The Case For A Continuous CloseDonna Ambarita
The term “financial close process” implies that closing the books has a defined beginning, middle and end. It doesn’t. Frankly, the financial close process had to be defined this way as businesses were pigeon-holed by technology that couldn’t efficiently and accurately close the books. That is, until the advent of the cloud and the emergence of the best-of-breed modern day financial management solutions, like Oracle NetSuite. Organisations are now turning to modern solutions to help them deliver a modern financial close. Consider this—never let the financial close process end! Why not always be closing the books, never stop—the continuous close.
Closing the books is a resource intensive task requiring business acumen and a concerted effort not only by the finance team, but across all functional segments in the company. If you are at a company that has disparate systems, on different platforms, with middleware and integrations, think carefully about efficiently, accurately and cost effectively closing the books. Yes, you can redesign your processes, remove inefficient activities, etc., but without a modern day financial management system, you may not meet with success.
Download this white paper to learn more about how a modern-day financial management system can help automate inefficient activities.