Although much of the world is on pause and employees have been directed home as a result of the COVID-19 pandemic, public companies still have a fiduciary responsibility to close the books. And it’s not just needed to fulfill a legal requirement, accurate financial reporting is critical to drive decisions that run the business. But how do you close corporate books with no one in the office?
Just in time for first quarter end, Ron Walker and Jim Murphy, leaders in our Finance Transformation practice, tell us how to finesse a virtual close.
Topics addressed include:
- the importance of creating fundamental remote infrastructure to accommodate basic calendaring, file sharing and report access
- using this unexpected event as an opportunity to reflect and reboot the close process, with an eye toward simplification
- the collaborative ways technology partners are stepping up to help companies’ remotely close with greater speed and accuracy
- how processing a virtual close will expose gaps in capabilities and capacities, and how to address those holes
- why the current situation offers an ideal environment to finally advance the promise of AI and true automation into the financial close
- top five considerations for the virtual close.