Balance Sheet Integrity
The utopian close: Creating a low risk, highly effective financial close
Accountants are seeking a solution for the last mile of finance – closing the books to provide the maximum insight into the numbers and at the same time enhancing the use of scarce resources.
New technology has emerged that automates various elements of the close, including areas such as management of reconciliations, close process scheduling, journal entry control, variance analysis, and intercompany accounting. Accounting departments are starting to realize the panacea by coupling this technology with improvements in process, close governance, and the talent model.
Today, there is more focus on balance sheet integrity in the last mile of finance. Through the catalyst of technology change, coupled with improved process, governance, and organization, companies are finding that investments may yield the panacea of both risk reduction and efficiency.
The "utopian close" is a financial close that is both effective and efficient. Can this utopia become reality?