Financial close

Financial close is highly standardized, and many organizations are subject to regulatory requirements that mandate what must be reported and in what format. To make this information accessible and complelling, it needs to be represented in visually well-designed narrative reports. We have helped many organizations adapt to evolving regulatory reporting requirements and automate the last mile of the reporting process.

Enhancing regulatory compliance and reporting efficiency

Implementing state-of-the-art financial close solutions improves the agility and speed with which you can meet new regulatory reporting requirements, while keeping the process in-house and cost effective.

Financial close is essential not only for ensuring the accuracy of financial reporting, but also for maintaining compliance, supporting strategic decisions, enhancing stakeholder confidence, managing risks, and evaluating performance. Our solutions facilitate an effortless financial close process, ensuring ongoing compliance and reliability.

Automation to streamline financial close

Our Financial Close solution provides a fast and efficient process where data automatically flows in real time from ERPs, through financial consolidation, to the polished final report. The solution provides real-time visibility into financial performance and results, enabling finance teams to quickly analyze data and make informed decisions. It reduces reliance on spreadsheets and automates manual processes.

Crucial steps of the process are automated, such as rolling over reports to the next period with updated data to streamline report creation. Reconciliation rules deliver accurate, correct figures, significantly reducing the risk of inaccuracies and providing confidence to users. Direct connectivity to source data ensures consistent, reliable reporting and maintains a single version of the truth across all documents.

Customers who have implemented a dedicated financial close solution report numerous benefits:

• Automated narrative reporting
• Version control, workflow, and audit trail
• Direct multi-data source connection
• Integrated XBRL tagging
• Efficiency, accuracy and compliance

Technologies for optimal financial close process

IBM Cognos Controller: Helps finance teams improve the efficiency, accuracy, and compliance of the financial close process, ultimately enabling better decision-making and driving business success. It can help you eliminate manual data entry, produce high-quality data and free up time for analysis and development.

Certent Disclosure Management (CDM): Provides a convenient way for everyone involved in reporting to participate and collaborate on one platform. With it you can get rid of manual work, minimize the risk of mistakes and free up time for value adding tasks. Utilizes familiar MS Office interfaces in a controlled environment, bridging common gaps found in traditional office tool applications. Access controls and single sign-on ensure that only authorized individuals can edit and approve content. An audit trail tracks who made changes and when they were made. Validation rules ensure that parts of a document match up correctly with other parts or another document, speeding review.

Leverage our expertise to transform your financial close process. Contact us today to learn more about our financial close solutions and how they can benefit your organization.