Streamline your accounting process with HighRadius’ Autonomous Accounting solution to fast-track month-end close and reconciliation processes.
Financial Close is one of the most crucial and yet tedious processes in the Office of the CFO. Even with the most sophisticated ERP systems, hard-working finance professionals at successful companies still find it challenging to close books on time.
According to our Record to Report survey conducted in partnership with FECG, over 50% of the respondents said they take around 7 to 14 days to close books and heavily depend on in-house systems/spreadsheets. This leaves the finance teams only half a month to focus on other value add tasks apart from financial close. ” Disparate systems, manual work, and error-prone data are some of the key challenges that hinder the efficiency, accuracy, and timeliness of the financial close process. In this blog, we will dig deeper into these challenges and understand how implementing a financial close solution can not only address these challenges but also bring out many value-add benefits to the financial close process.
“Because when you, as a finance leader, can access more information and make more-informed decisions – with simple tools and without the aid of IT – you can do more, faster. You can actually drive change instead of merely reacting to it.” Forbes
A dedicated financial close solution can address these gaps in ERP by streamlining the financial close process, end-to-end. It can not only address the fundamental challenges of automating manual, repetitive tasks; but also add advanced capabilities to enable data analytics and drive actionable insights. A financial close solution can allow smooth collaboration by offering visibility to all the stakeholders in the different levels and stages of the close process. This, in turn, can result in a faster and error-free close process.
An integrated, intelligent cloud financial close solution can optimize and enhance the capabilities of a basic ERP system. Here’s how:
Enable day-zero close by reducing time-consuming, last-minute manual tasks through automated workflows and pre-configured templates in the record-to-report process, which helps in:
Offer analytics to gather real-time insights across large volumes of finance data by using Artificial Intelligence. This feature helps organizations to track progress and identify bottlenecks. And helps to make more informed decisions.
Eliminate dependencies on disconnected spreadsheets with a secure, collaborative, cloud-based spreadsheet-style interface optimized for finance.
Use advanced capabilities such as Artificial Intelligence for errors and anomaly detection, enabling timely action and avoiding the month end delays
Offer a single source of truth across the finance department and accelerate and improve decision-making for finance and accounting leaders.
Enhancing your existing ERP architecture with a financial close cloud solution can seem daunting. But it doesn’t have to be if you partner with an expert.
The Highradius Autonomous Accounting solution for Financial close enables:
The financial close process can be complex, but by leveraging technology, automation, collaboration and innovation organizations can streamline the process and improve accuracy and efficiency.
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HighRadius Autonomous Accounting Application consists of End-to-end Financial Close Automation, AI-powered Anomaly Detection and Account Reconciliation, and Connected Workspaces. Delivered as SaaS, our solutions seamlessly integrate bi-directionally with multiple systems including ERPs, HR, CRM, Payroll, and banks. Autonomous Accounting proactively identifies errors as they happen, provides the project management specifically designed for month end close to manage, monitor, and document the successful completion of tasks, including posting adjusting journal entries, and provides a document repository to support each month’s close process and support the financial audit.