Their accountants do basic bookkeeping until the end of the accounting period, with their noses kept to the grindstone to close the books accurately and on time.
Every company accountant will attest to the hardships of their period-end tasks, working long days into late evenings, and eating lunch and dinner at their desks. Exhausted to the point of burnout, they are more likely to make errors at a time when data accuracy counts most.
Continuous accounting profoundly alters these experiences. Thanks to the automation of traditional accounting tasks like journal entries, variance analysis, account reconciliations, and intercompany transactions, the period-end tasks and controls that are traditionally performed at the end of the accounting cycle are executed as the days go by, in the cloud.
Technology is changing the way business is done all around us, and its time for the accounting and finance industries to realise the evolutionary benefits of modernity.
However, technology is only part of the solution.
True organisational transformation requires adopting a fundamental shift in philosophy, one that combines technology with a focus on reimagining legacy processes, empowering the best employees, and embracing a culture of continuous improvement.