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Closing Software: The Evolution of the Close, Why Technology Should Drive Your Close

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Simply put, Closing Software (“CS”) helps accounting departments close the books. CS helps to reduce close time, mitigate errors and streamline financial reporting.

Month-end is managed by the Controller, who assigns work to the team and uses an Excel checklist to track completion. They ensure everything is on schedule by getting periodic updates from the team and holding status update meetings to make sure everyone is communicating.

Once all of the close tasks have been completed and journal entries have been posted, it’s time to ensure supporting documents tie-out to the trial balance. The tie-out and reconciliation process can be time consuming, typically requiring somebody to dig through a workbook to find any reconciling items.

CS began to gain traction in the early 2010’s and we here at FloQast believe it’s the next step in efficient and streamlined accounting.

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