Blog & Newsroom

Four undetected errors that add to close stress — and how to fix them

Anyone working in finance knows how stressful the monthly financial close can be. Immovable, tight deadlines and the manual nature of much of the process results in long hours that impact staff wellbeing, turnover and often result in a reliance on temporary staff at this peak time. Frustrated staff have to work within sub-optimal processes that have evolved over years and don’t have the bandwidth to redesign them. Some of the biggest headaches are the errors that accrue but go undetected during the month and only come to light at the height of the period-end scramble.

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Ditch the spreadsheet and make your close faster and more accurate with finance automation

The month end close is a busy and stressful time for any finance team. One of the key elements to maintain some order within this chaos is task or checklist management. It’s vital to ensure the hundreds of closing tasks are all completed successfully, on time and in the right sequence. The problem is that most organizations still manage their close checklist in a very manual and inefficient way. This creates more stress and errors for those carrying out the tasks and has a negative impact on the accuracy and timeliness of closing the books and reporting group figures.

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Why automating journal entry upload is just the tip of the period close iceberg

Journal entries are a necessary but manually intensive and time-consuming part of the financial close. For large multinational organizations, some companies within the group might easily process more than a thousand journals each month. We’ve dealt with organizations that do a million manual journals a year. Some level of automation is clearly required to handle that volume of journals, but most organizations are missing the big prize. Think of it like the tip of an iceberg.

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What’s the secret to making your close a non-event? Focus on automating the first mile

The financial close is nothing short of an ongoing battle for many companies. Finance teams come under the same intense pressure at the end of every month, quarter and year as they struggle to complete the hundreds, if not thousands, of interdependent tasks that feed into the close process. At the same time, the close is undoubtedly critical to trust, financial visibility and regulatory compliance. It’s the foundation for the accuracy of a company’s numbers so they can be consolidated quickly to meet reporting deadlines.

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What happens when you automate the finance department?

With increased pressure to do more with less, almost all business units are now required to work in a more agile way to maximize efficiency — and the same is true of finance. The CFO and finance department should seek to collaborate with the wider business, to find ways to modernize and digitize tasks and processes wherever possible using knowledge from the people who perform the tasks day-in, day-out. Finance is a crucial part of any business,

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