us on +44 (0)203 866 8800, download the BlackLine Task Management brochure, or check out our related blog posts: