Financial Close Process

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Increase visibility, automate employee tasks within your financial statement closing process
Period-end accounting close and financial reporting always takes teamwork to analyze data, make required adjustments, review all changes and create reports. Even with a strong ERP and reporting software in place, most companies turn to multiple spreadsheet-based checklists to help manage the most manual portions of this monthly process. Often, companies have different monthly, quarterly and year-end processes, which only adds to management complexity.

That all changes with the OnBase Accelerated Financial Reporting Management (AFRM) solution. By focusing on the closing process’s human side, the AFRM solution helps you streamline your process from start to finish and gives you a birds’ eye view of how all tasks fit together, allowing you to make continuous improvements every month.

And since AFRM is a hosted solution, it’s very simple to deploy. Implementation is fast, easy to configure (without custom code), and done in an iterative manner that eliminates typical implementation struggles. In fact, it can be up and running within one close cycle.

Improve financial close processes
How important is visibility into the process? Just ask Invacare, a global medical product manufacturer headquartered in Elyria, Ohio.

Speed wasn’t the issue for Invacare. Invacare needed control and open communication. Invacare finance managers realized they lacked consolidated visibility into activities performed by more than 100 worldwide employees contributing to the close each month.

"We needed a way to view the responsibilities of controllers and their staffs globally," says Seth Linebrink, manager of Financial Reporting and Accounts Payable at Invacare. "We wanted a central repository of close tasks and activities, so if resources shift, we can easily say, ‘Here are the responsibilities for that position. Go in there and get it done.’"

That's what they found with the AFRM solution.

Today the AFRM solution connects the documents, procedures and activities of Invacare's global close activities and makes them available from one central location. Invacare didn’t change its financial process. Instead, it makes all tasks and supporting documents immediately accessible to managers and team members.

Track every task, automatically assign responsibilities
The AFRM solution starts with increased collaboration between employees. Based on your set of rules, AFRM prioritizes and assigns each staffer a set of tasks. This workflow process then delivers real-time visibility into your close, which allows you to make adjustments and increase efficiency over time. That means no more manual entry and tracking of tasks through a spreadsheet or by email.

Plus, AFRM makes it easy for your employees to move through the process. Each month, quarter or annual reporting cycle – you decide – employees are assigned activities, along with all the files and templates necessary to complete those tasks. No last minute searching for information. It’s all right there and ready to go. This saves hours of waiting, searching, and double-checking before employees can complete tasks.

Better still, when tasks are completed, supporting files are securely stored in OnBase.

Process transparency also means better management of employee responsibilities. By giving your accounting managers insight into the whole process, they can quickly and effectively manage unfinished tasks and load balance work with employees. With a balanced workload comes lower stress. And lower stress increases employee efficiency and morale, as well as improves quality of work.