3 Strategies That Never Fail • TechCrunch

The big wave in entrepreneurship after the pandemic led to significant disruption of most industries, which was mainly reflected in the significant and widespread adoption of technology, both old and modern. Today, technologies such as artificial intelligence (AI) and machine learning (ML) are being applied across multiple departments and are helping teams work synergistically at a faster pace.

Financial groups are no exception to this trend. The month-end closing process benefits greatly from automation, reducing manual errors, streamlining internal controls, performing recurring events and tasks, and providing real-time information about the process for faster decision-making.

However, adopting new platforms and technologies to speed up processes can be overwhelming and time-consuming, especially when you don’t know where to start. So, I’ve put together three key strategies to get you on the road to fully digitizing your business and noticeably improving your closing process.

Automate low-value tasks

The data collected in these steps will allow you to quickly identify the key issues in your business, which will then allow you to assess what to do next.

There is a growing need to take tedious and repetitive tasks off your team’s plate so they can focus on what’s important. But when it comes to the financial close process, what can and should be automated?

These are some repetitive tasks that, when automated, can help your team check their status or progress at a glance:

  • The preparation and review of balance sheet agreements.
  • Complete and manage closing checklists.
  • Balance sheet and/or P&L flow variance analysis.
  • End-of-month health and status data analytics.

The data collected in these steps will allow you to quickly identify the key issues in your business, which will then allow you to assess what to do next.

Not only will the adoption of automation tools further streamline the closing process, but as technologies continue to evolve, the teams that put them together will greatly improve speed and accuracy. These investments lead to financial and operational growth, offering greater analysis and aiding the decision-making process.

Improve internal controls

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