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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.,
In every accounting department I’ve been a part of, a crucial period rolls around at the end of each month: the month-end Close. The month-end closeprocess is the culmination of a month’s worth of financial transactions, when all hands are on deck to ensure the company’s financial records are accurate and up-to-date.
Reconciliation software is a specialized application that automates and streamlines the financial closingprocess for businesses. Payrollprocessing: Capability of handling payroll tasks and providing employee access through the employee portal. What is reconciliation software? Sources: [link] [link] 2.
ERPs have rapidly evolved over the last few decades, but business bestpractices have evolved even faster. There are plenty of solutions today that can automate everything from payrollprocessing to report creation, but without the right data available in the background, an automated process simply won’t work.
The result is a faster, more efficient closeprocess that also saves up your time which can be better spent elsewhere. They can provide expert guidance on setting up your GL code system, ensuring it aligns with industry standards, regulatory requirements, and bestpractices.
Maintaining a high standard of reporting requires accounting teams to optimize their closeprocess, eliminating inefficiencies and delays wherever possible, adapting to changes in the regulatory landscape, and seizing opportunities created by advances in accounting technology. Set a goal.
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