Posted in: Efficiency, Latest news & views, Management issues, Technology
Few processes are as important to Finance as closing the books. But are you getting your tasks done as quickly as possible?
If ever there was a case for reducing your company’s reliance on spreadsheets, this may be it.
You’ll want to share these recent findings by Ventana Research:
- 50% of larger companies take five to six days to complete their month-end close
- 75% that take three days believe they can shorten their close by at least a day, and
- 50% that take seven or more days think they can cut their cycle by three or more days.
So what’s standing in the way of a more streamlined month-end? The usual culprits: manual processes and spreadsheets.
Stats like the ones above may a compelling case for greater technology in your organization’s month-end.
And yes, automation software isn’t cheap. But if your company can see itself in any of those statistics, it may be worth the investment.
In dicey times like these, making IT investments in products that streamline existing processes are a much safer bet that will pay off for years to come in greater efficiency and fewer errors.