Improving the Monthly Close Process: Identifying Bottlenecks and Solutions

The video tutorial discusses the close process in accounting, highlighting the results of a benchmarking study that shows varying close times among companies. It identifies common bottlenecks such as manual processes, lack of system integration, and staff shortages. The tutorial also addresses issues with information handoffs and the use of multiple accounting systems. It emphasizes the widespread reliance on Excel, noting its flexibility but also its drawbacks, such as lack of standardization and audit trails. The video suggests training and standardizing Excel use to improve quality and timeliness in the close process.

What challenges do companies face when consolidating multiple divisions?

In what ways can organizations improve their closed processes?