Streamline the Financial Close
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1 INDUSTRY OUTLOOK APRIL 2013 Streamline the Financial Close
2 Businesses turn to corporate performance management suites to speed the financial close while supporting both cost optimization and growth objectives. T he chief financial officer (CFO) and his or her staff are under constant pressure, especially when it comes to the financial close, the process of completing an accounting cycle and creating financial statements for company records and external legal reporting. As an article in the Journal of Accountancy points out, regardless of company size or complexity, all successful financial close processes require continuous communication, comprehensive documentation, and a flexible, responsive organization. 1 Bringing these elements together can be difficult, though, even for the most experienced finance professionals. CFOs and others in the financial department are being challenged on all three fronts input, output and processes. One of the main input problems is that the financial close is typically thought of as a process that stands alone instead of something that s part of the overall corporate performance management (CPM) process. This leads to fragmentation of the close and confusion as to what is required from each of the individual departments. One financial group may view the close one way, while another sees it quite differently. In addition, every finance department is being pressed to meet an ever-growing set of regulatory compliance mandates, while most are still using rudimentary software that makes it difficult to control and share data. This absence of a solid financial system or processing that can handle disparate data and processes and store that information to speed compliance and reporting creates additional pressures during the close. Relying on spreadsheets to create financial filings for internal and external stakeholders such as the U.S. Securities and Exchange Commission leaves much to be desired. Data quality is often subpar, and it is not unusual to see errors introduced during the normalization process. This has become a larger problem over the past few years as the amount of data required during the close has increased, especially for organizations with a multinational presence that requires additional reporting. The end result: The typical monthly close can take as long as 21 days. A longer close means data is not always readily available during crucial planning and forecasting. It can also affect output or what is more commonly thought of as a company s financial standing if data or reports are delayed or overdue. Plus, there are the added personnel costs associated with an extended close. Finally, it can be difficult to defend practices and data during an audit since there is no audit trail to check. However, the use of data is changing this paradigm, according to the report, The Data Directive, Economist Intelligence Unit survey, 2013, commissioned by Wipro Technologies. 2 The report found that improvement in financial close management 1. Kevin Kelso, "Building Blocks of a Successful Financial Close Process," Journal of Accountancy, December 2011, 2. "The Data Directive: How data is driving corporate strategy and what still lies ahead," Economist intelligence unit survey, 2013, commissioned by Wipro 2 APRIL 2013
3 Rather than wait until the end of the month when you close your books to look at data cells and make changes that are required, CFOs can keep track of KPIs and reports and make necessary changes while the close is still occurring. Rajesh Krishnaswamy, General Manager and Global Head Banking, Analytics & Information Services, Wipro Technologies was rated among the top two process areas for which CFOs say data creates a clear positive difference. SIMPLIFYING SYSTEMS AND PROCESSES The fact that data creates such a difference during the financial close is one of the main reasons companies are starting to invest in technologies and services that address these issues. Corporate financial management suites are one option in the growing arsenal of tools designed to speed the financial close while supporting cost optimization and growth initiatives in an organization. Organizations are also benefiting from consolidation of disparate and far-flung systems. Once in place, these consolidated solutions, according to Gartner s 2012 report, Magic Quadrant for Corporate Performance Management Suites, 4 handle: Budgeting, planning and forecasting Profitability modeling and optimization Strategy management Financial consolidation and close Financial and management reporting and disclosure The benefits of automating the financial close are many. As Gartner s Magic Quadrant for CPM Suites explains, this type of application lets organizations reconcile, consolidate, summarize and aggregate financial data based on different accounting standards and government regulations. New functionality for financial close and reconciliations management is being provided by CPM vendors as they expand their financial governance capabilities. These applications require complex transaction-processing rules to automate intercompany transaction management (elimination and matching), and must maintain a detailed audit trail of all transactions processed to arrive at the consolidated financial results. 5 There can be better standardization and more consistency in data once everything goes through a single point-of-entry solution, says Rajesh Krishnaswamy, General Manager and Global Head Banking, Analytics & Information Services, Wipro Technologies. The more disparate the company is, the harder it is to achieve control and achieve eidetic consistency of the quality of data, he says. In that respect, a classic example would be the chart of accounts, where you typically can t find consistent definitions. Indeed, one of the most important things an automated financial close application brings is the ability to consolidate data into a single place, such as bringing together disparate systems and repositories. Data associated with this process includes balance sheet and income statement accounts such as assets, liabilities, operating 3. Ibid. 4. "Magic Quadrant for Corporate Performance Management Suites," Analysts: John E. Van Decker, Neil Chandler, Christopher Iervolino, Gartner, Inc., March 19, 2012, ID:G Ibid. 3 APRIL 2013
4 Closing in on the Close There are two scenarios that bring organizations to Wipro for help. The first is the need to recoup time from the close. An organization may be producing good-quality reports and meeting compliance rules, but it is wasting too much time on the process and execution of the close. Many businesses require so much manual intervention that staffers are simply overwhelmed and overworked. expenses, and nonoperating revenues and gains, among others. These categories are subcategorized by business function, company division or product line. Assembled manually, this data can be inconsistent since it is often collected from multiple departments and sources electronic, paper, financial and nonfinancial. It is then assembled into a single, common chart of accounts that meet a wide variety of accounting standards, depending on the company, its origin, and whether it is public or private. When data is in a central repository, anyone in finance can easily do ad hoc analysis and create reports, especially if the financial software is tied to a strong business intelligence platform. Automation also makes even the most time-consuming tasks easier or unnecessary. For example, using the software, organizations can instantly perform currency translation, which helps speed the close as well as the execution of other key financial reports. This is crucial for companies that are global or have plans to go global in the future. The data can also be used in a variety of financial systems. Building on the common closed-loop concept, the system can feed information back into itself and other financial applications, allowing data to be repurposed multiple times. Information needed for business planning can come directly from the financial close application, which in turn provides more accurate and detailed data once that planning is put into action. The software can also help CFOs identify and remove redundant processes from the close, and provide key performance indicators (KPIs) within and beyond reporting periods. The second scenario is just as common: An organization is facing increasing regulatory and compliance requirements that are changing so quickly and so drastically that their current system simply can t keep up. Both are simple to fix, both from a technology and consulting aspect, says Rajesh Krishnaswamy, General Manager and Global Head Banking, Analytics & Information Services, Wipro Technologies. For some engagements, we have close to a 70-person team that can help define and create a new information platform along with very strong key performance indicators, he explains. In one recent instance, Wipro was able to reduce to eight days what had previously been a 45-day close. We delivered this functionality over three different releases and improved every aspect of that client s financial close. Rather than wait until the end of the month when you close your books to look at data cells and make changes that are required, CFOs can keep track of KPIs and reports and make necessary changes while the close is still occurring, explains Krishnaswamy. This provides a high level of transparency and visibility as well. Finally, one of the most significant benefits of an automated system is the inherent set of controls and paper trail that it creates. An information management platform adds both auditability and credibility to the organization s financial record keeping. It ensures that the quality of the financial data is sound while creating a permanent activity log of financial reports. In addition, it provides flexibility and adaptability for everyone in the finance organization. STEPS FOR THE CFO Although the process of automating and implementing electronic workflow capabilities may seem daunting, there are some simple steps CFOs can take to make the transition simple and pain-free. The first step should be taking a snapshot of the current infrastructure and processes so that they can be used as benchmarks when evaluating potential technology solutions. Once it is decided that an automated solution is the next move, experts say there are several characteristics of a solid financial 4 APRIL 2013
5 close automation platform that CFOs short-list. However, it will be important to consult with both the business and the rest of the financial services team. CIOs can ensure compliance and use of any new systems and processes by involving the staff in the pre-assessment process. What do they think are the biggest issues with Finance with the help of IT can put into place solutions that enable automation of the financial close and related activities. the organization s financial close? What would they like to see happen? What features and functionality would they like to see implemented? To make changes it will be crucial to get complete buy-in from everyone in the finance department. In addition, you ll need to work toward true alignment with finance and the business, providing a clear line of sight between the two. Another topic of discussion that should be on the table: the operating model and its design structure, which are both equally important. The finance staff s suggestions are likely to mirror expert advice. For instance, experts say the best governance, risk and compliance, data assurance, and financial consolidation technology solutions provide electronic workflow capabilities that include tasks related directly to the financial close. Solutions that have built-in task-management capabilities and open item-management areas are also rated highly by the experts. Finally, solutions that incorporate visualization technologies can improve the financial close, since they enable finance teams to automate the production of their monthly management accounts and allow senior finance managers to carry data on mobile devices and tablets. When these evaluations are done correctly, finance with the help of IT can put into place solutions that enable automation of the financial close and its related activities, such as the matching and governance that balance sheet reconciliations involve. This leads to significant gains in productivity and resource savings, as well as an increase in the integrity of the organization s balance sheet. It is only then that companies can implement commercial change and business transformation the intended outcome of finance automation. 5 APRIL 2013
6 ABOUT ANALYTICS AND INFORMATION MANAGEMENT SERVICES Wipro is a leading provider of analytics and information management solutions enabling customers to derive actionable business insights from data to drive growth, enhance cost management and strengthen risk management. Wipro works with customers to develop end-to-end analytics and information strategy leveraging process assets and solutions based on analytics, business intelligence, enterprise performance management, and information management. For more information, please visit ABOUT WIPRO TECHNOLOGIES Wipro Technologies, the global IT business of Wipro Limited (NYSE:WIT), is a leading information technology, consulting and outsourcing company that delivers solutions to enable its clients do business better. Wipro Technologies delivers winning business outcomes through its deep industry experience and a 360-degree view of business through technology helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner s approach to delivering innovation and an organizationwide commitment to sustainability, Wipro Technologies has 140,000 employees and clients across 54 countries. For more information, please visit 6 Copyright Wipro Technologies 2013
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