Accounting News

Friday, November 4, 2011
Where is Our Virtual Close?

The introduction of better financial systems was supposed to bring about the pinnacle of the finance profession.What CFO wouldn't want faster access to financial statements.This leads to faster and better decisions. The key to achieving this was taking tasks away from people and having them done in software. So why hasn't it happened yet?

According to CFO magazine the increased regulation from SOX and other regulations that have been introduced. Accounting departments dropped the focus on moving forward and spent all their time trying to keep in compliance with new laws.

I think the virtual close is more of a journey than a destination. More and more functions can now be managed by computers. But the exceptions will always bounce out to an accountant. It is like the paperless office. --we are on our way but it is going to be many more years before we are truly where we want to be.

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