Year in, year out, you are tasked with reporting and preparation of the annual financial statement. Companies expend a lot of effort coordinating their closing activities and reconciling them across different organisational levels. Many companies manage this process with a checklist, typically in Excel. Others use specialised software tools to manage their closing activities more efficiently. Regardless of what IT solutions companies have in place, they all have one thing in common: many steps and the involvement of people from different teams. In addition, certain activities can only be performed manually due to their structural classification, which in turn leads to more time and effort. Additional control mechanisms and audit steps are necessary. Sustainable optimisation of financial statements is not possible with a one-off project, but only through a continuous step-by-step process in which even the first implementations can have a major impact on the closing process. Process runtimes and costs can be reduced and important resources in financial accounting can be relieved for value-adding activities.
Every year again – the reporting and preparation of the annual financial statements. Companies expend a lot of effort coordinating their closing activities and reconciling them across different organisational levels. Many companies manage this process with a checklist, typically in Excel. Others use specialised software tools to manage their closing activities more efficiently. Regardless of what IT solutions companies have in place, they all have one thing in common: many steps and the involvement of people from different teams. In addition, certain activities can only be performed manually due to their structural classification, which in turn leads to more time and effort. Additional control mechanisms and audit steps are necessary. Sustainable optimisation of financial statements is not possible with a one-off project, but only through a continuous step-by-step process in which even the first implementations can have a major impact on the closing process. Process runtimes and costs can be reduced and important resources in financial accounting can be relieved for value-adding activities.
