Originally published on the Certent Insider blog.
Technology is supposed to save time, and the most successful technologies make it easy to do. With the advent of the automobile, few people continued to try and make the horse and buggy more efficient. But even today’s concept cars still have four wheels and a front-end engine.
The same logic applies to modern financial tools, especially when it comes to the month-end close.
The Least Wonderful Time of the Month
Ask any finance professional what part of their job they like the least, and they’re more than likely to say Financial Close Management (FCM) and in particular, the month-end close.
Working through nights and weekends, cutting, pasting and consolidating data from dozens, if not hundreds of Excel spreadsheets – it’s no surprise FCM is the bane of many finance departments, as a sub-par month-end close can have costly consequences: