Financial Close Process Manager

Taming the Financial Close Review Process

The FCPM solution is for Finance organizations with complex or highly manual closing processes that demand an increasing emphasis on efficiency and accuracy

The ProcessUnity Financial Close Process Manager provides a controlled environment in which to manage the series of sequential, interdependent activities required to report the corporation's financial results on a monthly, quarterly, and yearly basis. ProcessUnity facilitates the close, cross-organization coordination and collaboration that the close process demands, replacing a process that is typically highly manual and precariously dependent on spreadsheets and email, with an orderly workflow and secure, centralized storage of all Financial Close-related materials and documentation. ProcessUnity also gives finance executives the tools they need to address the mounting pressure to increase the accuracy of financial reporting and meet various regulatory demands, while also working to decrease turnaround time with an already overworked staff.

The Challenge

Are you facing...

  • A highly manual financial close process, with most of the communication being handled through a myriad of back-and-forth emails, phone calls, and spreadsheets?
  • Ever-increasing compliance requirements from regulatory and external audit organizations?
  • Continuing pressure to shorten the Financial Close cycle, with greater accuracy and fewer bottlenecks?
  • A complicated and stress-inducing process?

Do you wish you had...

  • An automated and secure process for the acquisition, review, approval, and storage of the Financial Close documents?
  • Defined, role-appropriate access to Financial Close review information by internal / external auditors and management for SOX and other compliance purposes?
  • The ability both to monitor the Financial Close progress and identify opportunities for process improvement?

The Solution

ProcessUnity’s FCPM  software solution addresses these challenges by providing:

  • Automated and streamlined management of the Financial Close review process, eliminating the unpredictability of spreadsheets and emails.
  • Advanced scheduling to avoid missing critical requirements that do not occur on a regular basis.
  • Dashboard that provides a dynamic view of the Financial Close process, enabling both real-time problem resolution and post-close analysis of opportunities for improvement.
  • Comprehensive reporting that tracks the fulfillment and approval of documents that are required to complete the Financial Close.

Features

  • Automated control for reviewing multiple accounts and locations
  • Secure archiving of key documents to support internal/external audits, SOX, and other regulatory requirements
  • Robust workflow for reviewing and approving closing documents throughout the process
  • Powerful out-of-the box reporting for monitoring and managing the Financial Close progress
  • Flexible, easy-to-use custom reporting for meeting company specific reporting needs
  • Import templates to get you started by pre-loading financial accounts
  • Co-existence with any internal financial closing or consolidation system
  • User-managed scheduling of Financial Close activities, workflow, and notifications

Customer Value Proposition

  • Real-time view of close process
  • Freedom from the unpredictability of spreadsheets and email
  • Easier compliance with regulatory requirements
  • Improved internal management, timeliness, and visibility
  • Easy-to-maintain master list of financial statement accounts
  • Support for multi-division, multi-region businesses

Benefits Summary

  • Low Total Cost of Ownership
    • SaaS delivery model
    • Configurable state-of-the-art platform
  • Fast Time to Market
    • Rapid implementation / deployment
    • Rapid development (as needed)
  • Ease of Use
    • Intuitive cloud solutions
    • Easy to configure, administer, deploy
    • No software to install – browser only
  • Platform for Growth
    • Technology and business risk management / global reporting needs
    • Advanced analytics