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The Value of Close Automation for Midsize Organizations

Addressing Finance and Accounting Challenges

Challenges for the Midsize Organization

Midsize organizations and their finance and accounting departments face a different set of challenges than those faced by small businesses or large enterprises. They’ve outgrown the often-informal systems and processes that worked when they were smaller, but they lack the scale of resources of larger enterprises. To achieve their full potential, midsize companies must be able to grow without adding administrative overhead. As much as possible, they must be able to retain the operating agility they enjoyed when they were small while also developing the capabilities of larger corporations. Fortunately, today’s information technology systems can address these challenges and provide the large-corporation capabilities that midsize companies need.

For finance departments, software that manages the accounting close has grown more capable and affordable. By supporting effective process management and by automating rote, repetitive activities to boost staff productivity, these applications enable midsize companies to shorten their close, reduce risk and make the process more efficient. These improvements lead to improved employee morale and help organizations grow their top line without having to add administrative overhead. Moreover, software for managing the close enables midsize companies to strengthen accounting controls and help ensure business continuity under any circumstance, especially as remote workforces performing the close virtually become more commonplace.

 
 

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