Automation Best Practices Close Processes 
FloQast
APRIL 7, 2024
With the close taking up to eight business days per month, CFOS must understand efficiency challenges and identify opportunities to speed up and streamline close tasks for optimal performance. In this article, we will look at best practices for enhancing your close and how automated software tools can help you reduce completion times.
Nanonets
JANUARY 31, 2024
Month-end close is a widely accepted accounting standard that is aimed at keeping an accurate set of financial records and detecting errors/fraud. Month-end reconciliation is the most important part of the month-end close process. This can be easily reduced by using AI automation to save time and cost for your team.
FloQast
JUNE 17, 2024
With a diverse portfolio and operations spanning multiple continents, the company faced significant challenges in its month-end Close process. Aspect Energy’s monthly Close times ranged from 15 to 45 days, creating delays in financial reporting and decision-making. Improvements Seen: U.S.
The Finance Weekly
OCTOBER 13, 2021
Here are the best practices for getting started, from consolidating multiple companies' financials onto a single ledger to deciding which company's enterprise resource planning (ERP) system to stick with (or, in some cases, an even more difficult task—deciding to start from scratch and implement an entirely new ERP system): 1.
FloQast
OCTOBER 21, 2024
There sure is: Automated bank reconciliation. Automating your reconciliations both limits the possibility of errors and significantly cuts the time and effort needed. For accounting professionals, implementing a solid automated bank reconciliation process can change the way they approach financial operations within their business.
FloQast
MARCH 27, 2024
This allows teams to capture best practices to ensure consistency and change processes as their organization scales. Additionally, with Audit Reports, managers can track changes to processes, noting who made a change and the timing, ensuring strategy remains aligned with execution. Simply put: Not all recs tie out.
PYMNTS
JANUARY 26, 2018
Rob Feinstein, vice president of Product at FloQast , told PYMNTS that this excitement over innovative technology is a response to the ebbs and flows of the close management process. Managing the month-end close is a process of continual improvement,” he said. Open Banking initiatives in the EU, U.K.,
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