The people, process, and technology enhancements necessary for remote work under COVID-19 restrictions are also the foundation for an improved financial close.
The need to virtually close the books keeps extending as many offices remain off-limits due to continued COVID-19 impacts. Finance organizations have learned several critical lessons about closing books with a remote workforce since the earliest days of the virus outbreak. Companies can realize a significant reduction in their close cycle time, combined with lower labor costs, by focusing on the active coordination of six pre-close and close activities.
This paper explains the structured four-stage approach of a robust and sustainable virtual close, along with the enhanced processes and technologies that will provide value long after the immediate impact of COVID-19 has abated.