Virtualize the Close: Now is the Time to Achieve a Fast, Resilient Process

As finance and accounting departments seek to improve performance, virtualization of processes will play an important role. Virtual accounting uses software to eliminate manual processes as much as possible, and it is marked by a substantial reduction of paper-based processes and the use of electronic collaboration. Virtual accounting enables the finance and accounting department to be more efficient, effective and resilient by reducing low-value repetitive work, reducing risk and allowing resources to instead focus on facilitating business execution and analysis that promotes corporate agility and competitiveness. 

In particular, virtualization can be applied to the accounting close to shorten the time needed to close. A virtualized close generally means that a department can sustain accounting operations under almost all circumstances, and it also supports a more strategic role for the department since a streamlined close process allows the department to provide performance information and insights in a more timely fashion. This enables executives and managers to act sooner, be nimbler, close sooner and improve their performance.