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Explore top financial close automation software solutions to streamline your accounting processes, improve accuracy, and enhance team efficiency.
Your finance team is packed with talented individuals capable of providing deep strategic insights, yet they often find themselves bogged down by the sheer volume of manual tasks during the financial close. It's a common scenario: skilled professionals spending hours on data entry and reconciliations instead of analysis and planning. This is where financial close automation software can make a profound difference. It’s not just about speeding things up; it’s about empowering your team by automating the routine, freeing them to focus on higher-value activities that truly drive the business forward. This article will explain exactly how this software achieves this, the key benefits beyond just time savings, and how it can help your finance function become a more strategic partner within your organization.
So, what's the deal with financial close automation software? Think of it as your finance team's super-efficient assistant, specifically designed to make the month-end (or year-end) close process a whole lot smoother and more reliable. Essentially, this type of software takes over many of the repetitive, time-consuming, and often error-prone manual tasks that can bog down your team. We're talking about crucial steps like automating account reconciliations, preparing and posting journal entries, and even generating those detailed financial reports everyone needs.
Instead of your team spending countless hours buried in spreadsheets, manually cross-referencing numbers, and chasing down discrepancies, the software handles much of this heavy lifting. It’s built to integrate with your existing financial systems – like your ERP or accounting software – to automatically pull in data, validate it, and process it according to predefined rules. This not only speeds things up considerably but also significantly helps cut down on those pesky human errors that can easily creep in when you're doing everything by hand. The main idea is to transform your financial close from a stressful, labor-intensive period into a more streamlined and accurate operation. This frees up your talented finance professionals so they can focus on more strategic work, like analyzing the numbers and providing insights that truly help the business move forward, rather than just crunching them. It’s all about making the financial close faster, more accurate, and frankly, less of a headache for everyone involved.
If you're wondering whether financial close automation is truly worth considering, let's talk about what it can really do for your business. Shifting away from manual processes isn't just about adopting new technology; it's about fundamentally improving how your finance team operates. This change can make your team more efficient, boost accuracy, and allow them to focus on more strategic work. Think of it as equipping your team with better tools to handle one of the most critical accounting periods with significantly less stress and far better outcomes. When you automate your financial close, you're setting up your business for smoother operations and paving the way for smarter, more sustainable growth.
One of the biggest wins with financial close automation is how it refines your existing workflows. We all know that manual data entry and reconciliation are not only time-consuming but also prime spots for errors to creep in. Automation software takes over these repetitive tasks, which greatly reduces the chance of human error and speeds up how quickly data is processed. This means your team can track progress much more efficiently because the system handles a lot of the detailed work. A more streamlined financial close process directly leads to more accurate financial statements. These accurate statements are absolutely crucial for making sound business decisions and maintaining the trust of your stakeholders. Plus, you'll likely find that your close cycle time—that's how long it takes to complete the financial close—gets shorter, giving you faster access to vital financial information.
Think about all the hours your team currently spends on manual tasks during the financial close. Now, imagine redirecting that valuable time towards more strategic analysis and forward-looking planning. Financial close automation makes this a reality by handling many of the routine, labor-intensive jobs that can bog down your team. This reduction in manual effort often means less need for costly overtime, and it frees up your skilled finance professionals to focus on activities that add more strategic value. Over the long term, these efficiencies add up to significant cost savings. By automating accounting close tasks, you’re not just making the process faster; you’re making your entire finance function more resourceful and cost-effective, which is a smart move for any growing business.
Meeting regulatory requirements and maintaining compliance can often feel like a moving target, especially as rules and standards evolve. Financial close automation software frequently comes with built-in controls and clear audit trails, making it much easier to ensure you're adhering to important standards like ASC 606. For instance, at HubiFi, we specialize in helping businesses achieve ASC 606 & 944 compliance through our automated solutions. Automated workflows and system alerts also help ensure that all necessary tasks are completed on time, which is key for accurate and timely reporting. Beyond just compliance, automation provides real-time visibility into your financial data. Instead of waiting until the end of the close period to understand your position, you get continuous insights. This allows your team to identify trends, address potential issues promptly, and make more informed strategic decisions throughout the month, not just after the books are closed.
Choosing the right financial close automation software can feel like a big decision, and honestly, it is! This isn't just about buying another tool; it's about fundamentally changing how your finance team operates, freeing them from late nights and manual data wrangling. The financial close process, whether it's monthly, quarterly, or annually, is notorious for being a pressure cooker. Teams often grapple with tight deadlines, disparate data sources, and the ever-present risk of errors that can have significant consequences. This is where automation steps in, not just as a nice-to-have, but as a strategic enabler for accuracy, efficiency, and even team morale.
But here’s the thing: not all automation solutions are created equal. To truly reap the benefits—like faster closes, more reliable numbers, and the ability for your team to focus on analysis rather than administration—you need software equipped with the right capabilities. Think of it like choosing a car; you wouldn't just pick any model. You'd consider engine power, safety features, and how well it fits your specific needs. Similarly, with financial close software, the features you prioritize will directly impact your return on investment and how smoothly your team can transition to a more streamlined process. So, let's walk through the key features that can make a world of difference, helping you select a tool that empowers your business now and supports your growth for years to come.
One of the biggest time-savers in financial close software is its ability to automate data collection and reconciliation. Imagine your team no longer having to manually pull data from various spreadsheets, bank statements, and sub-ledgers. This feature allows the software to automatically gather necessary information from different sources. It then intelligently matches transactions and identifies discrepancies, significantly reducing the chance of human error. This means your team can spend less time on tedious data entry and more time on analysis and strategic tasks. Automation here truly improves process tracking efficiency by making data processing faster and more reliable.
Effective financial close automation software should also come with robust workflow and task management capabilities. This feature acts like a central command center for your entire close process. You can define specific tasks, assign them to team members, set deadlines, and track progress in real-time. This creates a clear overview of who is doing what and when, ensuring everyone is on the same page and nothing falls through the cracks. Having a single source of truth for all financial close data enhances visibility and control, making it easier to manage complex processes and keep your team accountable and on schedule.
The ability to generate clear reports, access insightful analytics, and maintain comprehensive audit trails is crucial. Look for software that allows you to monitor key performance indicators (KPIs) relevant to your financial processes through customizable dashboards. This means you can quickly see how things are progressing and identify any bottlenecks. Furthermore, a detailed audit trail is non-negotiable. It should record every action taken within the system, providing a transparent and easily traceable history for internal reviews and external audits. This feature not only helps in making strategic decisions but also ensures you're always prepared for an audit. For more on leveraging data, check out the insights on the HubiFi blog.
For financial close software to be truly effective, it needs to play well with your existing tech stack. Seamless integrations with HubiFi and other systems like your ERP, CRM, and accounting software are vital. This ensures that data flows smoothly and automatically between systems, eliminating the need for manual data transfers which can be error-prone and time-consuming. When your financial close software integrates seamlessly, you get a more unified view of your financial data in real-time. This connectivity is key to streamlining the entire financial close management process and ensuring data accuracy across all your platforms.
While powerful features are the engine of your automation software, an easy-to-use interface is the steering wheel – without it, you're not going anywhere efficiently. If a system is clunky or confusing, your team will likely resist using it, or worse, make mistakes. Prioritize software with an intuitive design. This means clean dashboards that present information clearly, logical navigation that makes sense from the get-go, and straightforward processes for common tasks. Your team should feel empowered, not intimidated, by the technology. A good user experience translates directly to faster adoption, fewer errors, and ultimately, a better return on your investment. Don't underestimate this aspect; always schedule a demo to see the interface in action and gauge how user-friendly it truly is.
Manually creating and posting journal entries can be a repetitive and error-prone part of the financial close. Software that automates journal entries can save your accounting team a significant amount of time and effort. This feature can automatically generate journal entries based on data from integrated systems or predefined rules, then post them to your general ledger. This not only speeds up the process but also improves accuracy by reducing manual input errors. By automating tasks like journal entries, your skilled accounting staff can be freed up from routine work to focus on more strategic analysis and decision-making activities that add greater value to the business.
Alright, so you're ready to find a software solution that can truly transform your financial close process. That's a fantastic step! With so many options out there, it can feel a bit like wading through a sea of choices, but don't worry, I'm here to help you sort through some of the leading names in the game. Think of this as your curated list to get you started. Each tool has its own strengths, and the best one for you will really depend on your specific business needs, your current systems, and what you're hoping to achieve. Making an informed decision now can save you headaches and set your team up for success down the line.
We're going to look at a variety of platforms, from those that offer comprehensive suites to those that excel in specific niches. Some are fantastic for growing businesses, while others are built to handle the complexities of large enterprises. As we go through them, consider things like how they might integrate with your existing accounting software, whether they can scale with your business, and if their features align with the pain points you're trying to solve. The goal here is to find a partner that not only automates tasks but also gives you clearer insights and more confidence in your financial data. Let's explore some of the top contenders that can help you streamline your financial close and get back valuable time.
When it comes to handling high volumes of transactions and ensuring everything aligns with complex standards like ASC 606, HubiFi really shines. It's designed for businesses that need robust automated revenue recognition and want to make data-driven decisions. What I appreciate about HubiFi is its focus on integrating disparate data sources, which means you get a truly unified view of your financials. This is incredibly helpful for achieving real-time analytics and dynamic customer segmentation. If you're looking to close your books faster, pass audits with flying colors, and gain deeper insights from your financial data, HubiFi offers a tailored approach that many businesses find invaluable. They also prioritize seamless integrations with popular accounting software, ERPs, and CRMs, making it a strong contender for modern finance teams.
BlackLine is a well-known name in this space, and for good reason. Their financial close management software "helps companies improve their financial processes. It's designed to be more efficient and accurate than using spreadsheets." If you're finding that manual reconciliations and tracking tasks in Excel are eating up too much of your team's time, BlackLine aims to automate many of those core close activities. This means your team can shift their focus from tedious data entry to more strategic analysis. Many users find it particularly strong for managing balance sheet reconciliations, task management, and journal entries, all within a centralized platform, bringing control and visibility to what can often be a chaotic period.
If your finance team lives and breathes in Excel but you're craving better workflow and control, FloQast could be a great fit. It's designed to work with your existing spreadsheets, layering on top to provide financial close automation features. FloQast "offers robust integrations with other finance tools or accounting software and high-confidence reporting and approval." This approach allows teams to get up and running relatively quickly without completely overhauling their existing processes, which can be a big plus for adoption. It’s particularly helpful for centralizing documentation, managing checklists, tracking reconciliations, and improving team collaboration during the close, making month-end smoother for everyone involved.
Trintech offers a suite of solutions, and their Adra Suite is specifically geared towards helping mid-sized companies. If you're in that category, you know that your needs are often different from very small businesses or massive enterprises. Trintech's Adra Suite is "financial close automation software designed to help mid-sized companies speed up and improve the accuracy of their monthly financial closing process." For mid-sized businesses looking to move beyond manual processes and gain better control over their financial close without the complexity that some enterprise-level systems might bring, Adra offers a targeted set of tools. This can make a real difference in freeing up your finance team to focus on analysis rather than just processing transactions.
Oracle NetSuite is a comprehensive cloud ERP (Enterprise Resource Planning) system, which means it does a lot more than just financial close. For many businesses, especially those looking for an all-in-one solution to manage financials, CRM, ecommerce, and more, NetSuite is a powerful option. Its financial management capabilities naturally include tools that support the financial close process, such as general ledger management, accounts reconciliation, and financial reporting. If your business is already using NetSuite for other functions, or if you're looking to implement a full ERP system, its financial close features will be an integrated part of that broader ecosystem, offering a unified data model and streamlined operations across your organization.
Workiva is a strong contender, especially for organizations that have complex reporting and compliance requirements. It’s known for its capabilities in streamlining financial reporting, including SEC filings, statutory reports, and management reports. Workiva "integrates with existing systems and offers a comprehensive solution for financial reporting and compliance, making it a strong choice for organizations looking to streamline their financial close." This makes it a solid choice if your biggest headaches are around pulling data together for various reports and ensuring everything is accurate and auditable. It’s not just about closing the books; it’s about what you do with that information afterward, and Workiva helps connect those dots seamlessly for confident reporting.
If your team is deeply comfortable with Microsoft Excel and you're looking for a solution that leverages that familiarity, Vena Solutions is definitely one to consider. Vena Solutions is described as being "best for entities using Microsoft 365 and Excel, providing seamless integration with Excel for financial close processes." Instead of forcing you to abandon spreadsheets entirely, Vena enhances Excel with workflow automation, robust audit trails, and centralized database capabilities. This can make the transition to an automated solution smoother for many teams, as they can continue to use an interface they know well while gaining the benefits of a more structured and controlled close process, ultimately improving efficiency and data integrity.
For larger, often global organizations with complex consolidation needs, IBM Cognos Controller is a well-established solution. It's specifically designed to handle the intricacies of multi-entity and multi-currency consolidations, along with demanding statutory reporting requirements across different jurisdictions. If your company operates with numerous subsidiaries or has a complicated ownership structure, Cognos Controller provides the robust tools needed to manage that complexity effectively. It’s really built for those scenarios where standard accounting software might struggle with the scale and depth of consolidation required for an accurate group-level financial close and comprehensive, compliant reporting, ensuring your global financials are in order.
We touched on Trintech earlier, and Adra is their specific suite aimed at automating key parts of the close, particularly for mid-market companies. What's great about Adra by Trintech is its focus on practical automation. As noted, "Adra automates tasks like transaction matching, balance sheet reconciliations, and journal entries, freeing up accounting staff for more strategic work." This is where the rubber really meets the road for many accounting teams – these are often the most time-consuming, manual parts of the month-end. By automating these, Adra helps free up your accounting staff from repetitive tasks, allowing them to dedicate their skills to more valuable analysis and providing insights to the business.
Sage Intacct is a cloud financial management system that's very popular with growing small to medium-sized businesses. It offers strong core accounting capabilities along with features designed to automate the financial close and provide better visibility into financial performance. Many users choose Sage Intacct for its robust reporting and analytics, which can be customized to meet specific business needs. If you're looking for a scalable cloud solution that can help you automate processes like bank reconciliations, revenue recognition, and consolidations, while also giving you real-time insights to make informed decisions, Sage Intacct is definitely worth exploring for a more efficient financial operation.
Choosing the right financial close automation software is a pivotal step for your finance team and company. It’s about finding a solution that not only meets today's needs but also supports your future growth. Let's walk through key considerations to help you select software that truly fits your business.
Before diving into software options, take a close look at your current financial close. Pinpoint bottlenecks, time-consuming tasks, and error-prone areas. Documenting these helps clarify what problems the software needs to solve. Then, set clear objectives: Are you aiming to shorten the close cycle, improve data accuracy, or strengthen internal controls? "Monitoring these metrics helps businesses optimize financial close management, reduce risks, and improve overall reporting accuracy," making your process more efficient. These specific goals will guide your software evaluation. For more insights on optimizing financial processes, explore the HubiFi blog.
Your business is dynamic, so your software should be too. Consider your company's growth trajectory. Will transaction volumes rise? Are expansions planned? The right software must scale with you, handling more data and users smoothly. Integrations are equally vital. Your chosen solution needs to connect seamlessly with your existing tech, like ERPs and accounting systems. "The implementation of financial close software offers a streamlined approach and enhances efficiency and accuracy in these operations." Smooth integrations, like those HubiFi offers, ensure data flows effortlessly, cutting manual entry and error risks for a cohesive financial ecosystem.
Protecting sensitive financial data is paramount. Your chosen software must feature robust security measures, like data encryption, multi-factor authentication, and regular security audits, to guard against unauthorized access and potential breaches. Compliance is also a critical piece of the puzzle. The software should actively help you meet industry-specific regulations, such as ASC 606 for revenue recognition or SOX for public companies. "Advanced automation tools streamline financial close management by integrating real-time data, automating reconciliations, and ensuring compliance." Look for comprehensive audit trails, version control, and role-based access to maintain a compliant financial close process and make audit preparations much smoother.
While the price tag is important, focus on the overall value the software brings. Consider the time saved by automating manual tasks, the reduction in costly errors, and the benefits of faster, more accurate reporting for strategic decision-making. Think long-term: "The ultimate metric for evaluating RPA's impact aligns automation strategy with business goals and executive expectations," and this principle applies here – the value should clearly support your objectives. Don't overlook implementation costs, training, and ongoing support. A slightly pricier solution might offer superior value through better features and support, making it a wiser investment. You can review HubiFi's pricing options to see how different plans deliver value.
So, you've picked your software – great choice! Now, let's get it working for you. Implementing a new system can seem daunting, but a good plan makes all the difference for a smooth transition. A little upfront effort now means big payoffs later. Here are some best practices to set you up for success.
Before you activate your new automation software, it's essential to outline a clear strategy. What are your primary goals for this implementation? Which specific parts of the financial close process will you automate first? Having a well-defined roadmap keeps everyone on the team aligned and focused. Equally vital is the quality of your underlying data; think of your new software as a high-performance engine that needs clean fuel to operate optimally. This is an ideal moment to review your data hygiene practices. Remember, monitoring key metrics from the outset helps your business optimize financial close management, reduce operational risks, and significantly improve overall reporting accuracy, making the entire closing process more efficient and reliable.
Your team's proficiency and buy-in are absolutely crucial for a successful software rollout. Invest time in comprehensive training sessions that go beyond basic functionality. Explain not just how to use the new tools, but why these changes are beneficial for their daily tasks and for the company's broader objectives, emphasizing how it will reduce tedious manual work. Consider identifying 'super-users' or champions within the team who can offer ongoing peer support and encouragement. Tracking critical KPIs like Days Sales Outstanding (DSO), working capital, and close cycle time is vital for finance team performance, and effective training will empower your team to leverage the new software for much clearer visibility into these important numbers.
Instead of attempting a large-scale, all-at-once implementation, consider starting with a pilot program. Select a specific department, a particular segment of your close process, or perhaps a smaller business entity to test the software first. This phased approach allows you to identify and iron out any unexpected kinks or challenges in a more controlled and manageable environment. You'll gather invaluable feedback from users and build team confidence before a full-scale deployment. Advanced automation tools are designed to streamline financial close management by integrating real-time data, automating reconciliations, and ensuring compliance. A pilot program is a fantastic way to see these benefits in action and make any necessary adjustments to your implementation plan for a smoother company-wide launch.
Getting your financial close automation software up and running is a significant milestone, but the journey doesn't end there. Continuous monitoring and optimization are key to getting the most out of your investment and ensuring long-term success. Regularly review performance metrics. Are you seeing the time savings you anticipated? Has accuracy demonstrably improved? Automation in financial close dashboard software significantly improves process tracking efficiency by eliminating manual tasks, reducing errors, and speeding up data processing. Use these dashboards to your advantage to identify areas for refinement and further improvement. Don't be afraid to address challenges as they arise; with ongoing attention and a proactive approach, you can keep your financial close process running like a well-oiled machine.
Alright, so you've decided to bring financial close automation into your world – fantastic move! But how do you actually know if it's making a real difference? It's not just about feeling less stressed at month-end (though that’s a huge plus!). It’s about seeing tangible improvements in your financial operations. Let's talk about how you can measure that success and make sure your automation software is truly working for you, helping you make informed decisions with better data visibility. After all, the goal is to streamline your close, improve accuracy, and free up your team for more strategic work.
To really get a grip on how well your financial close automation is performing, you'll want to keep an eye on a few key numbers – we call these Key Performance Indicators, or KPIs. Think of them as your financial health check-up. A big one is close cycle time. This simply means how long it takes you to complete your financial close from start to finish; speeding this up is often a primary goal. You’ll also want to monitor metrics like Days Sales Outstanding (DSO), which tells you how quickly customers are paying you, your working capital to understand your operational liquidity, and budget variance to see how your actual spending stacks up against your plans. Tracking these helps you see where you’re winning and where you can fine-tune your processes.
Now, tracking these numbers is just the first step. The real magic happens when you dig into what they mean and use that information to make smart decisions. When you truly understand your performance metrics, you can significantly cut down on risks and improve the accuracy of your financial reports. This leads to a much smoother and more dependable closing process. Modern financial close software, like the solutions we build at HubiFi, often comes with dashboards that make tracking these metrics a breeze. They help by automating data collection, reducing errors, and speeding things up, allowing you to focus on what these numbers are telling you and how they align with your bigger business goals.
Adopting financial close automation software is a smart move, but like any significant operational change, it can come with a few hurdles. Don't worry, these are common, and with a bit of foresight, you can address them smoothly. Let's look at some typical challenges and how you can effectively manage them to ensure your automation journey is a success.
It's natural for teams to feel a bit uneasy when new technologies are introduced. The key here is clear communication and involvement. Help your team understand why this change is happening and the direct benefits it brings—not just to the company, but to their daily work. Many organizations now leverage automation to streamline accounting close tasks, reduce errors, and accelerate financial processing, which ultimately means less manual drudgery and more time for strategic thinking. Provide thorough training, create opportunities for feedback, and highlight how automation can make their roles more impactful and less tedious. When people feel heard and see the positive side, they're much more likely to embrace the new tools.
One of the most common technical hiccups is getting your new automation software to play nicely with your existing systems. Disparate data sources can make this tricky. Before you even select a tool, map out your current data landscape and identify potential integration points. Look for solutions, like HubiFi's platform, that offer robust integration capabilities with your current ERP, CRM, and accounting software. Good automation software actually improves process tracking efficiency by eliminating manual tasks, reducing errors, and speeding up data processing, so the effort upfront to ensure seamless data flow will pay off significantly by providing reliable, real-time information for decision-making.
Introducing new software, especially one that handles sensitive financial data, naturally brings up security questions. Protecting your company’s information is paramount. Start by choosing automation software from reputable vendors who prioritize security and compliance. Implement strong access controls, ensuring that only authorized personnel can access specific data sets or functionalities. Remember, automation can actually enhance security. By reducing bottlenecks and human errors, automation optimizes the financial accounting closing process, which means fewer opportunities for data breaches caused by manual mistakes. Regular security audits and ongoing team training on data protection best practices are also crucial to maintaining a secure environment.
The world of financial close automation is constantly evolving, bringing exciting advancements that make the process smoother and more insightful. Staying updated on these trends can help your business operate more efficiently. Key developments are shaping how finance teams work, focusing on smarter systems, continuous financial monitoring, and enhanced teamwork. These aren't just distant ideas; they're practical improvements for today and tomorrow. Let's explore what’s next.
Artificial intelligence (AI) and machine learning (ML) are becoming essential in modern finance. Many organizations now leverage automation and AI to streamline accounting close tasks, reduce errors, and accelerate financial processing. Imagine AI spotting data anomalies or ML predicting bottlenecks based on past closes. This allows your team to move from manual data work to strategic analysis, leading to better decisions with accurate, quickly processed information. It’s about enhancing efficiency and insight.
The traditional period-end close often feels like a rush. Thankfully, there's a strong shift towards a "continuous close" model. This means financial data is reconciled and verified ongoingly, not just at month-end. An efficient financial close process ensures timely, accurate reporting, helping to reduce risks and improve decision-making. Adopting continuous close gives you a real-time view of your financial health, enabling quicker responses to issues and more agile strategic planning throughout the period.
As automation streamlines financial processes, teamwork also gets an upgrade. We're seeing more financial close software designed for strong collaboration. These tools often include dashboards so teams can monitor key performance indicators relevant to their specific tasks and company goals. With everyone having clear visibility into tasks, deadlines, and overall progress, accountability improves. This transparency helps quickly resolve roadblocks, leading to a smoother, more synchronized close.
My business isn't huge. Is financial close automation software still relevant for me? Absolutely! Financial close automation isn't just for massive corporations. Many growing businesses find it incredibly valuable for establishing solid financial practices early on. It can help you save time, improve the accuracy of your numbers, and give you clearer insights, no matter your current size. Think of it as setting a strong foundation that allows your finance team to work smarter as your company expands.
I'm worried this kind of software will make my finance team's skills redundant. Is that true? That's a common concern, but it's really not the case. This type of software is designed to be an assistant to your talented finance professionals, not a replacement. It takes over the repetitive, manual tasks that can be a real drain on their time and energy. This actually frees them up to focus on more strategic work, like analyzing financial data, identifying trends, and providing insights that help guide the business – the kind of work that truly uses their expertise.
Getting new software set up sounds like a massive project. What's a realistic timeframe for implementing financial close automation? It's true that implementing any new system takes some planning and effort, but it doesn't have to be an overwhelming ordeal. The actual timeframe can vary quite a bit depending on the complexity of your business and the software you choose. Starting with a clear plan, perhaps a pilot program for one part of your close, and selecting a user-friendly system can make the process much smoother. The key is to see it as an investment that will pay off in efficiency and accuracy down the line.
With so many features and options, how do I avoid picking the wrong software for my company's specific needs? That's a smart question! The best way to avoid a mismatch is to first get really clear on what your specific needs are. Before you even start looking at software demos, take some time to map out your current close process, identify the biggest pain points, and define what you want to achieve with automation. When you have that clarity, you can evaluate software based on how well it solves your problems, rather than just being swayed by a long list of features.
You mentioned ASC 606 compliance. Can this software genuinely make meeting those complex standards easier? Yes, it really can. Navigating standards like ASC 606 for revenue recognition can be quite challenging with manual processes. Financial close automation software, especially solutions designed with these regulations in mind, can significantly simplify things. It helps by automating calculations, ensuring consistency in how revenue is recognized, and providing clear audit trails. This makes it much easier to stay compliant and be prepared for any audits.
Former Root, EVP of Finance/Data at multiple FinTech startups
Jason Kyle Berwanger: An accomplished two-time entrepreneur, polyglot in finance, data & tech with 15 years of expertise. Builder, practitioner, leader—pioneering multiple ERP implementations and data solutions. Catalyst behind a 6% gross margin improvement with a sub-90-day IPO at Root insurance, powered by his vision & platform. Having held virtually every role from accountant to finance systems to finance exec, he brings a rare and noteworthy perspective in rethinking the finance tooling landscape.
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