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If Time Is Money, Why Does the Financial Close Process Take Companies So Long?

By bentaylor

Closing the Books

On the first business day of the month, organizations all over the world start their financial close process. This is when they turn the prior month’s operational data into financial statements.  This process, called “closing the books”, typically takes a few weeks. 

Key Questions:

  • What do you mean by “close”?
  • Why does it matter to the business?
  • How long does it actually take?
  • What’s holding it back?
  • How fast could it really be?

Legacy Software

Legacy software is rigid. Data is compartmentalized.  Users need to hunt for their data, using complex systems of references.

This is why legacy software is unable to adapt to changing business models and processes.  

Key Questions:

  • What is “legacy software?”
  • How does legacy software hurt?
  • What exactly is wrong with it?
  • Why don’t companies change?
  • Why don’t legacy software companies just fix it?

Solution

Instead of searching for your data, what if it was readily available?  What if your financial statements were just queries from the underlying data?  

That’s what we’re doing at SoftLedger.  We are building a complete and flexible accounting system purpose-built to close on day 1, each month.  

Imagine what impact a one-day financial close process will have on businesses.  They’ll be able to make better decisions, more quickly, have easier access to capital, and overall they’ll simply be more competitive.

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