As technology and business progress, new Enterprise software applications are built to help address pain points and inefficiencies. In the accounting world, there was a clear problem of managing data and producing accurate financial statements, so General Ledger software was developed.
Closing software (CS) is the next evolution in the accounting software space. Not only do accountants want to produce an accurate financial picture, they also care about doing this efficiently with the entire department collaborating. As departments grow, roles become more and more specialized. It is great to have a person with a vast understanding of a specific accounting function but the tradeoff is a lack in understanding of the big picture. CS helps the entire team be on the same page and understand how their role contributes to the greater cause.
Technology has had a major impact on the accounting close process and will have a growing role in the future of month end. The workforce today is dominated by the Millennial generation, which tends to be very good at adopting and applying technology. By using CS, CFOs and Controllers will have the transparency necessary to run their department and Millenials will have the technology needed to do their job efficiently.
Increasingly, accountants are being called upon to be involved in business decision making. The oversight provided by CS, will give CFOs and Controllers the freedom needed to be a strategic partner in the business instead of just crunching numbers.
Over time, General Ledger software has advanced to help with many facets of the accounting function, but for the most part has neglected the project management aspect of the monthly close. CS will bridge that gap for management and finally provide a tool that puts the close process at the forefront. CS will make your life easier, improve close time and turn good accountants into Superheroes!
Until then, Happy Closing!