Addressing the Layers of Chaos: 10 Best Practices to Simply Your Financial Close

Summary

As many companies get ready for a December Fiscal Year-End Close, they should consider the best practices recommended in this article.

Content

Introduction

Over the last decade, the financial reporting landscape has seen significant change. Finance and accounting executives face mounting pressure to increase the accuracy of financial reporting while decreasing the turnaround time needed to close the books. Regulatory agencies have introduced a host of new standards and accounting rules changing materiality  thresholds, requiring detailed schedules, and new disclosures for public filings. To complicate matters, many organizations are being asked to do more with less as headcount numbers are reduced in response to economic pressures. This complexity adds layers of chaos impact the end-to-end process and adversely impacts the time it takes