The Modern Approach

to Closing the Books

An Introduction to Continuous Accounting

Trust is in the Balance™

Table of Contents

The Future of Finance is Bright..................................................................................................................................................................................... 3

The Trouble with Record-to-Report............................................................................................................................................................................. 6

Costs of Reactive Operations......................................................................................................................................................................................... 9

The Evolution of Record-to-Report: Continuous Accounting ���������������������������������������������������������������������������������������������������������������������������� 12

Transformational Benefits of Continuous Accounting...........................................................................................................................................16

5 Steps to Continuous Accounting.............................................................................................................................................................................20

Baby Steps: Practical Examples to Get You Started............................................................................................................................................. 22

The Modern Finance Journey.......................................................................................................................................................................................29

Companies on the Modern Finance Journey........................................................................................................................................................... 33

Achieving the Point-in-Time Close.............................................................................................................................................................................38

Modernity is Not an Option: Adapt Or…....................................................................................................................................................................41

The Modern Approach to Closing the Books 2

 There’s cause for a lot of optimism in
The Future
finance. By 2020, Accenture predicts
of Finance productivity of Finance will increase by
is Bright two to three times while organizational
costs will decline by 40%1. They also
predict a dramatic shift in time spent on
analysis, from a mere 25% today to 75%
in the future.

The Modern Approach to Closing the Books 3

The Future These transformative predictions, are due in large
part to the digitization of accounting, and the
of Finance digitization of business in general. Technologies like
is Bright cloud computing, mobile, automation and analytics
are delivering dramatic improvements in efficiency,
and finance organizations are tapping into it, with
82% of CFOs pointing to cloud applications as the
future of their business applications2.

Finance is shifting from traditional rigid Nearly 70% of respondents in a recent survey

and manual accounting processes to more by The Hackett Group found that manual

automated, more flexible, and more agile processes are still the #1 bottleneck, with

cloud based systems. This shift is essential, much of the resource utilized at the end of

because it provides the productivity benefits the accounting period. Clearly, smart use of,

so that finance can focus more on reporting and reallocating those resources through

and analyzing financial performance. automation is a significant opportunity to

However, successfully making the shift means make the shift.

overcoming roadblocks across four key areas

– automation, talent, risk, and technology.

The Modern Approach to Closing the Books 4

The Future
Making the shift to being more strategic, millennial workforce, but current systems are

also means attracting and retaining the often a barrier to making the shift. It requires

of Finance
best talent. While 97% of CEOs see this as a cloud and mobile systems that complement

priority, only 1/3 give CFOs a passing grade3. existing infrastructure.

Unsurprisingly, manual and repetitive tasks

is Bright drain satisfaction and motivation – and are a

predictor to churn. To compete for and retain

The complex nature of 24/7 global business

requires a change or, more accurately, a

revolution. The legacy processes saddling

talent, automation is key.
finance operations are endemic, but

Finally, organizations see challenges moving especially burdensome for core accounting

from the systems they have to the future. and financial close. In order to make the the

CFOs see cloud as the future of their shift from overworked cost center to strategic

applications and mobile applications are partner for their business, accounting and

increasingly important with an incoming finance teams must embrace the future.

How do organizations move away from legacy systems and processes

while reducing cost and improving productivity?

The Modern Approach to Closing the Books 5

 The traditional record-to-report process
The Trouble
was designed to map out tasks and
with Record- responsibilities required to be performed
to-Report after the period-end, whether directly
involved in the financial close process
or part of after-close reconciliations and
analysis. Close activities and processes
that were created and implemented twenty
or more years ago were not built for the
modern business economy.

The Modern Approach to Closing the Books 6

The Trouble with
Record-to-Report

BANK

Prepare Analyze Report

ERPs

CREDIT CARD
Account Journal Month-End Compliance
Analysis Reporting
Reconciliations Entry Close & Control
POS

SUBLEDGERS
DAY 1 DAY 7 DAY 14 DAY 21
DATA

The Modern Approach to Closing the Books 7

 It’s not that the process is broken; it’s
The Trouble
that it has failed to modernize.
with Record-
to-Report Record-to-report processes were built to

accommodate rigid systems that didn’t

Technically, this is a completely functional

process. But it is no longer optimal. Some

integrate well with general ledgers nor ascribe to the philosophy of if it ain’t broke,

provide accurate visibility into the chart- don’t fix it. It’s not that the process is broken;

of-accounts. As a process, it represents a it’s that it has failed to modernize. It is

start-stop view of how accountants approach not equipped to keep up with the always-

reconciliation and close activities at the on, continuous nature of business today.

period end, manifesting problems that can Globally dispersed transactions – from final

have a significant impact on the business. product sales to intercompany invoices –

come in around the clock, vastly increasing

Record-to-report is a linear process,
the number of unreconciled transactions.
analogous to an assembly line. By definition,
Record-to-report brings significant costs to
results can only be produced and the end
organizations looking to modernize, even
of a given period, be it a month, quarter, or
more to those who are reluctant to do so.
year. Fundamentally, on the day after the
period closes, steps are taken to first prepare,

subsequently analyze, and ultimately report

results. By the time those results are in, the

information is necessarily out of date.

The Modern Approach to Closing the Books 8

 As the record-to-report model represents
Costs of
items to be completed upon the end of
Reactive the period, it condenses a huge amount
Operations of work into a short span of time. This is a
reactive approach to getting the job done,
one that leaves accounting and finance
always playing catch-up.

The Modern Approach to Closing the Books 9

 Costs of Reactive accounting operations in the form of the
traditional record-to-report process risk damaging
Reactive the quality, accuracy, and timeliness of results
Operations while placing incredible amounts of strain on
employees. By leaving so much work to get done
in just a week or so, accounting and finance teams
face costly challenges.

When Business Happens Period-End Close

Close Activities
Reporting & Analysis

0 CALENDAR DAYS 5 10 15 20 25 30 35 40 45

The Modern Approach to Closing the Books 10

 No Time for Analysis
Costs of By completing close activities at the end of a period, there is no

Reactive extra time for in-depth analysis.

Operations Out of Date Results

When the results are in and reporting is completed, the results are from
days ago if not older.

Increased Risk of Error

As the pressure mounts to complete the close, rushed approvals
and late journal entries lead to missed errors.

Discrepancies Discovered After Reporting

If a material error gets through or an account balance fluctuation needs
investigation, it only happens after reporting.

Employee Burnout
Long hours and overtime are fast lanes to employee burnout, and
ultimately expensive employee turnover.

The Modern Approach to Closing the Books 11

 Continuous Accounting embeds automation,
The Evolution
control, and period-end tasks within day-to-
of R2R: day activities, allowing the rigid accounting
Continuous calendar to more closely mirror the dynamic
Accounting nature of the broader business.

The Modern Approach to Closing the Books 12

The Evolution
The truth is automating the R2R process Continuous Accounting transforms tasks

only gets accounting so far — faster close like reconciliations, intercompany processes,

of R2R:
times, and reduced accounting effort. transaction matching and variance analysis,

Continuous Accounting provides a way so they aren’t just automated: they’re real

forward — shifting traditional end of period time. It delivers more than a faster close and

Continuous tasks to continuous day-to-day activities

throughout the accounting period, unlocking

efficiency benefits alone, because it spreads

the accounting workload over the accounting

Accounting more productivity, more agility, and more

visibility. Continuous Accounting is the natural

period, reducing overtime and weekend

crunches that often overload and burn out

evolution of record-to-report. The reality is accounting talent. It turns visibility into

that Automating the R2R process is valuable. financial results that is traditionally reserved

Because the benefits are confined to the for the close process, into a real-time picture

close period itself, it can only buy at any point in the accounting period.

accounting so much.

The Modern Approach to Closing the Books 13

The Evolution
The accounting team can perform tasks in technology to shorten their record-to-report

smaller chunks on a more frequent basis, close cycles with automation, improvements

of R2R:
smoothing out workloads. They can also are limited by the very structure of the old

evaluate the integrity of information at way of doing things. Continuous Accounting

any given point in time, enabling continual is more than a change in technology;

Continuous monitoring for errors, fraud, and inefficiencies.

Furthermore, they can look at the impact of

it is a fundamental shift in philosophy.

The technology takes care of processing

Accounting changes like currency fluctuations with up-

to-date financial data. In short, Continuous

transactions as they come in, but the

people, now refocusing on continual

Accounting more evenly distributes the analysis of discrepancies and anomalies,

workload associated with the period-end close, are unleashed with this philosophical shift.

while enabling constant reporting, verification, Moving from record-to-report to Continuous

and analysis. Accounting is a significant shift, but one with

a practical, stepwise application yielding

This is done by combining a mix of people,
quantifiable benefits.
process, and technology. While many

companies have found ways to leverage

The Modern Approach to Closing the Books 14

The Evolution of R2R:
Continuous Accounting

BANK

ERPs
INTEGRATION LAYER

PROCESS
CREDIT CARD

REPORTING

POS
CONTROL ANALYZE

SUBLEDGERS

DATA

The Modern Approach to Closing the Books 15

 By applying this methodology and
Transformational
philosophy, accounting and finance
Benefits of
teams reduce business-process costs
Continuous and optimize process effectiveness and
Accounting efficiency. Successful application of this
modern process improves the ability to
continually capture, validate, and provide
timely and accurate financial data
necessary for reporting.

The Modern Approach to Closing the Books 16

Transformational Benefits
of Continuous Accounting

When Business Happens

Close Activities
Reporting & Analysis

0 CALENDAR DAYS 5 10 15 20 25 30 35 40 45

The Modern Approach to Closing the Books 17

 More Balanced Workloads
Transformational Rather than execute the majority of period-end accounting efforts in
Benefits of only a few days work can be performed as required in smaller batches.

Continuous
Accounting Time Freed for Analysis
Spreading tasks out through a period does more than balance
workloads, it frees time for in-depth, daily analysis of the latest data.

Current – Not Out of Date - Results

Data analysis is performed continuously, hourly, daily, weekly,
monthly, etc. depending on the needs of the business.

Finance Better Aligned w/ Business Operations

With real-time data analysis, Finance becomes more intelligent,
always armed with information to guide business strategy.

The Modern Approach to Closing the Books 18

 Improved Business Agility
Transformational Strategic guidance from Finance enables executive leadership to
Benefits of continually make better decisions with current information.

Continuous
Accounting Refocus on Value Adding Services
By moving accounting teams away from a reactive, transactional approach,
they can focus on analysis and adding new value to the organization.

Employee Engagement
Balanced workloads and meaningful work ends the era of turnover
due to burnout, and unleashes exceptional accountants.

Continuous Improvement
Combining all other benefits, this modern approach to accounting enables
Finance leaders to constantly hone and optimize internal process.

The Modern Approach to Closing the Books 19

 Continuous Accounting is not an abstract
5 Steps to
concept, but a practical approach to
Continuous improving core accounting and financial
Accounting close operations. Apply these five steps
to accounting activities currently left for
the period end. Step by step, anyone can
modernize back office accounting.

The Modern Approach to Closing the Books 20

 1. Split Batch Processes into Smaller Tasks
5 Steps to Identify batch activities, break them down into logical work units,

Continuous and make them more manageable.

Accounting 2. Schedule Tasks as Early as Possible

Schedule those smaller tasks as early in the process as possible or as
business needs might require.

3. Embed Tasks within an Everyday Workflow

Live the philosophy of Continuous Accounting by embedding tasks
into daily workflows, simply making them a part of one’s day.

4. Automate where Possible; Standardize Elsewhere

Automate tasks where technology can take over, and standardize
routine process where an accountant’s nuanced approach is ideal.

5. Monitor Metrics to Adapt & Intervene in Real Time

Monitor data, results, and benchmarks to address process gaps,
anomalies, and discrepancies as they happen, in real time.

The Modern Approach to Closing the Books 21

 The 5 Steps of Continuous Accounting can
Baby Steps:
apply broadly to finance transformation
Practical projects looking for immediate results.
Examples However, at first glance, it can be hard to
to Get You envision where exactly those steps can

Started be applied. While there are many, here are

a few prime examples that can make a
difference in any organization, immediately.

The Modern Approach to Closing the Books 22

 Variance Analysis
Baby Steps:
Current State
Practical If any real variance analysis – the investigation of balance fluctuations – is done, it is quick, high-level,
and usually last minute. With little more than a cursory glance, there is huge risk of reporting errors.

Examples If anomalous variance issues are discovered, investigation and corrections are rushed at the end of
the period.

to Get You 5 Steps to Continuous Variance Analysis

Started 1. SPLIT batch process into smaller tasks: Instead of analyzing Total Current Assets
as a whole, break it up to analyze Cash, AR, and Pre-paid individually.

2. SCHEDULE tasks as early as possible: Move from analyzing account balance

variance once a month to once a week.

3. EMBED tasks within a normal everyday workflow: Work with your team to make
this a part of their ongoing, day-to-day thought process.

4. AUTOMATE where possible: Leverage technology to automate variance analysis

and alerts if unexpected flux arises.

5. MONITOR metrics to adapt and intervene: Use trend analysis reports to find patterns
and adjust task scheduling to avoid unnecessary investigation based on event timing.

Future State
Investigating anomalies in balance fluctuations throughout the month minimizes the compounded
research historically left for the end of the month. With more time to react and interrogate data,
errors will be caught and handled, increasing confidence in financial statements.

The Modern Approach to Closing the Books 23

 Account Reconciliations
Baby Steps:
Current State
Practical Most reconciling of accounting balances happens at the end of a period. In many cases, that’s
fine. However, key accounts or those subject to high volumes of transactions might require more

Examples regular analysis. The old way of doing thing is reactive. It doesn’t allow for those accounts to get the
attention they need; it doesn’t allow teams to conduct proactive research and analysis.

to Get You 5 Steps to Continuous Account Reconciliations

Started 1. SPLIT batch process into smaller tasks: Instead of waiting until the end of the
period, reconcile key accounts daily or weekly.

2. SCHEDULE tasks as early as possible: Shift from scheduling certain reconciliations

from getting done at month-end, to event-based execution, i.e. when it can or
needs to be reconciled.

3. EMBED tasks within a normal everyday workflow: Socialize process improvement

plan and its advantages for the business (and accounting team!).

4. AUTOMATE where possible: Technology can match high volumes of transaction

data and flag unmatched exceptions for immediate follow up.

5. MONITOR metrics to adapt and intervene: Analyze data and reports to find consistent
issues, benchmark productivity outcomes, and continually hone internal process.

Future State
After applying the five steps, accounts identified as of particular importance can be investigated
throughout the month, even every day if needed. This means there is more time to react to items
needing further investigation or adjustment. In fact, a little later you’ll read about a company that
does this daily in order to make correcting entries in near real time.

The Modern Approach to Closing the Books 24

 Intercompany Accounting
Baby Steps:
Current State
Practical Intercompany accounting is complex. Foreign exchange rates, time variance between entity bookings,
and local laws are just a few of the many challenges confronting intercompany accountants. Legacy

Examples processes necessitate waiting until books are closed to even wrap one’s head around the task at
hand. As a result, there is zero time to react to or research discrepancies, and rushed reviews and

to Get You marginal controls result in inaccurate reporting.

5 Steps to Continuous Intercompany Accounting

Started 1. SPLIT batch process into smaller tasks: Book and approve transactions on each entity’s
books in real time.

2. SCHEDULE tasks as early as possible: Finalizing all parts of intercompany transaction as

they happen realigns the process from month-end review and approval, to daily completion.

3. EMBED tasks within a normal everyday workflow: Establish clear rules and workflows so
transactions can be automatically approved, or swiftly approved manually at a minimum.

4. AUTOMATE where possible: Use intercompany accounting automation and controls

solutions to facilitate automatic processing, approval, and booking where possible.

5. MONITOR metrics to adapt and intervene: View recent fluctuation trends of foreign
exchange rates to augment intercompany processes as needed.

Future State
Given its unique intricacies, intercompany accounting and transaction management needs
technology’s help. Unfortunately, there are only a few fully capable systems available today. But, they
do exist. And, when coupling technology with these five steps, organizations can clear intercompany
transactions in real time, embed control throughout their global process, and free up time to focus on
value-adding activities.

The Modern Approach to Closing the Books 25

 Task Management
Baby Steps:
Current State
Practical When considering how to improve process and its associated task hierarchy, it helps to remind how
workload imbalances associated with traditional approaches to the financial close still plague many

Examples companies. Close tasks are largely left for the end of the period. This leads to long hours, hasty
execution, and a generally disengaged workforce. Moreover, there is no time for quality analysis of

to Get You results and irregularities. This can lead to catching errors too late and a lack of confidence in balance
sheet reporting.

Started Monthly

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

The Modern Approach to Closing the Books 26

 Task Management
Baby Steps:
5 Steps to Continuous Task Management
Practical Task Management is a key component of effectively applying the 5 Steps of Continuous Accounting.

Examples
And, as a component, it can be hard to precisely break it down into the five steps. Nevertheless,
they still work! Steps 1-3 – Split, Schedule, and Embed – are primarily focused on internal process
improvement, not technical automation. Steps 4 and 5 – Automate and Monitor – are where

to Get You technology is best suited to help manage task assignment and execution.

Started
1. SPLIT batch process into smaller tasks: Analyze opportunities to divide larger tasks,
and make smaller tasks more achievable on a regular basis, e.g. daily reconciliations.

2. SCHEDULE tasks as early as possible: Identify events that complete prior to the period
end, and ensure they got done earlier in the period.

3. EMBED tasks within a normal everyday workflow: Realign close tasks and move them
from being period-end focused to becoming a part of day-to-day task lists.

4. AUTOMATE where possible: Use a task management solution (no, not Excel) to assign
and manage tasks. Parent task auto-certification when subordinate tasks are certified
is especially helpful here.

5. MONITOR metrics to adapt and intervene: Use reports and benchmarking to adjust
imbalanced workloads for individuals, and identify opportunities to reassign critical
tasks to top performers.

The Modern Approach to Closing the Books 27

 Task Management
Baby Steps:
Future State
Practical Analyzing your current task management process is a great first step toward Continuous Accounting.
Optimizing your task management process by splitting batch processes into smaller parts, scheduling

Examples tasks as early as possible, and then embedding them into daily workflow, will help any organization
improve the efficiency, productivity, and engagement of its employees, and thus the quality of output.

to Get You
Started Event Driven Monthly Weekly Daily

Sunday Monday Tuesday Wednesday Thursday Friday Saturday

The Modern Approach to Closing the Books 28

 The concept of Modern Finance can
The Modern
seem all encompassing, from Finance
Finance Transformation to technology investments in
Journey Enhanced Finance Controls and Automation,
ERP, and CPM platforms. Succinctly, Modern
Finance combines process improvement
with technology to improve control,
accuracy, and efficiency for the office of
Finance. Modern Finance moves the CFO and
team from being a cost center to a value-
adding, strategic leader of the business.

The Modern Approach to Closing the Books 29

The Modern Continuous Accounting is a pillar of Modern
Finance. And together, they should be thought of
Finance as journeys, not destinations. These ideas are not
Journey finish lines. Top performing finance organizations
are always adapting, innovating, and improving. This
shouldn’t be discouraging. It’s inspiring. Every day
can be better than the last.

Strategic Value

R2R R2R Continuous

Old Way w/ Technology Accounting

The Modern Approach to Closing the Books 30

 Analyze Current State
The Modern • Recognize the challenges of current close procedures

Finance • Consider visibility and efficiency gaps

• Identify risk exposure
Journey
Design Future State
• Imagine the ideal state – Play the What-If Game
• Start with easy wins
• Identify critical areas for regular review and
proactive investigation

Optimize & Automate Process

• Split batch processes into smallest components
• Schedule components more often
• Embed in daily activities
• Automate where possible

The Modern Approach to Closing the Books 31

 Monitor Metrics & Results
The Modern • Leverage continuous activity to continuously review output

Finance • Investigate alerts from flux analysis, exceptions, & anomalies

• Make adjustments as needed in real time
Journey
Review Outcomes & Controls
• Discover macro trends
• Identify process and controls gaps
• Compare successes vs. original objectives – trouble areas?

Improve Continuously
• Use Review stage discoveries to design a new Future
StateSchedule components more often
• Move to a more challenging tier of improvements
• Focus on most risky or critical gaps

“A journey of a thousand miles begins

with a single step.” – Lao Tzu

The Modern Approach to Closing the Books 32

 Many companies have taken crucial first
Companies
steps toward transforming their finance
on the function by embedding automation into
Modern their processes. And, as we’ve explored,
Finance Continuous Accounting means more than

Journey simple automation; it means process

optimization. The following two examples
are companies applying this modern
approach to their close operations and
realizing quantifiable and immediate benefits.

The Modern Approach to Closing the Books 33

The Old Way
Nasdaq began as a U.S.-based equities exchange. Today, Nasdaq is recognized
around the globe as a diversified worldwide financial technology, trading, and
information services provider to the capital markets. From 50 offices in 26 countries
across six continents, more than 3,500 Nasdaq employees serve businesses and investors
in every capital market. Recently, a focus on expansion and growth added tremendous
complexity to their accounting and close operations. A lack of standardization across
their global organization created inconsistent close processes. Historically, Nasdaq’s
record-to-report process was manual and, not surprisingly, quite cumbersome.

The Modern Approach to Closing the Books 34

Their Modern Approach
Today, Nasdaq closes their books monthly, no longer on a quarterly basis. They now
close three times more often a year. Here’s a company just embarking on the journey
of Continuous Accounting and Modern Finance. Companies can’t evolve every process
over night. You focus on the key areas first – Analyze, Design, and Automate – then
take those results to further optimize process – Monitor, Review, and Improve. Now
Nasdaq completes 5,000 balance sheet reconciliations every month, resulting in more
accurate and timely reporting. The best part? They’ve refocused staff on analysis and
discrepancy investigation.

The Modern Approach to Closing the Books 35

The Old Way
Caesars Entertainment audits the revenue of their food and beverage outlets across
35 properties. This is done every day. However, this meant more than 1,000 unique
spreadsheets were being updated every day of the month. That required manually
ticking-and-tying transactions from various systems on a daily basis. If that wasn’t
hard enough, they repeated this process at month-end, tallying daily totals from
each spreadsheet back to POS reports. They reviewed transaction and balances
daily, but manually.

The Modern Approach to Closing the Books 36

Their Modern Approach
Caesars was already on the path to Continuous Accounting. The workload associated
with manually investigating 30,000+ spreadsheet cells at month-end had them optimize
their process by executing the reconciliation of these totals daily. Recalling the 5 Steps, they
split the month-end task formerly reserved for month end and scheduled a piece of it to be
done every day. This was embedded in the team’s daily workflow. Committed to continuous
improvement, Caesars next automated that process. They use technology to automate
transaction matching, associated account reconciliations, and adjusting journal entries on
a daily basis. One would be hard-pressed to find a more perfect example of applying the
5 Steps of Continuous Accounting to a problem facing core accounting operations.

The Modern Approach to Closing the Books 37

 By embedding automation, control, and
Achieving
period-end tasks within day-to-day
the Point-in- activities, and realigning the antiquated
Time Close period-end accounting calendar,
accounting and finance teams can become
strategic partners to the broader business.
Arming company leadership with up-to-
date financial intelligence and analysis is
an undeniable competitive advantage. It
boils down to one simple idea: The Point-
in-Time Close.

The Modern Approach to Closing the Books 38

Achieving the
Point-in-Time Close
Real-Time Preparation

Variance
Analysis Point-in-Time
Reconciliation Daily
Close & Analysis
Management Reconciliations
BANK
Variance Debt Covenant
Analysis Analysis

ERPs
INTEGRATION LAYER

P&L
AUTOMATION KPIs
Analysis
CREDIT CARD ENGINE

POS MD&A Intercompany

Disclosures Settlement
BUSINESS
RULES PROCESS

SUBLEDGERS
Hard Close Report

DATA
Journal Netting &
Entry Settlement

Transaction
Matching

The Modern Approach to Closing the Books 39

 Achieving
The point-in-time close is the pinnacle of they arise. When this happens, everyone

Continuous Accounting. As companies knows how the company is doing it at every

the Point-in-
continually improve process and automate given point in time. Instead of just reporting

wherever possible, transactions will be on the past, Finance guides the future.

processed constantly, regardless of time

Time Close zone or source system. Those transactions

will be automatically matched, reconciled,

and analyzed as they happen. Irregularities

are flagged, generating instant alerts so

accounting teams can investigate issues as

Constantly processing Matching, reconciling, Know where you are at any

transactions, regardless of analyzing, alerting, and point on the calendar –
time zone or source system automating at every step “Call it and close it.”

The Modern Approach to Closing the Books 40

Modernity
Continuous Accounting is an exciting and A world where the CFO can walk into any

novel approach delivering incredible benefits meeting and provide real-time – not only

is Not an
for accounting and finance. Instead of up-to-date, but up-to-the-minute – financial

reactive operations, organizations and intelligence is achievable. Modernizing legacy

teams work proactively. Instead of gross record-to-report processes is not an option.

Option: workload imbalances, work is distributed

throughout the period, freeing time for in-

Any company that avoids transforming

its finance function is putting itself at risk.

Adapt or… depth analysis and value-adding projects.

With unique visibility into the current state

Beyond the risks associated with out-of-

date accounting and finance practices,

of a company’s finances, company leadership, the increasingly complex nature of global

and thus the entire business, realizes business cycles means that companies that

unprecedented agility. are slow to modernize their accounting

operations are at a competitive disadvantage.

The Modern Approach to Closing the Books 41

 Modern Finance, Continuous Accounting,
Modernity
and the Point-in-Time Close are the
is Not an new paradigm.
Option:
Adapt or…
This is the future of Finance.

Those that don’t evolve will be left behind.

The Modern Approach to Closing the Books 42

 For more on Continuous Accounting and how you can optimize core accounting
About this eBook
operations immediately, go to blackline.com/continuous-accounting
A Modern Approach to Closing the Books
An Introduction to Continuous Accounting

Written By About BlackLine

Zach Deming BlackLine provides software that automates and manages complex, manual,
Director, Product Marketing, BlackLine and repetitive accounting processes for more than 1,400 customers. We help
companies around the world modernize the way accounting and finance work.
Edited By
By improving the efficiency, accuracy, and control of accounting operations,
Paul Turner
we help enhance the office of Finance’s strategic impact and better serve the
Skyview Consulting
broader organization.
Designed By
Katy Abramson
Graphic Designer, BlackLine LEARN MORE ABOUT BLACKLINE & SCHEDULE A DEMO TODAY
BLACKLINE.COM/DEMO
Special Thanks To
The BlackLine community of employees, the Creative Design and Content
teams, and especially our customers for driving our continuous innovation.

Sources
1
David Axson, “Death by Digital: Goodbye to Finance as You Know It,” Accenture, October 27, 2015
2
Survey Analysis: Critical CFO Technology Needs: 2015 Gartner FEI Study
3
CEO Survey, “The View from the Top”, KPMG

Trust is in the Balance™