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Finance organizations are looking for ways to close their books faster. Whether the close is for the month, quarter or year, companies seek a fast, clean close for a number of reasons. Completing the accounting cycle quickly and accurately means actionable financial and operational data is available sooner. It also is a good indicator of efficiency in a finance organization. Conversely, taking longer than average to close often indicates a need for the CFO to address fundamental issues.
Yet in most organizations, a combination – some would say it is more accurate to describe it as a collision – of people, processes, systems and information impedes achieving a fast, errorless close. Correcting mistakes and restating results are expensive and time-consuming tasks, and they can damage a company’s standing with investors, the markets and regulatory agencies. Achieving the maximum impact from your financial close process requires an application of best practices in leveraging technology to improve your processes. Applying your best efforts will require additional insight from that can ensure you spend the least amount of time in areas that do not help you achieve those results.
Our benchmark research and experience in the industry confirms that organizations must look to make improvement across their people, process, information and technology investments to reach maximum levels of maturity. The task of improving may seem overwhelming, but our education will help you to achieve the full value in your financial close and help improve towards that goal of a fast, clean close.
Best Regards,
Best Practices
Industry Best Practices White Paper on FCC (PDF)
Research and experience cultivated in practical steps and insight to improve your process
Industry Webcast on Best Practices in FCC (WMV)
Discussion on steps to improve your financial close processes and the technology to support it
Industry Presentation on Best Practices in FCC (PDF)
Presentation on steps to improve your financial close process
The Fast, Clean Close Executive Summary (PDF)
Processes and systems for best execution
Business
Don’t Mind the GAAP
Manage to operational and financial metrics, not just accounting numbers
Better Process Enables Faster Close
Research shows that process management produces results
Midsize Companies Need Better and More Visible Information
Research shows considerable gap between what they have and what they need
Closing Faster Should Have Priority
Research shows some companies have made progress, but more is needed
Technology
Cognos Updates Controller and Planning Applications
New 8.2 versions build on strong foundation
CFOs of Midsize Companies Can Do More
IT helps Finance take a strategic role
Cognos 8.2 Integrates BI and Performance Management
Enhancements give company an edge over competitors
