The first step to shortening closing the books is to make it a priority.
Many CFOs and controllers find themselves in a bind. They look for ways to give the finance department a more strategic role in their company, yet they cannot provide the resources Finance would need to be able to handle core functions quickly and efficiently.
The close is taking longer because finance organizations have failed to automate as much of their closing process as possible and they are using inappropriate software to manage it.
Closing the books is a core function of Finance. Make sure that antiquated procedures and desktop applications aren't holding your department back.
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