Published February 2, 2012 @ 16:19 by Alexandra in Best Practices
Closing the books at the end of the month and year can be a daunting thought. When efforts are spent on time consuming data entry using inadequate accounting processes, it's inevitable to find yourself in a difficult position. Month-end and year-end closes are stressful, leaving employees working overtime hours for days or weeks at a time.
Challenge:
There are a number of common challenges to a year-end close that limit a department's ability to complete their tasks promptly. Does your organization experience any of these challenges?
- Lack of staff training on systems and procedures
- Passive support by senior management
- Lack of departmental transparency
- Inadequate financial systems in place
- Failing to communicate across the organization
So why is a faster year-end close important?
A faster close is a good indication of how well a company's financial systems and procedures are performing. In today's competitive market, the accounting function needs to improve existing processes to achieve greater efficiency and accuracy.
Fast and effective closing saves time, money, resources and minimizes re-work. The time saved directly translates to time dedicated to performing value-added activities throughout the organization.
There is a solution! The Faster Year End Close White Paper provides you with the steps needed to eliminate these end of year challenges, and achieve a faster year-end close.