Continuous accounting makes closing the books a source of insights — not frustration
Grab a seat and enjoy. Read Time: 8 minutes
In a classic ’80s Dunkin, Donuts commercial, Fred the Baker repeatedly says “time to make the donuts” as he endures rain, snow, and exhaustion in his quest to produce the perfect chocolate raised.
Many finance professionals can relate when they contemplate the traditional monthly close process, which can carry on for days or even weeks while colleagues clamor for information.
Let’s face it: Recording and totaling journal entries, producing trial balances, reconciling bank statements, recognizing revenue, and other tasks integral to the close process are not how most accountants or controllers would choose to spend the bulk of their working hours, even with a box of maple glazed nearby.
“I’m rushing like mad, I’m booking a journal entry, I’m preparing an analysis, I’m reconciling stuff, … I want to go home to my family, it’s 10 o’clock at night,” said one CFO of multiple businesses. “Guess what happens the next month? The same thing all over again.”
Much like Fred, finance teams are too often chained to a dated close processes — meaning they don’t have time to suggest ways their companies can improve financial performance and be the true business partners their colleagues need.
If spending an inordinate amount of time on repetitive, manual tasks sounds like your reality, we have good news. Today’s software can complete many of these tasks faster and with greater accuracy, and paired with some revamped processes, can help finance overcome the limitations of the traditional monthly close and be a continuous source of business insights for the whole company.
