Best Practices for the Financial Close with Your SAP ERP

Best Practices for the Financial Close with Your SAP ERP

Even with a robust ERP like SAP in place, Controllers report spending nearly 70% of their time performing traditional tasks, such as closing the books or ensuring compliance with accounting standards. The opportunity to optimize your SAP ERP investment lies in implementing best practices by automating the Financial Close. 

The case for automating the Financial Close for increased speed and accuracy is compelling. A 2022 Ventana Research study showed that 88% of companies that have automated most of the close process could finish within 6 business days. 

Access this discussion between speakers from FloQast, SAP user Lifetime Brands, and Sapworks to hear how over 1,900 companies have automated the Financial Close and implemented repeatable best practices to drive a more accurate and fast Close on an SAP ERP.

From this session, you will hear how to:

• Reduce the CFO waiting game for accurate financial information to drive financial compliance, financial reporting, and planning

• Provide real-time, centralized visibility in the Financial Close and across accounting operations for manage-by-exception and workload balancing

• Increased collaboration breaking down silos of people and information across remote, on-premise, and hybrid work models.

• Creating a centralized repository of documented evidence captured for the audit, financial and regulatory reporting.

Now more than ever, speed and accuracy in the Financial Close is a competitive advantage as organizations need to reconfigure the business at speed.