IBM's Record to Analyze Month End Close solution helps declutter & destress your period close. A recurring challenge faced by F&A operations team is the ability to control and monitor the close of each financial period. The Month-end close(MEC) process is pretty complex and intense as it is very sensitive to all upstream and instream business processes. Given the high volume of activities performed during a short span of period, period close process exerts significant amount of stress on operational resources and potentially impacts the quality of financial accounting and reporting. The R2A period close optimizer offers customers a live monitor that helps them manage their complex period close processes near real-time with options to automatically follow up tasks to closure. The solution also offers a transformation monitor that provides piercing insights on close optimization and transformation opportunities with a view to declutter and destress period close.
This is where IBM and Celonis Combine their Strengths:
Ensure timely closure of financial books of all participating business units/ sub-entities.
Smoothen the workload across workdays and human resources.
Ensure compliance of all financial transactions processed during MEC with enterprise policies and procedures.
Enable early identification of potential transformation opportunities.
Near live monitoring of period close at multiple levels including company code, country, and region with indication of potential overall slippage.
Monitor activity status by sub process with insights on workload distribution and progression of work with a view to avoid potential slippages.
Monitor all financial transactions and track all period close KPIs linked to these transactions for proactive detect and correct.
Use historical period close performance insights to explore root causes for delays using performance drivers tagged to individual activities.
Use historical period close performance insights to set the best performing business unit as benchmark and analyze key process design differentiators with other business units to aid best practice adoption internally.
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