“Financial close” is a company’s ability to complete accounting cycles and produce financial statements for internal management and external legal reporting—and is still a key part of today’s global finance function. Do you know how to overcome the barriers to a fast, high-quality close? Discover solutions that can help you improve your close times and address the challenges of automating and testing internal controls.
In the late 1990s, companies became more efficient at closing their books and reporting financial information, but compliance regulations such as the Sarbanes-Oxley Act placed additional reporting rules on organizations. The result is often a time-consuming, labor intensive effort to ensure the quality of financial data. Companies are once again focused on improving reporting times and ensuring effective internal controls to govern the accuracy of these processes.
Why is it important for corporations to close their books quickly and with quality? Closing fast enables quicker access to financial information, which gives management the foundation for timely and better-informed planning and decision making. The fast close requires a quality close, where processes are monitored to ensure a foundation of trusted information for decision making. Closing fast also helps companies maintain a healthy image in the market, while companies that don’t close fast can often suffer in the eyes of shareholders, investors, regulatory agencies, and trade exchanges.
In this white paper, we discuss how corporate finance centers can overcome the barriers to a fast, high-quality close. By converging previously disparate disciplines of business intelligence; governance, risk, and compliance; and enterprise performance management, companies can get trusted data into the hands of key stakeholders in a timely manner. This paper identifies solutions to help organizations improve and sustain their close times and address the challenges associated with automating and testing internal controls. Read more…