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Regular Reconciliations : Perform surprise cash counts and inventory checks and reconcile sales and deposit records frequently. Pressure from Management : Pay attention to any undue pressure from management to meet financial targets, which may lead to unethical adjustments or misreporting. Investigate any discrepancies promptly.
Future-forward finance and accounting organizations were quick to embrace robotic process automation (RPA) years ago to manage mundane, repetitive back-office tasks like data entry and routine financialreporting.
To discuss the topic of financialreporting tips that will help create a smoother year-end close, Planful, in cooperation with CFO.com, invited thought leaders from The Hackett Group to participate in a webinar titled, The CFO Playbook on FinancialReporting: Tips for a Smoother Year-End Close.
According to a 2014 study by APQC benchmarking the financial close process, the bottom performers took 12 days or more to close and report their results to management. Then there’s additional time spent on external financialreporting and filings. Intercompany reconciliations. Multi-GAAP reporting (i.e.,
Manual processes have too long been the norm for managing the month-end close, whether it’s for entering and consolidating data, creating reports, or performing reconciliation. Within a short time, they were able to cut down on financialreporting times by 80%. Find out more about the PS Logistics journey here.
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