Why keep closing the books with outdated processes and technology? Learn how cloud-based managed services are helping forward-thinking firms transform their financial close.
4 REASONS TO
CLOSE IN THE CLOUD
TREND SHEET
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LET’S SOLVE THE
FINANCIAL CLOSE
The traditional spreadsheet-based approach provides no real-time insight into the financial close process. At every stage, your team needs a clear view of progress.
With an automated, cloud-based approach, you can quickly identify and resolve bottlenecks in workflow and individual tasks. Besides improving efficiency and shortening timeframes, you’ll find it easier to hold each stakeholder to account. And by tracking the whole close process, you’ll improve corporate performance management too.
TRACK RISK AND STATUS
The pandemic has affected every aspect of the close process, from data access to security. Teams have been scattered, and relying on spreadsheets, emails and key people for knowledge can cause delays and hamper communication and accountability.
The cloud not only banishes manual processes but also creates a collaborative environment with process controls, checklists, commentary and activity-level tracking. Access everything from one place, bridge knowledge gaps and close faster.
COLLABORATE FROM ANYWHERE
To complete the financial close and gain secure, undisrupted access to all the right data, your team may need to log onto multiple, separate systems.
In the cloud, you can save time and effort by consolidating all close tasks into a single solution, which will integrate seamlessly with general ledgers and other systems. And while keeping confidential figures safe from unauthorized users, you will always be able to easily audit your financial close process – even when staff are working remotely.
IMPROVE INTEGRATION
When it comes to availability and performance, on-premise, multisystem environments can be inconsistent, inefficient and hard to govern.
By contrast, the best cloud-based managed services stick to contractual service levels and closely monitor and report on day-to-day delivery. As well as resolving incidents quickly, managed services providers will make sure you comply with data sovereignty regulations. If data isn’t allowed to leave a certain region, it will be stored in local data centers only.
KEEP STANDARDS HIGH
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Get in touch for more on how a cloud-based approach to the financial close can
help boost productivity, reduce risk and improve transparency and collaboration.
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