Presented at RECONNECT Dive Deep – Virtual 2023

Automating the financial close checklist process for an organization can bring numerous benefits and enhancements to the user experience. SpearMC has successfully developed this feature using PeopleSoft Activity Guides.
1.Time-saving & Efficiency: Manual tasks that are prone to errors can be automated, allowing finance teams to focus on more strategic and value-added activities.
2.Improved Accuracy & Data Integrity: It ensures that all financial data is accurate, leading to reliable financial reports.
3.Real-time Visibility & Reporting: This helps managers and stakeholders monitor progress, identify bottlenecks, and make informed decisions promptly.
4.Streamlined Collaboration: Team members can access shared data and documents, ensuring everyone is on the same page and promoting better communication.
5.Reduced Compliance Risks: Automated processes can be configured to follow industry standards and regulatory guidelines, minimizing the risk of non-compliance.
6.Scalability: Automation allows organizations to handle a growing volume of financial transactions and complexity.
7.Audit Trail and Compliance Reporting: Performing an automated financial close using Activity Guides leaves a digital audit trail of all activities, changes, and approvals.
8.Data Analysis & Insights: It is easier to analyze data, evaluate in-step cycle times, identify trends and roadblocks, and generate meaningful reports.
9.Reduced Stress: By automating repetitive tasks, finance professionals can experience reduced stress.
10.Adaptability to Changes: Automated processes using Activity Guides can be easily modified and updated to accommodate changes in accounting standards or the organization’s structure.
11.Data Security & Confidentiality: Access controls can be implemented to limit who can view, edit, or approve data.
12.User-friendly Interface: Activity Guides provide a user-friendly interface, making it easier for finance professionals to adopt and use the technology effectively.