“Once a quarter, I used to do a vanishing act that any professional magician would envy, along with scores of accountants worldwide, I vanished into accounting’s month-end close cycle” writes Amir Jafari, Vice President, and General Manager of ServiceNow’s Finance Business Unit, in a very candid blog he wrote on the painful activity of finance close that every finance professional performs during the quarter close.
As rightly shared by him, Finance Close is a rigorous, time consuming, and chaotic activity where the likelihood of errors is high. The finance team faces numerous challenges during the Finance Close period, such as
Long close cycles and high turn around time Excessive manual processes, including emails and spreadsheets, to manage financial close periods. Inefficient, disparate processes and siloed data Constant risk of financial-reporting errors and lack of visibility Coordination with a multitude of team members reporting from different geographies thatRead full article