For many organisations, closing the books at the end of a financial period remains a time consuming, cumbersome, and stressful process with late nights for staff and seemingly endless re-checking of information. In scaling organisations where there can be a lack of formal processes, changing structures and team structures with often poorly defined roles, the process can be even more challenging. In addition, the pressure is intense from both the management team and investors to get an accurate view of performance data and aspects such as cash flow, profitability and liabilities, all putting added stress on period close.
The three main aspects of period close— accounts reconciliation, journal entries and financial reporting—typically involve each member of the team working on multiple, interdependent small tasks, making it vital, but difficult, to keep track of progress. It’s no wonder, then, that many finance directors are looking for better ways to close the books.
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