5 Benefits of Digitizing Month-End Close Processes
Jun 20, 2023 by Kelsey Banerjee
Digitizing month-end close processes offers several benefits that can significantly improve the efficiency and accuracy of financial reporting. By eliminating manual processes like data entry and paper-based transactions, digitization and automation can reduce the risk of human error and data loss. The end of the month can be stressful for your financial team. Between calculating employee wages, paying bills, and balancing budgets, there is a lot of financial data to keep track of. And unfortunately, due to human error, that data can easily be lost. 78% of finance professionals believe that manual processes result in more mistakes, such as lost documents and compliance breaches. But all of these issues associated with financial reporting can be avoided with digitized month-end accounting. Digitized (and automated) month-end close processes reduce human error, improve account visibility, and boost cash flow. This approach to financial reporting saves your accounting team money and time—making room for high-level, strategic tasks.
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