By Joan Honig, DocuWare: Month-end close is an important financial function for any organization. Finalizing records and reports at the end of each month is essential to ensure the accuracy of financial information and provide timely insights into the financial health of the business. It helps your company make informed decisions, comply with regulatory requirements, and maintain transparency and accountability in financial reporting.

During month-end close finance teams delve deeply into reconciliations, balance sheets, and other financial statements; often under strict deadlines. But reconciling financial data from various sources, such as bank statements, accounts receivable, and accounts payable, can be time-consuming and complex. And for companies with a high volume of transactions, the strain on resources and systems can be intense. What’s more, for many, reliance on manual data entry and spreadsheets increases the likelihood of errors and inconsistency.

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SOURCE DocuWare