A case for automating your close
Few processes are as important to Finance as closing the books. But are you getting your tasks done as quickly as possible?
If ever there was a case for reducing your company’s reliance on spreadsheets, this may be it.
You’ll want to share these recent findings by Ventana Research:
- 50% of larger companies take five to six days to complete their month-end close
- 75% that take three days believe they can shorten their close by at least a day, and
- 50% that take seven or more days think they can cut their cycle by three or more days.
So what’s standing in the way of a more streamlined month-end? The usual culprits: manual processes and spreadsheets.
Stats like the ones above may a compelling case for greater technology in your organization’s month-end.
And yes, automation software isn’t cheap. But if your company can see itself in any of those statistics, it may be worth the investment.
In dicey times like these, making IT investments in products that streamline existing processes are a much safer bet that will pay off for years to come in greater efficiency and fewer errors.
- Share on
Free Training & Resources
Further Reading
Companies seeking accountants to replace or reinforce their workforces will continue to find themselves stuck between a rock and a hard pla...
Rounding is often treated as a final formatting step, but relying solely on cell formatting (the visual “decrease decimal” butt...
Spirit Airlines didn’t fail overnight. The collapse was years in the making – a compounding sequence of financial decisions that an...
Brace yourself: About a third of accountants are making multiple errors every week. Fifty-nine percent are goofing up on a monthly basis, i...
The Advanced Filter in Excel transforms routine data tasks into powerful analysis — perfect for finance, accounting, or anyone managi...
Fewer college students are willing to put in the time and money to become accountants. Finance professionals are concerned about the dwindl...
