- Best Practice Guide: Five Steps to Designing a Disciplined Month-end Close
Best Practice Guide: Five Steps to Designing a Disciplined Month-End Close
As new technology creates the potential for more data collection, services organizations have to rethink how best to flow the information into the decision-making process at the end of each month. However, this process can be challenging in a rapidly-growing business.
One of the most common mistakes that businesses make is taking a disciplined approach to month-end close. In some organizations, the data becomes the preserve of the finance or accounting department – and its power to feed into operational effectiveness and to boost business performance is undervalued. Where this is done right, it creates a rhythmic cadence of data management that actually increases the accuracy and confidence surrounding forecasting — a critical component to maintaining a predictable organization.
This Best Practice Guide suggests five simple steps to a disciplined month-end close that will increase performance, profitability, and predictability within your business.