Why Financial Close Software is a Strategic Ally for Controllers

The changing role of controllers

From crunching numbers into the early hours to steering strategic decisions, the role of controllers has evolved significantly. As financial processes become more complex, cutting-edge technology empowers controllers to drive change and meet the evolving demands of enterprise finance teams.

The evolving role of controllers

ASPECT	THEN	NOW	FUTURE
Role of Controllers	Focused on manual tasks and ensuring accuracy with spreadsheets.	Embracing advanced financial tools for enhanced accuracy and efficiency.	Leading innovation with automation and strategic insights to drive organizational success.
Role of Technology	Basic spreadsheet functions and standalone software.	Integrated financial systems and specialized tools that automate routine tasks.	Cutting-edge AI and machine learning platforms that provide predictive analytics and real-time decision support.

Transformation and the role of modern financial close software

Financial close software brings a significant sense of control and transparency to the financial close process.

Custom dashboards offer a powerful start to the day by providing a clear view of current statuses, eliminating the need for email threads, status meetings, or chasing down colleagues.

These tools empower finance teams to effortlessly implement robust controls within the close process. They enable the setup of maker-checker mechanisms to verify task completion and maintain necessary certifications, streamlining workflows and enhancing overall efficiency.

Cost reduction? Absolutely. With less time spent on tedious tasks, finance teams can focus more on strategic analysis. Additionally, automated processes drastically reduce the risk of human error, minimizing the potential for costly mistakes, reducing time and effort by at least 30%.

Financial close tools enable controllers to transform the closing process from a last-minute rush into a smooth and controlled confirmation of financial health.

What does the new way of doing things look like:

Click, click, done! Automate repetitive tasks like reconciliations and free the team for higher-level analysis.
No more finger-pointing! Standardized processes ensure clear ownership and consistent workflows.
See it all, instantly! Gain real-time insights for quicker resolutions.
Increased governance! Improved audit trails enhance transparency with a complete record of every action and step. Maker-checker mechanisms can be implemented to exercise effective controls.
Teamwork makes the dream work! Enhanced collaboration fosters transparency and accountability with secure communication features.

These intuitive, modern financial close tools integrate seamlessly with existing ERP systems, customize workflows, standardize processes, and create a meaningful and sustainable transformation for finance organizations. Now, that’s an ally you can count on.

Mary Thomas is Manager - Technology Services at Consark