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.
What can a stretched Finance Department do to resolve this Gordian knot?
Accountagility has the answer. 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 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 drilldown 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.