Financial Close & Reconciliation
In the world of Finance Operations, Financial Close & Reconciliation is a core component. This page highlights the importance and nuances of this process. You'll also gain insight into the technologies that make this process more efficient and reliable.
What is Financial Close & Reconciliation?
Financial Close & Reconciliation is all about the periodic completion of financial records. This means that all transactions of a given period have been processed and checked for completeness and accuracy.
Why is Financial Close & Reconciliation important?
An efficient and accurate Financial Close & Reconciliation is essential to an organization's financial reliability. The process requires numerous controls and multi-party involvement, often under tight deadlines to ensure timely reporting.
What technology do you need?
Optimal technology for Financial Close & Reconciliation improves accuracy and speeds up the closing process. An effective solution provides clear workflows for timely task execution and can analyze and match large volumes of transactions and data.
Typical technologies for this topic are:
- CCH Tagetik
- OneStream
- Oracle
- SAP Cloud Finance
- Fluence Technologies
Financial Close & Reconciliation in a broader perspective
Financial Close & Reconciliation is part of the Finance Operations theme. Other important topics within this theme are General Ledger Accounting and Working Capital Management. These topics complement each other and enable organizations to operate with financial stability and confidence. Together, they form the basis for robust financial management and growth.
