Improve visibility into the month-end close, identify bottle necks, decrease time to reconcile accounts, and improve timeliness, accuracy and meaningfulness of financial reporting package!
RFSClosing is an electronic workflow module that supports the month-end close and financial reporting process. This technology allows financial managers to assign and schedule month-end deliverables, document progress, improve visibility into the close process, and enhance the timeliness and accuracy of financial reports.
100% Electronic Month-End Financial Closing Package
RFSClosing is a web-based application, eliminating the need to build and maintain a paper “closing binder”. This functionality removes the burden of printing and storing paper while allowing greater flexibility for staff to work on task assignments from anywhere with internet connection. Maintaining the monthly-close electronically reduces administrative time while improving access to previous closing documents and reports.
Real-Time Status Tracking and Reporting
The closing process is broken down into specific tasks, which are assigned to specific individuals. Each task includes projected completion date, level of hours planned to complete the task, completion date, and status update. Users can provide real-time status and issues updates with comments on specific details. This pro-active approach opens communications and allows team members to get involved in a timely manner to resolve any issues prior to the end of the close. Real-time status reports can be generated for management to monitor all tasks in the closing process to ensure the close remains on-schedule.
Record, Review and Resolve Closing Review Comments
RFSClosing incorporates a process for recording, reviewing, and resolving any management review comments identified during the monthly close. Senior staff have the ability to review all of the details before the financial statements are finalized which includes comments. All of these issues and resolutions are saved electronically, so staff can refer to them during future closes and at year-end for the audit. This is a useful tool for management to easily identify trends, train staff, and improve the closing process going forward.
RFSClosing allows the execution of an electronic monthly close that is timely, efficient, organized, and accurate.