Why Focus on the Month-End Close?

On average, it takes companies 8 working days to close the books each month, and 10 working days to close each quarter. That’s 40% to 50% of our working month spent finalizing the financials. Shouldn’t those 8 to 10 days be just as joyful, or perhaps just not as awful, as the rest of the month?

Well, Happily Ever After doesn’t just happen, except of course, in fairy tales. Hard work alone is not enough. A month-end close that achieves a fairy tale ending is forged through discipline, teamwork, and the right tools. From the thousands of accountants we have spoken with, we consistently observe several themes that seem to live on in accounting groups that close efficiently and effectively month after month.

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Welcome to CFO Talk, our podcast dedicated to bringing you insights and expertise from industry leaders for the finance world.

In this edition of CFO Talk Steve interviews a special guest from Wichita, Kansas, Lynn Guinn. Lynn is a seasoned business leader with a diverse background in accounting, operations, and trading. With his extensive academic background in finance, accounting, and agricultural economics, and advanced degrees in strategy and innovation, Lynn has built an impressive career.

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Welcome to CFO Talk, the podcast where we dive deep into the world of finance and leadership. In this episode, we have a special guest, Vineet Jain, a leading authority on finance transformation and a director at Genpact, sharing his insights and expertise on finance transformation.

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In this 3-part series we share 6 topics that will help you navigate the new waters of today’s economy.

The topics include People, Leadership, Profitability/Cash Flow, Funding, Technology and Your Professional Growth. We will include actions finance leaders can take to thrive in an environment where others are trying to survive.

Catch up the first two parts of Managing Your Team and Career Through Today’s ‘New’ Economic Realities here, Part I and Part II.

In Part III we cover Technology and Your Professional Growth.
A key responsibility of Finance leaders is to model the expected returns on assets considered for investment. It’s no different for our technology investments.

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In a swift and dynamic environment where business is often conducted at what seems like the speed of light, maintaining transparency is essential and having good business controls is fundamental.

Contrary to the notion that they are restrictive and binding, good business controls can bring numerous benefits to your company:

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