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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

Software is Evolving Out of the Tar Pits of Consolidation

In the last decade, business software startups have struggled to avoid the death grip of the software mega-giants...
Topics: Blog accounting software Intacct Cloud Computing / SaaS Intacct Media Coverage General Ledger and Month-End Close Intacct Press Releases Multi-Entity and Consolidations Consideration

Innovating the General Ledger: Outside the GAAP

As we close out our series on innovating the general ledger, I want to look at the importance of non-GAAP values. [Here are the previous posts: Part 1, Part 2, and Part 3.] In this final installment, I'll show you how supporting these values in the general ledger and merging GAAP financial reporting with non-GAAP reporting can help a company manage their business at a granular level that was never possible before.

Topics: Blog accounting software Intacct General Ledger and Month-End Close Awareness

Innovating the General Ledger: Real Dimensions

In today's post, we will continue on our journey into how business needs are dictating the innovation of the general ledger. [Read post #1 and post #2 of this series.] In our previous post, we talked about how managers need more flexible reporting and how a multiple book strategy provides that capability. Today we will dive into dimensions: why they are needed and how to recognize real ones when you see them.

Topics: Blog accounting software Intacct Software Evaluation General Ledger and Month-End Close Awareness

Innovating the General Ledger: The Time for Change is Now

I've spent some time over the past year writing about how to build cloud applications. Now I'd like to take a short recess and write about another topic near and dear to my heart: the general ledger. I'm sure I just lost half of you – probably more. But stick with me.
Topics: Blog accounting software Intacct Software Evaluation General Ledger and Month-End Close Awareness

Innovating the General Ledger: Multiple Books

In my introduction to this series on Innovating the General Ledger [see post], I discussed my passion about the GL and how it desperately needs a facelift. Although much of that post centered on my personal opinions, today begins the presentation of real world stories that back up my position and demonstrate how the innovation I suggest can yield real value for business users. I'll start with how companies need multiple books – whether they know it or not.

Topics: Blog accounting software Intacct Software Evaluation General Ledger and Month-End Close Multi-Entity and Consolidations Awareness

Take Your Accounting Software Into Another Dimension

Businesses will always have a need to "slice and dice" their accounting and management information in different ways. Owners and managers might want to see information about revenue by customer, certain expenses by project or vendor, billable hours by employee, etc. Traditional accounting systems for small and medium-sized companies, like Quickbooks and Microsoft Dynamics GP (formerly Great Plains) rely primarily on the chart of accounts structure to create these different dimensions for reporting purposes.

Topics: Blog accounting software management reporting information systems Intacct Business Intelligence / Analytics CFO Cloud Computing / SaaS Software Evaluation Software as a service General Ledger and Month-End Close Cloud computing Accounting