Too Long to Close the Books

  • Excessive time is spent in reconciling inter-company due to/from accounts because inter-company transactions have to be entered manually in each company.
  • Inter-company transactions re-keyed into multiple company databases.
  • There are errors.
  • Transactions not get recorded in all companies.
  • They get recorded incorrectly resulting in difficulty reconciling the inter-company balances.
  • The reconciliation of bank accounts is manual.
  • It takes much time to reconcile a bank account.
  • The finance department spends a lot of time preparing reports to get information to those that require it.
  • Data is being re-keyed from external applications.
  • Errors occur.
  • Costly development projects are required to develop integration from other appliances to the application.
  • It costs much.
  • Time is spent re-keying budget data from spreadsheets into the GL.
  • You cannot easily transfer information between the general ledger and Excel for creating and updating budgets.
  • You do not have a mechanism for creating base line or blank budgets utilizing the information within the general ledger.
  • You are not able to link back or drill down from Excel to see more detail on the GL account.
  • It takes increasing time to research balances and transactions.
  • It takes much time to take to create and customize reports to share information with others.
  • It costs much.

About the Author: AJ Amjad Khanmohamed

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