A yearly financial close can be a laborious process that accounting and finance departments dread. It requires tracking down information from other departments, ensuring financials are accurate, and identifying/correcting errors. However, a financial close is only as hard as the business makes it. Having processes and procedures in place from the start will help minimize the time it takes to finalize a close. Here are a few steps that a company can take to help save time, reduce errors and increase the efficiency of their financial close.
Growing a business and setting it up for continued growth is a challenge that many new and veteran business owners.