Finance close comprises multiple activities executed according to selected internal procedures. To close the books fast and efficiently, many departments or company units must be coordinated and particular tasks must be perfectly harmonized. All necessary entries must be validated until a fixed date, therefore no delays are acceptable. Once books are closed, no changes or additions can be made.
Efficiency and speed of financial close process is crucial from managerial perspective, since fast distribution of financial information enables company to take necessary actions immediately. The sooner executives receive statements on previous periods, the better they can react and adjust measures to revealed problems of observed positive trends. Fast and urgent financial close gives company also extra time buffer to discuss results and plan further steps in particular departments.
Key barriers for efficient finance close
Coordination of actions is one of the most important aspects of optimizing financial close process, as particular departments or units within the organization are interdependent, which means that delays occurring at any step affect the whole process. Moreover, closing the books should be finalized as fast as possible due to the fact that only after the process is over finance departments can take up value-adding activities including analyses of results and business interpretation of reports. The principal barrier in improving efficiency of financial close process is lack of experience in modern methods of finance management, which are mostly based on dedicated IT systems.
Blackline – world’s leading finance close software
Blackline is a tool that has been revolutionizing financial close process in hundreds of companies worldwide. UHY ECA Advisory is the official partner of Blackline and we help our Clients with the on-going service of the tool and data update. We take full ownership and governance of the financial close process.
If you want to get to know Blackline better, please read more here.
What makes our services unique?
Full ownership of the system
We handle all post-implementation issues, keep the system updated and constantly adjust its functionalities to Client’s needs.
Expertise in finance and IT
We act not only as IT specialists. Our team has long-term professional experience in finance: controlling, audit, transactional advisory, risk management and valuation.
Continuity of services and flexibility
We provide a full backup for our controllers in case of illness, holiday leave and any other occasions assuring continuity of our works. We are also ready to involve additional support when needed to give you support in new projects or in time of excessive workload.