Automation is your key to success in Finance and this includes your close. Anyone who has been through a close knows a clunky one is painful, and it arrives routinely whether you are prepared or not.
A recent survey by Hanover Research found that a staggering 49% of Finance professionals felt unable to execute their tasks completely because their current manual processes were too time consuming. And those manual processes impacted their ability to execute essential tasks efficiently and effectively. This meant missed deadlines, time spent on menial tasks and the headache of versioning which led to the loss of the integrity of the data.
With CXO, transforming your lacklustre EPM reporting into dynamic c-level insights, you’ll be able to add the same efficiency and automation to your close process.
Making Financial Close Work for You
Financial close is a major necessity of any company’s process, but done right, it has potential to add value to all areas of your company. The traditional financial close will verify and adjust account balances at period end to produce reports representative of a company’s true financial position to inform management, investors, lenders, and regulatory agencies. And using data collected during a close to make smart company decisions outside of finance is an emerging expectation for the Office of the CFO.
A well done financial close can help you:
Report on current and historical financial positions.
Show your company’s financial viability.
Make sound investment decisions.
Meet the legal requirement and conform to standards.
Use your data to intelligently aid reporting outside of traditional financial reporting.
Smart Close Automation
Automating your close means less work for better results. Reducing your close cycle by reducing manual processes will give your team more time for high value analysis. Automation also offers a single source of truth which means higher data accuracy. And in a time of remote work, everyone in your company being on the same page matters more than ever.
A Better Close With Longview
Adding Longview Close to your process can significantly reduce your traditional close from a 11 to five days on average. Not only is this a time reduction, but your team will have better analysis throughout the five days. This ability to do reporting and real-time analysis from the first day of your close process—including, currency impact analysis, prior period comparison, business analysis, end-user ad hoc analysis, and public reporting—means you won’t be scrambling at the end.
Ways Longview Close helps you improve your reporting cycle include:
Consolidation. Bringing together your financial information to summarize and correctly report financial activity at the various levels of an organizations reporting structure.
Close. Reviewing and adjusting your account balances as you go as part of the monthly, quarterly, or year-end financial close. You’ll be able to prepare adjusting journal entries where required.
Reporting. You’ll be able to prepare internal and external reports and disclosure statements based on the consolidated financial position and analyse financial data to understand your company’s health and financial position.
Disclosure Smarts With Certent
There is more expected these days from any Finance team worth its salt. This means not just reporting the traditional numbers required in a close but thinking outside the box to what the numbers mean to the direction of the entire company.
With the increased importance of environmental, social and corporate governance (ESG) reporting and machine-readable reporting or XBRL, you’ll want disclosure management automation that can make your data work for you. Certent Disclosure Management supports your implemented close process by zeroing in on the specifics your company will need to meet for these sophisticated reporting requirements.
Applying Certent Disclosure Management to your Longview Close process means you’ll be able to:
Automate Narrative Reporting. You’ll have consistency across internal and external reporting. You’ll be able to automatically roll over reports to the next period, with the latest data, to jump start the report creation process. Build documents from pre-existing sections, allowing experts to focus on their individual components. Use dynamic text based on variables you define to ensure all reports always reference the correct narrative or single data point. You’ll also be able to choose multiple output options including Word, PowerPoint, PDF, Adobe InDesign, and High-Definition HTML, iXBRL, or XHTML.
Direct Multi-Data Source Connection. You’ll be able to refresh at any time to have the latest data in hand. You’ll be able to link narrative and data in reports directly back to source data to ensure there are no conflicting numbers or narrative anywhere in a report. You also will be able to automatically cascade changes to source numbers through all reports to ensure a single version of the truth and eliminate human error.
XBRL Tagging. You’ll be able to use a single reporting and tagging solution. This means real-time validation on XBRL documents to instantly flag any errors to improve overall quality in first and subsequent filings. You’ll be able to tag data once and roll the report forward, and review and approve iXBRL documents for accuracy and data quality before filing. You’ll also be able to manage taxonomy see a side-by-side comparison of your initial document and your XBRL tags.
Now is the time to add the same efficiency and automation to your close process. Adding both Longview Close and Certent Disclosure Management to CXO means that your close process will be automated from start to finish. You’ll be able to spend more time on valuable data analysis that will benefit your entire company.