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Close Optimization
Accelerated Financial Reporting Manager
Features/Benefits
Before and After
The Technology Behind AFRM®
Implementation Services
Continuous Improvement
Value Beyond the Close
Complete Solution
Management

Features And Benefits

Benefit Feature/Function
Increases accuracy of the close.
The number one cause of inaccuracies in the close is omissions. AFRM® will help you to eliminate omissions and assure the completeness of your close.
Real time status of every standard and non-standard activity required for the close AFRM® allows you to track the status of every task required for the close. Every journal entry, reconciliation, accrual, analysis and meeting is tracked from beginning to completion When every standard and non-standard task required for the close is completed, you have achieved completeness for your close, with no omissions.
Lower Audit Costs and improved compliance: AFRM® Provides a comprehensive audit trail. All approvals, changes, and exceptions are noted. Supporting documents and procedures are stored with the activity.A built-in configurable workflow engine helps you to keep track of all approvals by date and time. AFRM® can track every access, and every change. The document management feature of AFRM® stores and manages all supporting documents for each task and entry along with the procedures and reviewers notes.
Generates the metrics needed to support continuous improvement of YOUR close. The close is a unique process at each organization, therefore “Best Practices” may or may not help with your organization. The only way to identify those practices which will improve your close is to measure, but metrics describing the close process are typically in short supply.Collects metrics automatically AFRM® collects metrics on every step of the close process. It provides complete visibility as to the time every task was started, every task was completed, every step went to review, whether additional review was required, and which tasks were late. The collection of these metrics support process improvement methodologies such as lean six sigma.
Makes all close deadlines predictable and achievable. By improving visibility into the status of all tasks associated with the close, AFRM® gives managers the ability to respond to changing conditions and make essential adjustments on the fly in order to meet deadlines.This is made possible by AFRM®’s dashboard which can be calibrated for every level of responsibility, and AFRM®’s configurable workflow.
Reduces training and turnover costs. AFRM®’s integrated approach with built-in desk procedures and real time online process documentation supports cross training throughout your department.Real time, online process documentation is stored with each task. This documentation is updated by the preparer each month as they perform the task. When one person on your staff is unavailable for the close, others can perform their tasks without missing a beat.
Works with any accounting system environment. In most companies, a collection of different systems are used in the close. While ERP/GL systems are certainly central to the close process, other systems including payroll, fixed asset management, equity compensation, revenue recognition, reporting and budgeting all play a role in the close. AFRM® wraps completely around all the systems and processes in the close. By focusing on managing the process, AFRM® works in any accounting system environment.
Supports continuous improvement. AFRM® automatically gathers metrics on every step within every task of the close process. Increasing efficiency and effectiveness of your close becomes a matter of using the metrics to find bottlenecks and inefficiencies, then improve these areas and remeasure. In lean six sigma terms, you Define, Measure, Analyze, Improve, and Control (DMAIC) – AFRM® gives you the visibility you need to measure, analyze, and control.Robust workflow engine and complete audit trail. Every step in the process is tracked and time stamped. When was it started, completed, reviewed? Who was late? With the data available, you have the power to improve your process.
Improves communication throughout your entire close team and beyond. Studies have shown that a lack of communication causes delays during the close. Configurable Alerts AFRM® allows users to set alerts informing them of the movement of every task in the close process. Need to review an allocation? AFRM® can send you an email to let you know it is ready. Members of the team work in different time zones? No worries – AFRM® keeps all statuses, notes, and supporting documents in the cloud, available to your entire team.
Supporting documents are presented to you as you need them. No more searching through fileshares or binders to locate needed documents. All needed documents are stored automatically with the task, and served to you when you need themWorld Class Document Management AFRM® is built on top of Hyland Software’s world class Enterprise Content Management (ECM) system OnBase. AFRM® stores all close related supporting documents, along with SOX approved templates, and prior period supporting documents with the task. Any type of document, spreadsheets, PDFs, Emails, even screenshots can be stored and retrieved as needed.
Automated manual controls. Numerous controls, which were previously manual controls, may be automated and included as part of the monthly close.Workflow based approval. AFRM®'s workflow based approval ensures that all journal entries and reconciliations are approved. AFRM® also provides a real-time status report, ensuring that all tasks have been completed before a period is closed.
AFRM® is designed for companies operating across multiple cultures, time zones, and languagesThe interface is available in multiple languages making possible the seamless assignment of tasks and the tracking of their status at every level regardless of location.


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