Enable Faster Financial Close
Achieve Full Visibility and Control in the Financial Close Process by Automating Manual Journal Entries
Spend Less Time Closing the Books and More Time Providing Insights
New demands are being placed on finance and accounting teams, who need to complete the financial close process quickly to support the CFO and meet strategic financial goals. However, manual tasks and complex spreadsheets can slow down period end accounting, so accountants spend more time managing the monthly close than providing insights to the business.
Eliminate time-consuming period-end tasks and increase visibility and control over your financial close process in SAP systems with Serrala FS² JournalEntry. The solution supports the automated creation, validation, review, and approval of manual journal entries in SAP, so you can close your books quickly, with complete confidence.
"The top driver of optimizing the financial close and record to report process is the pressure to reduce manual and repetitive financial accounting tasks"
7.7 days
average time to complete monthly financial close.
37%
want to reduce manual and repetitive financial accounting tasks
79%
want to automate and standardize closing processes and alerts
Accelerate Your Monthly Close with Automation
Journal entry automation is the next frontier in finance process improvement and is the best way for accounting organizations to seize control of the monthly close. With FS² JournalEntry, you can spend less time managing your standard, recurring or intercompany journal entries and maintain full visibility from creation to posting.
Faster Time to Close
Reduce the time and effort required to close the books by intelligently automating the creation, review and approval of each manual journal entry.
Greater Visibility
Gain 100% early insight into journal entries, including intercompany journal entries, with a fully digitized solution that works seamlessly with your SAP systems.
Improved Compliance &Control
Enforce record to report process controls and ensure fiscal compliance is maintained with secure access to financial close information from the office or at home.
Customer Success: Utility Provider Reduces Time Required to Process Manual Journal Entries
A large US-based utility provider wanted to accelerate and improve how its finance team created and posted manual journal entries during the financial close process. As part of a highly regulated industry, it wanted an automated solution that could validate the manual journal entry information and verify whether the supporting documentation was available in its SAP system. This way, the company could share the information in the event of an audit.
The company chose to implement FS² JournalEntry to automate its process. Now, the finance team can quickly create and route entries for approval and implement digital signatures to support the company’s legal and fiscal regulatory requirements. They can also track the status of all journal entries, from start to finish, including those generated outside of SAP. As a result, the company has better control over its financial close and reduced the time to close the books from weeks to days.
Explore the Advantages of a Faster Financial Close Process
In this on-demand webinar, learn how to accelerate your financial close process with an SAP-embedded solution that makes managing manual journal entries faster, more accurate and fully transparent:
- Create manual journal entries directly from spreadsheets
- Automate the review and approval process
- Enable anytime, anywhere access to information
- Maintain a complete audit trail of monthly close activities
Transform Journal Entry Management with FS² JournalEntry
Gain a single view of manual journal entries across multiple business units, locations and enterprise systems. Track the status of every journal entry, including ntercompany journal entries, so you can take quick action to prevent delays.
Upload manual journal entry details from a spreadsheet, including spreadsheets with more than 999 lines, to create them in SAP. Templates enable automated data validation to further accelerate processing times.
Reduce processing delays and ensure faster time to close with highly configurable business rules and intelligently automated workflows that route journal entries to the right person without human intervention.
Ensure timely review and approval of each manual journal entry, with automated notifications that increase in frequency based on your record to report process requirements. Securely access journal entry information from home or the office using a mobile device.
View supporting documentation required for compliance directly from the transaction record. The solution automatically archives supporting information and links it to the journal entry, ensuring you have a completely documented and auditable process.
Identify friction points in the financial close process to improve process efficiency and effectiveness. With detailed tracking data, you can easily identify areas where you can increase automation rates and accelerate financial close.
Further Reading
Digital Transformation in Finance: Opportunity Knocks
In this on-demand session review the latest research from SSON and listen to our experts discuss the most impactful technology trends for digital transformation in finance.
Brochure: FS² JournalEntry
Automated Journal Entry Creation, Approval & Posting. Enable faster, more controlled financial close with an intelligently automated journal entry process
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