Digital Finance Close

Presently, the process of financial month-end close is spreadsheet-driven, and mostly manual in nature. This often results in challenges around accuracy and standardisation. Digital Finance Close (DFC) is a combination of processes and technologies that assists clients to bring in automation and governance to the period end close process.

• Faster and efficient period end close
• Centralisation and Standardisation
• Effective accountability, governance and control
• Global visibility on close progress and benchmarking
• Cost reduction through automation/Risk reduction through financial integrity and risk-based approach
• Foolproof Audit trail of reconciliations, journals and tasks
• Reduction of errors and increased accuracy.

• Automatic reconciliation: Facilitates automation of mundane spreadsheet based reconciliations by increasing the overall accuracy and speed required to perform that activity manually.
• Accounts certification: Creates a governance layer of reporting of unreconciled balance and enables actions and dashboards for analysis
• Task management: Creates an electronic checklist of close activities and provides real time dashboard for analysis.
• Variance analysis: Allows analysis of fluctuations in balance sheet and profit and loss (P&L) balances
• Journal solution: Enables governance and automation for booking and approval of financial journals centrally
• Intercompany solution: Enables agreement between the buyer and seller beforehand, reducing potential mismatches.

• High volume manual reconciliations
• Delayed close
• Quality/audit challenges for high risk accounts.

• Opportunity assessment
• Vendor selection
• Design, development and deployment.