The one-day-close: Automating finance to drive the cost agenda

By: Paul Bouchier, Sales Director at iOCO

Within iOCO Software Distribution, the local Infor Master Reseller

When it comes to business financials, almost all modern-day organisations appreciate the deep value of achieving the illusive one-day-close. However, despite the myriad of technological solutions available, many organisations still struggle to consolidate financials effectively within a day or less.   

As the business world rapidly evolves into an increasingly virtual sphere, it is imperative that business owners and decision makers not only understand the value of the one-day-close but also how to achieve it. The answer, as can be expected, lies in technology – but this comes with a caveat. With the number of products currently available it can be a daunting and costly task to find the right software solution.

When a one-day-close can consistently be achieved, organisations enjoy great benefits, including increased value, time and cost-saving, and enhanced decision-making power. This is accomplished by streamlining financial reporting, utilising the likes of Infor’s Financials and Supply Management solution. Add to this modern, efficient, and advanced Enterprise Resource Planning (ERP) systems and the coupling of innovation and artificial intelligence makes the one-day-close a reality.  

Once the proper processes are in place and businesses are equipped with the proper tools to automate finances the one-day-close becomes an enormous value add to any organisation. Transactions become more efficient and less time consuming and human error is substantially decreased.

With a view to driving ultimate efficiency, automated finances ensure financial statements and reporting (which previously took days or weeks to complete) are finalised within a day or less. With cloud-based ERP systems, financial information is available in real-time and can be accessed from anywhere. Automated financing also produces accurate profit-loss and critical financial performance measures, making them easily accessible. This allows for a broader organisational view of finances for sound and immediate decision making.

While providing businesses with the potential of a one-day-close, automated finances also offer business leaders and decision makers pivotal insights into the business’ production, finances, and supply chain. With this information, a strategic approach can be taken to better understand what is needed for continued success. The information can further be passed on to employees for improved operations across the organisation.

When a one-day-close is achieved, organisations are freed up to focus on other value-adding activities. With this approach, customer satisfaction is often substantially increased as the streamlined processes allow for quicker transfer of information and resolution. Areas for concern are also more easily identified and addressed, ensuring a smoother transaction overall.

Financial automation is a vital step in digital transformation and can exponentially increase revenue gain. Through digital transformation, large organisations have seen impressive stock price growth rates of well over 200%. It’s clear, then, that automating finances provides organisations with modern finance tools, offering functionalities like unlimited reporting dimensions and enhanced analytics for large amounts of data quantities.  

Through this digital maturity, businesses can maintain a strategic edge. Automated finances through Infor ERP allow for a versatile functioning that can achieve a one-day-close consistently. This is pivotal for business success within an economically unstable time when continual adaption is needed… especially as customers and partnering businesses want to be assured that the processes are smooth, reliable, and effective.

Further, organisations maintain a competitive edge with financial data being turned into actionable insights. This can lead to financial innovation and industry differentiation. A consistent one-day-close allows customers and partnering businesses to recognise a business as being one of innovation, integrity, and reliability. This strengthens the business brand, ensures repeat business, and offers the potential for building a stronger and enhanced client list.

Across the globe, the one-day-close is a goal for many organisations. With the current uncertain economic climate, its value has increased exponentially. This automated financing allows for increased efficiency, productivity, and better decision making. Organisations that can consistently achieve the one-day-close maintain a reputation for being efficient, innovative, and reliable. Ultimately, this gives the organisation the competitive edge that is so crucially needed within today’s economic climate.