5 steps to transform your financial close

by Hyland

by. Katie Alberti

With the ever-persistent need to complete financial close and reporting cycles, it’s difficult to ensure your financial reporting is accurate and on time. It takes diligence and agility to ensure your organization isn’t susceptible to weaknesses in financial reporting – especially when you’re in a time crunch.

When you’re constantly checking and double-checking your work before certification, introducing process improvements becomes a “nice to have” rather than a necessity. There are many other reasons why departments can’t decisively address close process improvements – most likely, because they don’t know where to start.

So, here are five steps to help you begin improving your close processes:

1. Understand the process

There are many benefits that result from comprehending how your close process works while improving it:

  • More time for high-value activities
  • Increased teamwork and communication
  • Reduced turnover

The list goes on. A strong close process improvement leads the way to departmental transformation – from historical reporting to more value-added activities as well as net cost savings.

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