Simplifying the Financial Period End Process


Automating the period-end close process offers numerous benefits for organizations. The manual process of closing ledgers often involves multiple teams and departments working together to consolidate financial data, generate reports, and reconcile accounts across various subledgers such as Accounts Payable (AP), Accounts Receivable (AR), General Ledger (GL), Cash Management (CE), Fixed Assets (FA), Project Costing (PA), Purchasing (PO), and Inventory (INV). However, this manual process can be time-consuming, error-prone, and labor-intensive. It requires significant coordination, and the risk of errors and discrepancies increases with the volume of transactions and the complexity of the business. 

Automating the generation of reports ensures that the necessary financial information is available promptly and accurately. This reduces the risk of delays in financial reporting, allowing stakeholders to make informed decisions based on up-to-date information. Moreover, it frees up valuable time and resources for finance teams to focus on higher-value activities, such as data analysis and strategic planning. Standardization is another significant advantage of automation in the period-end close. By implementing automated workflows and processes, companies can enforce consistent practices across departments and ensure compliance with accounting standards and regulations. This promotes transparency, auditability, and accountability in financial operations.

How it’s going to be

WinfoBots’ period-close assistant is designed to optimise and streamline the period close process. It operates by accelerating the execution of prerequisite programs and generating reports swiftly. Automating these tasks reduces manual effort and potential errors, increasing efficiency and accuracy.

As part of its functionality, the assistant consolidates the data obtained from output of multiple reports and programs. It intelligently gathers information from different subledgers and reconciles them to ensure data consistency and accuracy. This consolidation process is essential for generating reliable financial reports. The generated reports are stored in a centralized document repository, providing easy access and reference to users. A comprehensive reconciliation summary is automatically emailed to the designated users responsible for each respective ledger. This ensures that stakeholders receive timely and concise updates on the reconciliation status.

To minimize disruption during business hours, the period-close assistant can perform its tasks through the night. When users arrive at their offices, they already have access to the reconciliation summary. This enables them to promptly review and address any outstanding issues, ensuring a smooth and efficient closing process. The assistant also considers user input to determine the closing of individual ledgers. The assistant closes the general ledger once all the subledgers are closed based on the instructions. This comprehensive automation ensures that the period-close process is performed with checks and balances in place, reducing the need for extensive manual intervention and promoting accuracy and efficiency.

Key features of our solution include:

  1. Effortless Period-end close:

    Kickstart the period-end closure process by selecting the desired ledger and period, then click the launch button to initiate the closure. Our assistant retrieves the list of required steps for the ledger and period and executes them. Upon completion, a summary of the execution is sent to the responsible user. Throughout the process, in the event of a report failure or an inability to proceed, the assistant captures a screenshot and provides detailed updates via email.

    In addition, the period-close process can be scheduled to execute at a specific time. For example, if a specific process is required to run on the 25th of the month, users can access the process scheduler and select the ledger, period, and execution date for the process. This feature relieves users from the burden of remembering to execute processes manually.

  2. Configuration-based automation:

    Configuration-based automation empowers users to easily customize and adapt the automation process to their specific requirements. Our application provides a user-friendly dashboard to configure, enable, disable, and update the reports or program, sequence of execution and parameters, eliminating extensive software development cycles. Users can configure the required list of ledgers, legal entities, operating units, and organizations for report execution.

    • Saving the output of reports is made easy through our application. Users can configure the reports to be saved and stored in a document repository. The bot then sends an email containing a link to provide users access to the saved output.
    • Checkpoints: A configuration option allows users to configure when the bot should stop its execution. For example, the bot can be configured to stop after reconciling a specific sub-ledger module. Once the checkpoint is reached, the bot sends an email notification, and upon receiving user input, it resumes the execution.
    • Automated reconciliation is another key feature of our solution. We recognize that every business operates differently, and our workflows can be tailored accordingly. Our application allows customization of the reconciliation process to match each customer’s unique workflow.
    • Our module confirmation feature simplifies the assignment of owners for each module or ledger, allowing users to configure email addresses for authorized communication. For example, an AP module owner for a Ledger “A” will only receive relevant information pertaining to their module and ledger while being excluded from receiving updates of other modules and ledgers.

  3. Period-Close Monitor:

    Our Period-Close Monitor page provides users with a comprehensive overview of ongoing and completed processes. Users can access the status of the Ledger, the steps involved in running this ledger, reconciliation information, and the status of the execution. It displays granular data of each step (reports that are to be run) and the level at which reports are executed (Ledger, Legal entity, etc.). It also captures key details such as the parameters used for submitting the report, error messages, and start and end times, and allows for data export in Excel format for further analysis.

    • Automated Email Notifications: Our Application will communicate with the user whenever it requires user input or encounters an error by providing detailed information. This loops the user for any valued direction and helps fasten the automation. Communication will only be sent to the users configured for the module or ledger.

  4. Data privacy:

    We prioritize protecting customer data by storing it in a dedicated Oracle OCI instance, following industry best practices. Customers control data storage regions, ensuring compliance with local privacy laws. Our commitment to data privacy safeguards sensitive information and instils trust in our customers.

Thus, our period close automation solution is designed to simplify and optimize the process. We offer a comprehensive solution that enhances control and visibility over the period end close processes. Our solution is highly scalable and configurable, allowing organizations to tailor it to their specific needs and requirements. By implementing our solution, customers can experience significant improvements in efficiency, accuracy, and cost savings. Simplify your period end closing operations and unlock new levels of productivity and financial health with our reliable and user-friendly solution.

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About Winfo

Winfo is a global IT solutions company. As a key Oracle partner we provide implementation and support services for Oracle Fusion and E-Business Suite customers. To address a gap in the market we have also developed a number of Accelerators to help clients automate business processes, streamline their testing of patches and updates and developed a data mining accelerator to help get the most out of their ERP data.

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