Answer:
Lack of a dedicated automation solution during month-end close introduces a variety of problems for the accounting team, including:
- No transparency into close status
- Last minute surprises and material adjustments to the financials
- No time to finish all reconciliation prior to closing the books
- Plethora of Excel spreadsheets stored in various locations that are not easily accessible.
- More time dedicated to the audit process in communication, document retrieval and evidencing internal control execution.