Closing the books at the end of a reporting period — month, quarter or year — is an essential activity that accounting professionals rarely look forward to. The last-minute rush to send out invoices and pay bills, review and reconcile transactions, post adjustments and perform the many other end-of-month tasks results in long hours, late nights and overtime.
Finance teams also face pressure to complete these tasks quickly and without errors so financial reports can go out. Trying to be fast and error-free at the same time is difficult under the best of circumstances. In the real world, where conditions are almost never ideal, achieving this kind of perfection is even tougher. For an accounting department with limited resources, inefficient processes and outdated software, it's almost impossible