STREAMLINING MONTH-END CLOSE
FEWER ERRORS AND LESS TIME INVESTED – MONTH-END CLOSE STREAMLINED AT MAJOR PROVIDER OF HEALTH SOLUTIONS
Month-end close tends to be a time-consuming hassle for many companies, and this large provider of health solutions was no exception. The company needed to keep track of a multitude of tasks in order to properly reconcile its balance sheet; the company also had to ensure that all documentation was
presented in premium quality in order to satisfy both internal and external auditors. Before the collaboration, the company handled all month-end related tasks manually and via a myriad of Excel spreadsheets. Now, however, it uses a user-friendly and easy to implement cloud-based solution that helps streamline and structure closing processes – month after month.
When taking on Impero, we were immediately impressed by the user-friendliness and intuitive ease-of-use of the system. A solid company is built on compliance throughout departments and business areas, and Impero has provided exactly the necessary building blocks for us to obtain not only a solid compliance foundation, but also to be a solidly compliant organization. From day one, Impero listened to our needs and requirements, understood exactly what we wanted, and then proceeded to introduce standardized controls, establish automated workflows, and optimize our internal accounting processes.
Month-end close can be a rush and somewhat of a battle against time. All
financial managers and accounting responsible are expected to deliver accurate organizational statements month after month. However, basing these statements on spreadsheets manually distributed around in the organization not only allows for valuable time and resources to be potentially wasted by complicated paper trails and manual controls; it also gives way to the risk of human error. Therefore, it became a #1 priority for the company to introduce a set of standardized controls and automated workflows that could optimize the overall balance sheet reconciliation process every month.
AUTOMATING WORKFLOWS GIVES WAY TO COMPLIANCE
We have experienced a very high level of service, expertise and dedication
from the Impero team, who has consistently offered both qualified
sparring and knowledgeable support to us.
ONLY ONE ACCESS POINT TO ALL DOCUMENTATION
At the company’s financial headquarters, month-end close is an on-going,
repetitive process involving a large group of employees. A central task remains the continuous balance sheet account reconciliation and ensuring of accuracy when reviewing thousands of accounts and documents. After the implementation of Impero, this process no longer requires days of complicated, manual controls. Instead, all month-end controls are standardized and reviews of workflows automated. Additionally, all tasks, including the essential exercise of documenting and reviewing balance sheet reconciliation, are simply sent via email and opened in any browser on any device. Also, internal and external auditors are provided with access to Impero, so that they now have only one access point to all the documentation needed.