In a busy Finance function, the month end close process is a recurring challenge. Many businesses have developed multiple P&Ls, balance sheets and data sources, with international structures posing a particular set of needs. There never seems to be enough time to meet demanding deadlines, and such pressures can affect accuracy. As if that is not enough, emerging regulatory requirements are impacting the closing timetable, with extra time being needed to create reports for compliance regimes such as Solvency II.
Finance staff are assigned to dealing with the heavy workload of manual adjustments. This adds complexity to the task of supporting all stakeholders. Then there are further processes associated with Quarter End, Half Year and Year End, all adding to the demands and the workload. Accountagility’s financial close solution is the answer to all your period end and reporting needs. Introducing ORYX Close.
Streamline Your Closing
ORYX Close can save up to 50% of the time and effort incurred by a medium to large Finance Department in performing its month end close process. This saving also holds true for the other period ends (Quarterly, Half Year and Annual).
You no longer need to burn the midnight oil. You can improve staff conditions and morale, reduce overtime costs, whilst eliminating errors and improving accuracy. You can substantially reduce the volume of manual adjustments, and at the same time satisfy audit requirements. You can release time to perform the regulatory and reporting processes, so that the information is produced flawlessly. All in all you can take out the undue stress traditionally associated with the closing deadlines
ORYX Close puts you back in control of the closing cycle. Now you have pleasant choices to make; what would you prefer… to reduce evening and overtime working? …to allocate staff to other, higher value tasks? … to shorten the close cycle? … to create more time for checking, reporting and regulatory outputs? … or a combination of all these options? You can determine the best choices for your function and make radical improvements to productivity and efficiency.
Turn Closing into a Predictable Process
With ORYX Close you have a powerful set of workflows that allow the close process to be automated and repeated. From the sourcing of data produced by a variety of internal and external systems, through to validation of data and QA of Ledgers, to journal entry and documentation, and the reduction of manual adjustments, ORYX Close has automatic labour-saving features that will save many man hours every month.
“ORYX Close is part of an integrated suite of solutions that reduces operating costs and risks within the Finance function”
ORYX Close has an easy method of completing the process, culminating in an audited and streamlined sign-off procedure. Signatories can either approve workflows within the close process, or revert back with comments for further amendment, saving time on your approval processes. Not just simple, but automated, documented and above all, common sense.
Different Flows for Different Periods
Once the month end process is established, we help you build on that foundation. We define additional workflows for Quarter ends, Half Years and Full Year close. Once established, each one is repeatable, for further efficiency and consistency.
Information – On Demand
ORYX Close then provides intuitive and insightful analysis with full detailed drill down capability for your staff to identify, understand and quickly correct issues within your numbers. Finally, turn any extract into a journal entry using our easy to use adjustment tools. Management report templates can be created once, then replicated for multiple audiences and future periods. Use our automated commentary tools to annotate your numbers, or even upload your workings. Email out individually customised reports to a set of stakeholders with as little as a single click.
Designed for You
Our rich closing solution has been created by financial experts, just like you, with similar backgrounds and experience. ORYX Close has been designed to give you all the tools you need to survive the multiple challenges of Period Close, providing you with the power you need.
Delivery Options that Work for You
Through years of experience of working with different companies across the World, we’ve managed to fine tune our delivery solutions, so that they give your business exactly what it needs. Fixed price or Agile delivery – the decision is yours.
Our solution offers great value and is competitive to any other product. Challenge us today. Ask us to provide a free report on your existing Closing process to see if we can deliver improved flexibility and reliability, as required by your business.
Telephone: +44 (0)207 947 9650
ORYX CLOSE FEATURES
|Support Regional Needs||Accommodate regional requirements through distributed close ownership and flexible variants.|
|Team Efficiency||Segregate duties, dedicate staff to particular areas, set alerts and reminders and track activity, to make your team more productive.|
|Rapid Adjustment||Automate your monthly journals into repeatable workflows, and benefit from tools that create ad-hoc adjustment entries on the fly.|
|Foreign Exchange||Identify your exposures and risks through predictive testing and sensitivity analysis capabilities, plus full support for foreign currency translation.|
|Support for Audit||ORYX Close has standard queries and features that make auditing simple and easy.|
|Journal Entries||Save time with automated entries and comments. Use the incremental journal capability to process adjustments automatically.|
|GL Analysis Tools||No specialist skills needed for finance staff to view the detail through easy drill-downs.|
|Reconcile your Differences||Reconciliations are easy to perform with automated comparisons and exception reports, all operated through the Reconciliation Dashboard.|
|Analysis & Reporting||Flexible analysis and documentation tools provide full analysis and commentary to help you understand your numbers.|
|Ledger Suites||Integration into industry standard ledger suites including SAP, Oracle, Sun Accounts, JD Edwards and Oracle to give you business continuity.|