3 Strategies That Never Fail • InNewCL
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Shagun Malhotra Contributor
A CPA, CIA and veteran CPA and litigation consultant, Shagun began her career in public accounting. She has worked with Fortune 100 companies such as Marriott and Freddie Mac.
The great surge in entrepreneurship following the pandemic resulted in significant disruption to most industries, reflected primarily in the significant and widespread adoption of technology, both ancient and contemporary. Today, technologies like artificial intelligence (AI) and machine learning (ML) are being used across multiple departments, helping teams work faster in synergy.
Finance teams are no exception to this trend. The month-end close process benefits greatly from being automated, reducing manual errors, streamlining internal controls, executing recurring events and tasks, and providing real-time insights into the process for faster decision-making.
However, adopting new platforms and technologies to accelerate processes can be overwhelming and time-consuming, especially when you don’t know where to start. That’s why I’ve put together three main strategies that will put you on the path to fully digitizing your business and noticeably improve the closing process.
Automate low-value tasks
The data gathered in these steps allows you to quickly identify the fundamental problems facing your business, which you can then use to assess what to do next.
There is an increasing need to remove tedious and repetitive tasks from your team so they can focus on what matters most. But what can and should be automated in the financial close process?
Here are some recurring tasks that can help your team automate their status or progress at a glance:
The preparation and verification of balance sheet reconciliations. Completion and management of completion checklists. Balance flow and/or P&L variance analysis. Data analysis on the condition and status of the month-end closing.
The data gathered in these steps allows you to quickly identify the fundamental problems facing your business, which you can then use to assess what to do next.
Not only will the advent of automation tools continue to streamline the close process, but as technologies evolve, teams that bring them together will greatly improve speed and accuracy. These investments result in financial and operational growth, provide better analytics, and support the decision-making process.
