The concept of the virtual close is nothing new; it has been around for the past 10 to 15 years. Although initially projected to be a future common practice, the virtual close did not gain widespread popularity.
But is virtual close gaining traction, given today’s improved technology, increased regulatory, control, and reporting demands? The answer is, yes.
Additionally, the virtual close is not a reward, but rather an outcome that can be accomplished by leveraging leading practices, governance, and integrated technologies to achieve an organization’s strategic goals and objectives.