Insight

Making a high-quality virtual close a reality

Foundations for an improved financial close

Ron Walker

Ron Walker

Finance Transformation Service Network Lead, KPMG US

+1 858-750-7057

Jim Murphy

Jim Murphy

Principal, Finance Transformation, KPMG US

+1 408-367-1603

Anuj Mathur

Anuj Mathur

Director, Advisory, Finance Transformation, KPMG US

+1 408-367-1566

The people, process, and technology enhancements necessary for remote work under COVID-19 restrictions are also the foundation for an improved financial close.

Making a high-quality virtual close a reality
Explore a structured four-stage approach of a robust and sustainable virtual 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.