Financial Close – The excellence barometer
Financial close is near and dear to the office of the CFO. Any improvement in this process is welcomed as moving closer to excellence in the finance department. I think that this is closely related to the one of the more impactial benefits of aiding the close process.
Simply put, improving the financial close frees up resources in the finance department. These resources can then be deployed to other ‘excellence creating’ activities.
Some sundry drivers on financial close, learnt from SAP’s EPM enablement seminar are:
Improved control systems and
processes at lower cost
Greater quality and greater efficiency
Faster access to financial information
for decision making
More time for value add financial
Ability to respond to management
requests and support key initiatives
Work-life balance for accounting
Hope this may encourage some debate or thinking at the very least 🙂