Close to disclosure process
The close to disclosure process refers to all the tasks, processes, activities and workflows involved in Finance from financial close, through consolidation, reporting and disclosure. Historically, this process has been siloed, fragmented and completed separately using spreadsheets and manual means, even though these processes are inherently linked and error-prone.
Often, communication between processes was verbal or otherwise disjointed. Imagine asking for a monthly sales total through email. A cut and paste, static process that might require some digging later when the Finance executive goes to include it in a report. But what if the number has changed since then? Or if it was written out in error? When processes are interlinked with CPM software that uses an automated, central data source, Finance can more efficiently manage processes with less error, easier audits and data loading.