We have all heard of the record-to-report process. We know it begins with data gathering and ends with the distribution of financial reporting package to internal and external stakeholders. Verification, reconciliation, and analysis are performed so users get reliable information on which, many business decisions are based. However, to achieve this, timeliness is oftentimes sacrificed to the point that information is no longer relevant when the users actually get them. It has always been a challenge (and constant pressure) in finance organizations to maintain the balance between these two attributes.
The concept of efficiently closing books AND distributing accurate, verifiable reports in a timely manner — in short, FAST CLOSE — has been around for years now. Professional firms are offering this as a service and there are already many technology solutions available, aimed at shortening the closing cycle. Yet, a lot of businesses in the country, from small mom-and-pop businesses to large conglomerates continue to struggle with period-end closing. Financial reports are still mostly delayed that management are forced to base decisions on instincts rather than the true financial pulse of the company. Analysis and insights are even harder to come by as the finance function is stagnated to mere bookkeeping and statutory compliance functions instead of contributing to strategy development and practicing business partnering.
The need to accelerate the period-close process and still maintain data integrity has become urgent, given the nonstop technology innovation, major economic shifts, changing business models, increasing statutory requirements, and growing demand for transparency.
Our finance organizations must keep up with the continuous TRANSFORMATION of their global counterparts — devoting MORE TIME on analytics and providing actionable insights for better-guided management decisions.
Surely, large companies could already be doing this given their vast resources and capabilities. Good news is that there are now solutions and services within reach by and available to small and medium enterprises. And with the right experienced implementing partners, these are not only affordable but can even be self-paying!
How we can help? Developing and implementing a solid finance transformation agenda is the hallmark of our ACCOUNTING SERVICES model — we build, operate, and transform fundamental capabilities in people, processes, and technology. Contact us to know more about these services.