Even those of us that don’t work for the office of finance know that anything that can be done to speed the close process is worth a closer look. My colleague, Matt Hopkins, delivered a great webinar on this topic earlier this month – Shorten the Period-Close and Pivot from Collecting Data to Analysis. This event is offered on-demand, no registration required!
More than 100 finance professionals registered for this event, ranging from the C-level to controllers and directors. Attendees were asked a series of polling questions throughout the event and the answers provide some insight into future plans, if any, to modernize accounting practices around period close. Only 29 percent of respondents have a well-developed application for managing the period close. When asked about the biggest challenges with the close process, a whopping 69 percent of respondents cited manual processes, such as time wasted tracking data in Excel. Resources stretched too thin came in a distant second at 47 percent.
Nearly 70 percent of respondents are migrating to or currently use cloud-based services and 43 percent of those considering a move to the cloud are looking at Oracle for the close process and considering tools such as Oracle Financial Consolidation and Close, Oracle Data Management Cloud, and Oracle Account Reconciliation Cloud. If you are also considering Oracle Cloud as a means to modernize accounting, Perficient is here to help. Our team of EPM experts have deep expertise with Oracle and strong finance and accounting backgrounds.
Enjoy the on-demand webinar. For a deeper dive into the subject, download the guide on which the webinar was based. It’s full of great information on how you can shorten the period-close. To get the guide and learn how to overcome financial close challenges you can follow the link here or submit the form below.