Any organization should be able to produce accurate and timely financial statements in a reasonable amount of time after the month’s end. Financial statements are crucial to management, so they can understand the financial health of the organization and make short-term and long-term operation and strategic decisions in a timely manner.   An important tool […]

Did you know that the average employee spends about 25% of their time in meetings? And at executive level, that figure rises to a whopping 90%! Employee feedback indicates that about 37% of this meeting time is wasted, costing businesses $37billion a year in wasted working hours – no wonder 90% of finance professionals say […]

Email. What a wonderful thing. Being able to instantly communicate has made our work so much more productive… …or has it? Research by the Warwick Business School found that, since 1973, productivity had only risen by 2%. That means that despite all our technological advances we are barely more productive than we were forty years […]

And God (of accounting) spoke these words: “I am the Lord your God…of accounting, who brought you out of financial trouble, out of the land of decreasing financial returns.” Unto them he bestowed 5 commandments of balance sheet reconciliation that would forever be the foundation of an efficient and effective accounting team. Are you guilty […]

The stress of the month end close can get a lot of finance staff hot under the collar, when it comes to accounts with hordes of transactions to match. Just the idea of reconciling all those transactions by hand has them breaking out in a cold sweat, and a lack of time truly creates a […]

Along with the digital and Internet age, a whole host of technological advancements have come which are empowering and enabling the finance department like never before. Cloud computing, SaaS, and intelligent automation, for example, can contribute to make your monthly financial close process more efficient, accurate and leave you time to focus on qualitative tasks. […]

Looking back over the centuries, the importance of financial accounting cannot be overlooked. As civilisations and empires (as well as multinational businesses) increase in complexity, their checks and balances have needed to keep up – both to provide accountability and to ensure the system is working as it should.  But when practiced poorly or unchecked, […]

The monthly financial close is crawling with reconciliation demons just waiting to mess everything up. From the account specification beast to the four-eyed approval demon, these beasts need taming in order to achieve a fast and accurate month-end close. But taming the demons will require the right tools for the job  Everyone knows that you […]

One of the final hurdles you will have to leap to achieve a perfect month-end financial close is your archiving. By law you are required to hold at least 6 years’ worth of financial records. That’s a hell of a lot of data to keep hold of, and finding the data you need within all […]