The financial close process has never been more important than it is now, as we tackle the current crisis. Organisations need high quality and accurate – and crucially, timely – financial information to enable quick decisions and actions. Factor in remote working, and the situation becomes more complicated. It is vital that the finance team are in complete control of the close process and that it is efficient as possible.
Technology advances have been significant in recent years, but in many organisations, the financial close process remains unchanged, inefficient and full of risk. That needs to change.
Your ERP is just the beginning
While some software vendors may try to persuade you otherwise, accounting systems and ERPs are primarily designed to collect transactional data. This covers the beginning of the financial close, but not all of the needs or functionality required to deliver an efficient and effective process. Many organisations supplement this with offline, time-consuming manual processes, introducing a level of risk.
The modern tech stack
In the past, it was common for organisations to invest in siloed technical platforms, with the ERP being an example of this. Improved integration and networking now means that multiple software solutions can work seamlessly together in a technology stack. This can enable the automation of manual tasks and deliver enhanced functionality and capability to significantly improve the financial close process.
To hear more on how the modern technology stack can help you and your organisation, join us for our next Deep Dive Live webinar on 27 August at 2pm. Find out more here.