Closing the books remotely can present unprecedented complexities, especially for companies that rely on in-person systems and manual accounting methods. Suddenly, teams are doing the month-end and quarter-end closing from home, which means organizing, validating, and reconciling data and processes across disparate systems in a remote, decentralized environment. But with strategic shifts in people, process, and technology, a successful virtual close is attainable.
With the right tools, employees working outside of the office can collaborate and communicate with their colleagues in a timely and effective manner. Updated technology and protocols can help remedy foundational issues such as cybersecurity concerns over protecting sensitive data and ensuring the appropriate controls environment.
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