Accuracy and timeliness are requirements of all financial business processes. The following are key business processes in every accounting and financial reporting organization.
Financial processes that are manually intensive, rely heavily on MS Excel spreadsheets and lack effective internal controls have a high risk of error and are subject to excessive cycle times.
- Revenue Recognition
- Closing, Month -End to Report Distribution
- Internal Control, from documentation to assessment
- Compliance, from documentation to reporting
- Growth Planning, from Idea to Execution
Enhancing financial processes encompasses the reduction of manual and non-value added tasks, the implementation of key internal controls, and the effective use of technology for real time monitoring of internal controls and output timeliness.