It's not just a new year. It's the beginning of a new decade.
If your close processes are just as tedious, time-consuming, and manual as they were last year, it’s time for a new approach in 2020.
The drive to become a strategic partner to the business is at the heart of modern accounting, but manual processes and mounting data can block even the most ambitious goals.
According to nearly 70% of F&A leaders surveyed by The Hackett Group, manual processes are still the biggest bottleneck in financial close and accounting operations.
Censuswide Research reports that 55% are not completely confident they can identify errors before reporting results, and a Gallup poll found that 34% of productivity is lost for actively disengaged employees.
Traditional Manual Accounting Processes Are Not Sustainable
When teams are buried in spreadsheets and tightly bound to manually intensive reporting processes, there is little time for value-adding activities like forecasting, data analytics, and business advice.
Modern CFOs know that the key to tipping the scales in favor of more effective business partnering is increased levels of automation and standardization. But loosely coupled ERP and performance management solutions leave process gaps that can only be filled by spreadsheets, manual workarounds, and ‘point’ solutions.
Make the Move to Modern Accounting
Modern accounting is unified, automated, continuous, and perhaps most importantly, achievable for any F&A organization.
Integrating systems and data and standardizing accounting processes enables organizations to build sustainable operations, especially in the midst of complex growth.
Automating the ordinary reduces busy work and frees accountants to analyze the extra-ordinary, focusing on what matters most to the business.
Accounting can then become continuous, with F&A teams executing Accounting as it happens and delivering real-time information and analysis.
Modern accounting is achievable. Organizations across the globe are embracing this approach and immediately experiencing powerful results.
New Year, New Close
2020 marks the beginning of a new year and new decade full of possibility for accounting and finance teams who are ready to begin their modern accounting journey.
It's time to acheive this New Year's resolution: spend less time on the close and more time on you.
Read this blog for more resolutions that can help make 2020 the most successful year yet for you and your F&A teams.