Some financial teams – even those in some pretty major organisations – have to extract and manage high-volume reconciliations and complex journal entries between multiple systems and spreadsheets manually.
While this limits the ability for your finance team to respond quickly to enquiries or change requests, it also runs the risk of increased human error, along with the Financial Controller having limited visibility of the close process for business and compliance requirements.
Common problems experienced across ERP systems for financial close periods include:
- Manually extracting data out of the ERP system to perform reconciliations and close activities in spreadsheets
- The ERP not having the ability to automate reconciliations outside of basic bank matching as there isn’t an integrated close task workflow
- Limitations on journal entries
That means many ‘must-do functions’ take place outside your ERP.
For your team – this means multiple system checks, manual search and extractions, and a lot of time in the good old Excel spreadsheet. It’s a sure-fire path to data integrity risks, version control issues and a frazzled, disengaged team.
In today’s fast moving world – how can you regain control of your team’s productivity to balance the financial close to other financial priorities as well as ensure risk is reduced for the balance sheet and you retain your hard-to-find talent?