Companies of all sizes – but especially large, multi-unit organizations that have grown through acquisition and have a spaghetti of accounting and finance systems – struggle to close their books in a timely manner each month, quarter, and year. Even those that do a good job each period, struggle to maintain control over the close process.
A recent publication from Deloitte offers practical advice for addressing close challenges:
Finance organizations that struggle to finish their close process are far more likely to
make serious mistakes. They may not have time for entity-level controls or analysis that could help the business manage risk and make decisions more effectively. This publication addresses these topics and includes useful sections on:
- Identifying key challenges
- Assessing the close process
- Tackling problems
- Learning from case studies and reviewing benefits