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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 4.0 delivers Financial Close & Fast Closing process
Tagetik delivers a unified software solution that can support Performance Management and Enterprise Governance, Risk & Compliance, Business Intelligence, Collaborative Disclosure Management.
Tagetik 4.0 creates value by simplifying complex business processes for CFOs and CIOs: budgeting, cash flow planning, statutory and management consolidation, cost allocation & profitability analysis, financial close & fast closing, dashboard & scorecarding, collaborative disclosure management, business intelligence and compliance/industry requirements.
Tagetik 4.0 is the solution to translate strategy into operations, manage and control overall performance down to business transactions and improve decision-making across the whole organization while achieving faster ROI and lower total cost of ownership (TCO).
Tagetik operates in 18 countries leveraging a close partnership with Microsoft. Its market experts are totally committed to the success of 400 worldwide customers, including some of the largest Fortune 1000 companies and representing all industries, as well as to foster partnership with system integrators, technology leaders and local consulting specialists.