These siloed processes and time-consuming manual checks put the credibility of the data, and that of the financial and accounting department, at risk. Individuals are prone to copy-and-paste errors, duplicative work, and inconsistencies between internal and external reports created by different departments.
To add to these pressures, the financial close no longer stands alone. As companies prepare to meet the evolving challenges and pressures of integrated financial and non-financial reporting (for instance, complying with the CSRD), finance departments are increasingly being held responsible for both the assurance and management of many types of data.
