- Nov 9, 2022
- 2 min read
Best Organizations Report Consolidated Financials in 4 Days
Monthly consolidated financials need to be prepared within a few days to be of use to operational leaders.
Perry D. Wiggins - CFO.com
Organizations that take too long to complete their monthly consolidated financial statements run the risk of missing key opportunities for analysis and problem-solving.
In this article:
1. Organizations that take too long to complete their monthly consolidated financial statements run the risk of missing key opportunities for analysis and problem-solving.
2. Even if finance discovers significant issues from the previous month’s statements, operational leaders won’t have much time to do anything about them in the following month if they don’t get the statements in a timely way.
3. It’s easy to see how the damage can compound from month to month as teams scramble to address issues that should have been discovered earlier.
4. Excessive spreadsheet use, manual touchpoints in the process, and human error all increase cycle times for completing monthly consolidated financials.
The good news is there are proven strategies for improving the process and decreasing cycle times.
Read the full article to find the three of the most impactful strategies to combat slow end of month reporting here: https://www.cfo.com/accounting-tax/financial-reporting-2/2022/07/metric-of-the-month-consolidated-financial-statements-reporting-benchmark-apqc/
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