The case for a close czar has been added to your bookmarks.
The case for a close czar
The close czar can proactively identify issues and help management make timely decisions, set expectations, and help meet stringent financial reporting deadlines.
It’s mid-March, two weeks before the end of the first quarter (if you are on a calendar year, of course). How close to the end of the month will you close your books? Will the numbers be correct? Will your finance team survive unscathed? If these questions give you pause, you have plenty of company. The evidence, in fact, suggests that the close process at many companies is far from efficient.
In this issue of CFO Insights, we outline what may still be wrong with the financial close, what the telltale signs are that your process is broken, and make the case for why a “close czar” may be the answer to keeping your monthly close on track.