Automated Financial Close

Achieve Consistent, Compliant Closes Faster and More Efficiently

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Achieve Consistent, Compliant Closes Faster and More Efficiently

If your organization is like most, your financial close process consists of over 30 steps across 3-6 different systems. Multiply these steps and systems by your number of operating units and subsidiaries, and they turn into much larger figures. It’s normal: most multi-entity or multinational companies’ financial close processes comprise over 300 steps. Add to these the separation of duties across multiple departments that operate across different countries, and you’re confronted with an extensive coordination effort that exposes you to any number of possible errors and delays.

The Answer is Automation

Our Financial Close solution operates within your existing close process, automating most of the routine manual processes and complex manual decisions. The result is an end-to-end process that automates IT, business application and financial processes, removing costly sources of errors and latency. This consistent, efficient and timely close process gives you more time to analyze data for reporting and management evaluation.

In order to accelerate your financial close process, we work closely with your technical and business groups to understand the end-to-end workflows and identify automation candidates. The majority of steps in your process can be automated, even if they require validation and reconciliation of dynamic data from multiple sources.

Here are just some of the processes our ONE Automation platform can typically automate:

  • Accumulating and processing transactions for the system required to close your books – including bank feeds, payroll, sales data and trial balances.
  • ERP/FI processes including open/close periods, reconciliations, allocations, and auto-postings.
  • Moving data to data warehouses and other information repositories for business intelligence, reporting, and archiving functions.
  • Executing and distributing reports.

Additional Notes

 

You Define the Business Rules, We Help to Automate Every Step

Automic’s solution can:

  • Reduce month end manual efforts by up to 90%
  • Improve financial reporting timing by up to 70%
  • Notify staff about issues immediately as they occur, not at closing
  • Make your transaction and close process 100% transparent
  • Manage your financial closing SLA and know the impact of any changes.
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