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AcctTwo Blog

Time to Close the Books is Trending Downward Due to Advances in Technology

Accelerating time to close has not traditionally been a key focus for finance and accounting executives. But now that companies of all sizes across all industries (including nonprofits) are looking for a competitive advantage, every process is ripe for improvement. And thanks to new approaches and new capabilities, time to close has shrunk significantly.

Topics: financial close Automation and Workflow General Ledger and Month-End Close process automation Finance Automation

Survey: Closing the Books Barometer - Q1 2017

The goal of this survey was to investigate the use of multi-entity structures across multiple verticals.

This survey was inspired by a series of interviews with thought leaders from the asset management, family office, private equity, and accounting spaces. Those interviewed highlighted the acceleration of the diversification into alternative or illiquid assets such as real estate, infrastructure, private equity, hedge funds, or private debt, potentially across multiple geographies. This is driving the widespread recognition of the need to protect your organization through not only more legal entities but also more complex legal structures. Previously, this was the preserve of large or sophisticated firms and nonprofits. What was clearly a major trend was the shift to this strategy even by modestly sized organizations. Lawyers, tax accounts and auditors agree that the effective utilization of this strategy is fundamental to the protection of assets, acquisition of assets, and the sale of assets.

Topics: financial close General Ledger and Month-End Close Multi-Entity and Consolidations

White Paper: 7 Steps to a Faster, Better Close

In today's world, we expect instantaneous information with the click of a mouse. It's really no different for the consumers of financial information, whether they be CEOs, CFOs, board members, or investors. What does this mean for producers of that financial information? It means that it's very hard to meet expectations without the right people and the right technology.

Topics: financial close White Paper Automation and Workflow month-end close General Ledger and Month-End Close

What is the Huge, Head-Smacking Mistake Most Global 1000 Companies are Making?

One might think that the larger a company is, the more complex its finances, AND the more sophisticated its technology. The largest multi-national companies must be byzantine in the number of entities, processes, and locations - not to mention the complexity of their accounting, right? Well, a recent study conducted by Redwood Software found that shockingly 82% of Global 1000 companies have manual financial close processes.

Topics: Blog financial close Global 1000 month-end close General Ledger and Month-End Close Informational process automation Multi-Entity and Consolidations Awareness