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The Continuous Accounting Approach

Continuous accounting is an approach to a company’s accounting cycles management that embraces the advancements in information technology and redefines the operations and role of finances in the corporate structure. Continuous Accounting transforms the way business processes work by emphasizing real-time processing, especially skilled employees, and deep analysis. The result is a more efficient close, more accurate financials, and a more effective organization

Current Situation & Future Impact

The chaotic business conditions of the past two years have invalidated most of the assumptions and planning processes that served businesses so well in the decade prior. When history no longer offers an accurate forecast of the future, planning gets more difficult and more frequent—and the need for accurate and timely data becomes paramount.

The value of more frequent updates should suggest a better process for keeping the books up to date. Continuous accounting leverages technology to achieve those goals. And it starts with technology for finance, but isn’t limited to just that.

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ITG to Empower with Oracle NetSuite

A faster period close process has two significant benefits. It gives executives in the business timelier access to the very latest data available, enabling them to make quicker and better-informed decisions. For the CFO and finance team, less time spent on closing the books means more time providing the analysis and insight that the business needs to make key decisions. They can provide input into scaling operations up or down in response to cash flow demands or changing market conditions, or how to reallocate resources in order to jump on an emerging opportunity.

At the same time, however, there is no room to sacrifice accuracy for speed. There are ways to have both. Smart finance teams are now employing ‘continuous accounting.’ Continuous accounting distributes the finance team’s workload evenly over an accounting period. If tasks normally associated with period close – such as reconciliations – are embedded in day-to-day activities throughout the month or quarter, there’s no last-minute demand for extra work as period end approaches, speeding up the process of closing the books. 

ITG with Oracle NetSuite delivers a complete financial management solution for companies ready to begin moving from a standard, event-driven close process to a continuous accounting approach. With NetSuite’s cloud architecture, accounting staff have access to the information they need to do their jobs from anywhere with an internet connection. 

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