Compelled by regulatory and market pressures to carry out more transparent, workable reporting, CFOs are scrambling for ways to make their finance departments shine. But they must temper the desire to innovate with the need to stay punctual, meet workaday filing requirements and ward off material weaknesses and restatements. One approach is to develop a more dynamic close, consolidation and report cycle that offers a keen performance assessment that supports business decisions and satisfies external reporting requirements and stakeholders alike.
In order to avoid bottlenecks and non-core diversions, first-rate close-to-report cycles are simple, standardized and focus on accuracy rather than speed. They also apply technological solutions to improve automation and control whenever possible. Look for ways your finance department can better utilize its resources, reduce the risk of unpleasant financial surprises and simplify SEC compliance demands. Gain earlier access to financial results so you can spend more time analyzing information. Obtain better feedback from existing systems. Lower your compliance costs and reduce volatility in financial data. Certify financial statements with confidence.