PowerClose software streamlines the month-end close process for Specialized Bicycle Components, automating and streamlining work activities associated with the close cycle. The software offers a workflow-based platform to ensure close cycle tasks are executed and reported properly, ultimately saving corporate accounting teams time and money while minimizing added expenses and inefficiencies. PowerClose provides a worldwide overview of all tasks related to the corporate month-end close, enabling companies to improve the process as much as possible. The software is flexible enough to adapt to changing corporate circumstances, and specific employees can be held accountable for task completion by assigning ownership of individual tasks. PowerClose is fully integrated with Specialized Bicycle Component’s ERP, which in this case is Oracle, and stores data for later reference, useful for audit inquiries. Overall, PowerClose is a go-to software for many companies seeking to streamline their financial and subledger close processes, particularly at audit time.
Software Simplifies Specialized Bicycle Components’ Corporate Month-End Close
Specialized Bicycle Components, a renowned high-performance bicycle and e-bike manufacturer, faced the challenge of coordinating accounting efforts across its regional hubs worldwide. Managing month-end reconciliations in each accounting subledger was a headache when the team was not aligned or organized. Valentina Guevara, former Head of Finance for the Latin American region, was responsible for completing the end-of-month close as efficiently as possible every month for the region.
Large corporations like Specialized Bicycle Components track data from all transactions across different categories on a business’s chart of accounts in subledgers. After summarizing and transferring data to the general ledger, the balance sheet and income statement can be run from the general ledger. However, the remaining data required for financial reconciliation is often located in separate locations, in multiple electronic spreadsheets. These tasks are usually managed with spreadsheets like Microsoft Excel, and files needed to complete the process may be stored on individual users’ desktops or on shared drives, with coordination taking place over text chat and email.
Fortunately, PowerClose, a software that integrates fully with the company’s ERP, simplified the month-end close process for Specialized Bicycle Components. PowerClose streamlined the activities that need to be performed in each accounting subledger to close the period, including reviewing the company’s balance sheet, intercompany trades, journal entries, and other relevant documents like bank statements, income, and expenses. With PowerClose, month-end reconciliation became fast and easy, minimizing added time, expense, and inefficiency.
In conclusion, PowerClose software was instrumental in simplifying Specialized Bicycle Components’ corporate month-end close, making the process fast and easy while reducing added expenses and inefficiencies.
PowerClose Software Streamlines Specialized Bicycle Components’ Month-End Close
Valentina Guevara, former Head of Finance for the Latin American region at Specialized Bicycle Components, explained the importance of closing the books as efficiently as possible every month for the region. During the closing period, all activities related to sales must be put on hold until the closing process is finalized, making it crucial to finish the close as quickly as possible. However, managing all the activities that need to be performed in each accounting subledger to close that period can be a headache when the team is not aligned or organized.
Fortunately, Guevara was able to utilize a software tool to expedite the month-end close called PowerClose from InfoMoksha. PowerClose is a software application that is designed to orchestrate and manage the start-to-end financial and subledger close processes across the enterprise. The software automates and streamlines the work activities associated with the close cycle and offers a workflow-based platform to ensure close cycle tasks are properly executed and reported.
Streamlined Process with PowerClose Software
PowerClose’s dashboards allow users to monitor all activity in one place, eliminating the need for constant tracking of tasks and making it easy to see which tasks have yet to be completed and require a follow-up. Automating the process in this way saves corporate accounting teams time and money, particularly at audit time, by simplifying how close cycle results are accessed and keeping essential functions such as launching the close process, tracking progress, and viewing reports all in one central portal.
PowerClose software is flexible enough to adapt to changing corporate circumstances, allowing companies to update their closing list if business conditions change or new tasks need to be added. Specific employees can be held accountable for task completion by assigning ownership of individual tasks.
Fully Integrated with Oracle ERP
PowerClose is fully integrated with Specialized Bicycle Component’s ERP, which in this case is Oracle. When tasks are completed within the ERP system, they are automatically recorded in PowerClose, and the data stored for later reference, useful for audit inquiries.
Lean Month Close Project
Guevara has since been promoted to Corporate Global Finance Manager at Specialized Bicycle Components’ headquarters. Currently, she is working on a project called Lean Month Close to identify and reduce wasted time in the corporate global process using PowerClose as a data source of what is currently been done by markets as a starting point to define the strategic plan.
In conclusion, PowerClose software was instrumental in streamlining Specialized Bicycle Components’ month-end close process, making the process fast and efficient while reducing added expenses and inefficiencies. PowerClose’s flexible, fully integrated, and adaptable platform, along with its dashboard, has made it a go-to software for many companies seeking to streamline their financial and subledger close processes.
PowerClose Provides a Worldwide Overview of Month-End Close Process
Valentina Guevara, former Head of Finance for the Latin American region at Specialized Bicycle Components, explains how PowerClose software provides a worldwide overview of all the tasks related to the corporate month-end close, allowing companies to improve the process as much as possible. With all regions connected by the software, users can oversee all closing processes and overall progress.
In conclusion, PowerClose software provides a comprehensive platform to review different metrics related to the month-end close process, enabling companies to have a global overview of tasks related to the closing process and improve it as much as possible.
Don’t miss interesting posts on Famousbio
