Factors that determine the length of time to close financial books includes the complexity of the business, and the degree to which finance processes are digitized and/or automated. More recently, COVID-19 and the social restrictions imposed to contain the spread of the virus has hampered the ability of finance teams to collate, validate, audit, and close financial books.
This Vantana Research paper looks at the concept of virtualised financial processes. It commented that virtualising will enable finance and accounts to be more efficient, effective and resilient by reducing low-value repetitive work, reducing risk and allowing resources to instead focus on facilitating business execution and analysis that promotes corporate agility and competitiveness.
Done right, this will inevitably lead to shortened financial close. A virtualised close would facilitate accounting operations under almost any operational condition. It would enable finance to provide performance information and insights in a timely manner.
Click here to download this white paper by independent analysts at Ventana Research to learn more about how evolving your virtual close practices can benefit your bottom line.