Quicker, Better, Cheaper

Managing the Close process better

The financial Close process has always posed challenges for accountants because, despite the continuing automation of accounting tasks, there will always be things that have to be done manually, and this is where they happen.

The Close primarily two continuing challenges

  • How does one manage the myriad of tasks that have to be done and, especially, how do you know there are problems in the Close before it is too late?
  • How do you continuously improve the process to minimise the time that your team spend processing work so that they can spend more time on adding value?

Continuous improvement is best done using Lean 6 Sigma – click here to read more about Lean Finance.

Managing the Close process tasks is most often done using Excel and a project manager but there is now a much better way –

  • Imagine if you could see the status of every Close task at the push of a button
  • Imagine if you could re-assign tasks on the fly
  • Imagine if the evidence of the performance of key controls was part of the work
  • Imagine if you had excellent governance over the update of key controls
  • And imagine if this could all be up and running in under a month with minimum IT involvement and easily maintained by your Finance team thereafter!

The solution also contains an integrated auditor request list which can be made available to your auditors and has a compliance module to facilitate internal audit testing for controls compliance

The solution is ideal for activities other than the close, for example, income tax provision, fixed asset accounting, mergers and acquisitions and the budgeting process.

AFRM® – Accelerated Financial Reporting Management is an innovative solution specifically designed to replace excel-based checklists used to control the month end process.

JR Miller (SVP of Finance at The Leukemia & Lymphoma Society) wrote: “Your team is doing a great job with our financial close process. We are in the middle of our engagement and are already seeing improved teamwork by everyone involved and a much needed documentation of processes that will provide for an optimized financial close. I highly recommend Gabe and his team from a Silicon Valley Accountants (JSK’s partner in the USA) and OnBase’s AFRM®.”

To find out more about AFRM® please read the pdfs below

Replacing Spreadsheets – key features of AFRM® – click here
Before and After AFRM® – benefits of AFRM® and some screenshots of the program – click here
Invacare case study – click here

To arrange a meeting (web or face-to-face) to discuss AFRM® please e-mail your contact details click here