This Deep Dive Live session was with Generation CFO and Trintech.
An ERP provides the foundations for the financial close process. However, there is still a significant amount of work that is performed outside of the ERP and managed manually, increasing the risk of error in your Financial Statements.
In this session we look at and discuss some of the activities that leverage upon your ERP and how organisations are improving the efficiency and effectiveness of those processes. Mark Cracknell, Generation CFO is joined by Kristi Jacks, Trintech, who has over 15 years experience in the financial sector and has been responsible for addressing issues in the financial close process.
1 minute summary
Here is the full video recording
We covered the following key topics:
- Limitations of an ERP only based approach
- The modern tech stack for Finance professionals beyond the ERP
- Improving control of period and year end close processes
- Satisfying auditors in the current climate of remote working
- Leveraging technology in the M&A process
- Next steps your organisation could take
Charts and Graphics
Challenges around the financial close process
Research shows that reconciliation and close management are the top two challenges with the level differing by industry.
However, most organisations are still using basic tools to control the close process, including their ERP solutions and Excel. This has changed little in recent years. And yet many of the tasks are performed manually and could be automated. This includes reconciliation, transaction matching (e.g. AR or AP), intercompany and journal entry.
Financial Close Maturity Curve
There is a stepped journey from manual and siloed processes, through to a fully automated close process.
Kristi provides insight and experience of the automation journey. Everything was manual, siloed and people-dependent rather than process-dependent. Over a period of a few months they were able to automate processes and improve consistency and documentation. They were able to save time and reduce the days taken to close.
Tech Stack approach to transformation
Does it need to be costly and risky? Not at all if we leverage on the tech we already have and enhance where functionality is lacking. Build a business case, show some quick wins to reinforce positive outcomes.
The next 5 years – key areas of improvement
Standardisation and streamlining are top of the CFO list for improvement. These are essential steps in order to create the time to do anything more. Connectivity of RPA and ERPs was the key area for improvement as the ERP remains the foundation of the finance team.
Are we seeing the paradigm shift to automation and digitalisation during the pandemic? “Yes”, says Kristi. And with respect to the cost? Perhaps we should be asking what is the cost of not transforming?
Want to simplify your month-end? Trintech can help point you in the right direction and show you how Adra can help your office of finance thrive.
Adra can help you close faster, reduce risk, streamline your internal processes, and make your life a bit easier.
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