A virtual, automated close is now achievable for Midsize companies. Here’s what the playbook looks like for a team of 5-30 accountants:

If you’re beginning from a standing start—a spreadsheet, email, and paper-based close processes, bank matching that’s performed by hand, or manual reconciliations and ERP extracts—then you have an immediate transformation opportunity.

Here are three quick-win opportunities you can move on right now:

  1. Get more speed and less risk in the financial close by moving to digital role-based workflows to get more control over the process. Real-time dashboards and reports show the status of outstanding tasks, items, and everything else closely related to the close.
  2. Streamline the reconciliation processes and improve financial integrity by applying rules-based processes to automate reconciliations, and using digital workflows to route preparation, approval, and review tasks.
  3. Speed up bank reconciliations by using automated GL and bank data extracts. Then, match and reconcile transactions automatically using intelligent rules

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