Tips to Automate and Unify Financial Close and Reporting Processes

IncFinance and Accounting teams must automate and unify financial close and reporting processes to move with agility through periods of disruption and volatility.

Organizations with complex and fragmented finance processes struggle to drive performance. Why? Every departmental and corporate application must undergo integration and validation of data from multiple sources, adding risk, cost, and complexity to already taxed Finance teams.

It means all the core “financial logic” required to support monthly financial processes — such as debit or credit account types, multiple hierarchies, dimensionality, and currency translation — must be built entirely from scratch.

Oracle falls short

Oracle Hyperion applications were once market-leading products, but their growth and innovation in addressing the complexity of the finance function have stalled.

There is no way to create custom, event-driven processes using native functionality. There is only one way to execute calculation scripts on the data; thus, customers are left with limited options regarding reporting and user interfaces.

To truly become a strategic business partner, the Finance function must dramatically reduce its transactional workload. Unleashing the true value of Finance requires efficient processes that minimize manual tasks, such as performing allocations, calculating depreciation, or posting manual journal entries to free up the Finance team to focus on value-added analysis and decision support for the organization.

Re-imagining the financial close

Automating and unifying the financial close and reporting process ensures faster delivery of financial, operational, and ESG results to management. This accelerates decision-making. It also enables results to be delivered more quickly to external stakeholders.

• Improve data quality and compliance – Integrating large volumes of transactional data from various sources enables organizations to navigate the reconciliation and attestation processes seamlessly.
• Saving time with automation – Identify and reduce repetitive manual tasks. Utilizing a single, unified platform will streamline critical processes, enhancing control and accountability.
• React more quickly to changes and identify abnormalities sooner. Increasing visibility into financial and operational data can serve as an early warning system. When decision-makers have a clear picture of the situation, they can better identify actions and make informed decisions.

By unifying key financial processes, Accounting and Finance teams are empowered to proactively manage risk and drive performance. To unleash the entire organization with innovations that automate tasks, eliminate low-value processes, and reduce risk, schedule your demo today.

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