Blog & Newsroom

Why automating journal entry upload is just the tip of the period close iceberg

Journal entries are a necessary but manually intensive and time-consuming part of the financial close. For large multinational organizations, some companies within the group might easily process more than a thousand journals each month. We’ve dealt with organizations that do a million manual journals a year. Some level of automation is clearly required to handle that volume of journals, but most organizations are missing the big prize. Think of it like the tip of an iceberg.

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What’s the secret to making your close a non-event? Focus on automating the first mile

The financial close is nothing short of an ongoing battle for many companies. Finance teams come under the same intense pressure at the end of every month, quarter and year as they struggle to complete the hundreds, if not thousands, of interdependent tasks that feed into the close process. At the same time, the close is undoubtedly critical to trust, financial visibility and regulatory compliance. It’s the foundation for the accuracy of a company’s numbers so they can be consolidated quickly to meet reporting deadlines.

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What happens when you automate the finance department?

With increased pressure to do more with less, almost all business units are now required to work in a more agile way to maximize efficiency — and the same is true of finance. The CFO and finance department should seek to collaborate with the wider business, to find ways to modernize and digitize tasks and processes wherever possible using knowledge from the people who perform the tasks day-in, day-out. Finance is a crucial part of any business,

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