Financial Close Management

Financial close management is an essential starting point in financial performance management and it consists of the complete financial close, consolidation, filing, and reporting activities. The office of finance is constantly faced with challenges of meeting deadlines to close the books and deliver accurate financial statements. To perform this process efficiently and effectively, finance departments require stable, trusted and reliable solutions that are based on best practices and that can be automated to reduce cycle times and provide transparency across all levels of the organization. 

Owned and managed by the office of finance, IBM financial close solution automates the financial close process ensuring efficient and accurate collection and consolidation of financial results. The solution is flexible enough to meet organizational structure changes as well as global and local consolidation and reporting requirements. Additionally, the solution contains hundreds of prebuilt financial reports to meet the needs of business users and provide auditability. Simply put, the solution allows you to:

  • Automate and accelerate the close process, from data collection to consolidation, filing, and reporting
  • Automate financial consolidation processes and accounting procedures in a centralized, controlled and compliant environment where you can track and audit changes to the business rules
  • Prepare and deliver a complete range of local and global consolidation and reporting requirements out of the box including IFSR and U.S. GAAP
  • Accommodate changes in organizational structures and business rules easily
  • Support multiple countries, currencies and legal entities, each with its own accounting policies intact. All accounts can be easily consolidated into a common chart-of-accounts structure
  • Integrate with other IBM business intelligence and performance management solutions to leverage other capabilities such as financial reporting and external financial statement production