Tech

By Opening Up to Technology, the Finance Function Modernizes the Close

With the appropriate technology, finance executives are now capable of remaking the oft-rushed ritual of closing the books—clogged by such constraints as spreadsheet silos and manual extraction processes—from a painstaking event into an ongoing efficient practice. It’s the difference between, say, cramming for a final exam and absorbing the relevant material bit-by-bit throughout the semester.

By conducting more close-related tasks in, or near, real-time, the finance function has a head start when it comes time to reconstructing the just-ended month, quarter, or year. The implementation of automation achieves faster, more accurate results at a lower cost. The overall business also benefits by freeing up members of the finance function, i.e., reallocating them from low-value duties to interpreting and analyzing data and serving as clarity-providing business partners to senior management and supporting business unit managers.

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