Financial close automation software applications play an essential role in achieving R2R (record to report) transformation KPIs. They provide automation features, dashboards, document templates and process workflows custom-built for your month-end closing. But much of the work depends on getting your financial data from your ERP systems to your closing applications accurately, reliably and at speed. The underlying integration, which does this job, makes a big difference to the overall performance.
In this webinar, Aico’s product manager Clive Jefferies explains how live connection between your financial close software applications and ERP systems improves three R2R transformation KPIs: Time spent on monthly closing; First-time error-free journal entries; Volume of transactions per FTE.
R2R transformation KPIs in focus:
Time spent on monthly closing
According to EY’s Nordic Closing Excellence Survey 2018, “High performers spend considerably less time on their financial closing process. On average, they spend six working days in total to complete the monthly management report, which is five working days less than the population average (time that can be spent on more value-adding activities).”
First-time error-free journal entry postings
Manual journal entries are one of the most manual, time-consuming and error-prone tasks of closing. It is essential to get the journal entry line items correct to avoid unnecessary corrections. Inaccurate journal entries will contribute to more work and will slow down the overall closing process.
The volume of transactions per FTE
If the first two R2R transformation KPIs measure speed and accuracy of closing, this KPI looks at how efficiently your team performs closing tasks. This metric can also be used to benchmark against organisations with increased levels of R2R automation to build a business case for such a solution.
Clive Jefferies, Product Manager at Aico Group.
With over 30 years of experience in finance and IT, Clive has in-depth knowledge of record-to-report accounting processes and intelligent automation solutions. Having worked for the likes of IBM and Microsoft as well as consulting large global companies, Clive holds the expertise on end-to-end financial close processes.