Does it sometimes seem like you just finished your last close, you take a breath, and it’s time for the next close? It’s the CFO’s version of Yogi Berra’s famous saying, “It’s déjà vu all over again!”
Here’s the scary reality: if your financial close processes are throttled by entry-level accounting systems long since outgrown or legacy systems whose design predates the internet – you are not alone.
Just how scary is your month end close? Here are some survey statistics:
- A whopping 90% of respondents confirmed that they were under pressure to close faster
- Only 28% trust the reported numbers; staff trust the numbers much less than managers do
- Just 39% are satisfied with the quality of the closing process
- And American companies fall behind European businesses with 53% of US respondents closing their books within 6 days, versus 73% in Europe
For additional information, we invite you to download ‘7 Steps to Faster, Better Close’ – an eye opening white paper by Proformative on the downside of extended closes.
Can your executive team keep up with the speed of change?
They can’t if they are presented with stale and possibly inaccurate data. Improving the timeliness of financial accounting information improves decision making. Just as it’s true for every other function of the business, the key to achieving a more speedy close is to work smarter, not harder.
Modern accounting systems and cloud-based technology help you work smarter and faster
There’s no trick when it comes to leveraging the power and intelligence of AICPA-endorsed Sage Intacct. It consistently ranks in the Gartner Group’s magic quadrant – but more importantly real life CFOs and accounting staff are seeing relief from manual data input and manipulation, and the ability to provide better information with strategic insight.
We’ve escorted many organizations through this transformation and it is a great thing to behold. Aided by modern accounting software and anytime, anywhere access from the cloud, bottlenecks are removed, frustrations are relieved, better insight is delivered, and business objectives are achieved.
Why not let Michaud Accounting Solutions help you put an end to scary close? We’ll show you the feature rich, optimal performance of Sage Intacct and look at specific ways to bring about optimal financial accounting effectiveness within your organization.