3 strategies that never fail • TechCrunch
Big surge in post-pandemic entrepreneurship resulted in significant disruption of most industries, which is mainly reflected in the widespread and substantial adoption of technology, both old and modern. Today, technologies like artificial intelligence (AI) and machine learning (ML) are being adopted across multiple departments and are helping teams be productive at a faster pace.
Financial groups are no exception to this trend. The month-end closing process greatly benefits from automation, reducing manual errors, streamlining internal controls, executing recurring events and tasks, and providing real-time insights. Real-time process for faster decision making.
However, adopting new platforms and technologies to speed up the process can be overwhelming and time consuming, especially when you don’t know where to start. So, I’ve put together three key strategies to get you on the path to fully digitizing your business and dramatically improving the closing process.
Automate low-value tasks
The data collected during these steps will allow you to quickly identify the root problems of your business, which will then allow you to assess what to do next.
There is an increasing need to remove laborious and recurring tasks from your team so they can focus on the things that matter. But when it comes to the financial closing process, what can and should be automated?
Here are some recurring tasks that, when automated, can help your team check their status or progress at a glance:
- The preparation and review of balance sheet reconciliations.
- Complete and manage end-to-end checklists.
- Balance sheet and/or analysis of variance P&L.
- Analyze health and status data for month-end closings.
The data collected during these steps will allow you to quickly identify the root problems of your business, which will then allow you to assess what to do next.
Adopting automation tools will not only further optimize the end-to-end process, but as technology continues to evolve, the teams that bring these tools together will dramatically improve speed and accuracy. exactly. These investments lead to financial and operational growth, provide greater analytics, and support decision-making.