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Financial Close
Financial Close is a stage in a financial agreement where conditions have been satisfied or waived, documents executed, and draw-downs become permissible.
Financial Close is a stage in a financial agreement where conditions have been satisfied or waived, documents executed, and draw-downs become permissible.
It is one of the most important processes of Financial Governance with respect to managing activities related to closing and "the last mile" of finance. For example; when companies disconnect from their ERP system to enter into an “individual” system such as Excel and / or database ERP and close budgetary data. The last mile may be more or less long depending on how much the company has invested in the ERP system but, regardless of this, any company is always facing his last mile.
Typical activities in this area have, reconciliation between accounts, adjustments with any reclassification cycles / allocation, and deliver financial and regulatory reporting to the authorities (for example, the 10-Q / 10-K in the United States or the Note for Integrative Italy).
Financial Close requires a Software that can automate the “last mile” of finance through built-in analytics, corrections and entry adjustments as well as the automatic generation of financial reports. This maximizes the efficiency of reporting and reduces the risk of missed steps and errors.
Discover how Tagetik 3.0 delivers Financial Close & Fast Closing process
Tagetik is a global software vendor of the first unified Performance Management & Financial Governance solution to help CFOs and CIOs simplify complex business processes.
A complete financial closed-loop software, Tagetik 3.0 unifies key processes and applications – such as budgeting, planning & forecasting, financial consolidation, financial governance, strategy management, profitability modeling, working capital analysis – to manage and control overall performance, support compliance initiatives, harmonize different views of critical financial data, enable maximum visibility down to business transactions. In this way, the CFO can support the CEO in monitoring the implementation of strategies, ensure their sustainability and control corporate performance.
Since the software leverages “built-in” processes and cross-platform technology – fully web-based and integrated with any ERP, our customers can profit by up to 50% reduction of the total cost of ownership (TCO).