What is Financial closing?
Financial closing refers to the process of finalizing a company's financial statements at the end of a fiscal period. This involves the preparation of the balance sheet, income statement, and cash flow statement, as well as any necessary adjustments or accruals. It is a critical process that requires the collaboration of various departments, including accounting, finance, and operations, and may involve the use of specialized software tools to automate and streamline the process.
What is the purpose of Financial Closing and when is it performed?
The purpose of financial closing is to ensure the accuracy and completeness of a company's financial records, and to provide stakeholders with a clear picture of the company's financial health.
Financial closing is typically performed on a monthly, quarterly, or annual basis, depending on the company's reporting requirements.
Financial close is one of the most stressful periods in the Office of the CFO. CFOs need to reimagine automation and technology with autonomous accounting to achieve faster and smoother financial close.
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