Manual Spend Processes Create Challenges During the Close Accounting leaders face the difficult task of closing the books accurately, efficiently, and on-time each period. If back-office processes aren’t delivering full visibility and control over spend, it can be a struggle to do this consistently without burning out accounting teams. Simply identifying spend that has been committed to suppliers can be challenging and risky without effective automation.
In the absence of processes that provide teams with visibility into all committed spend—whether an invoice has been received yet or not— companies are left with manual processes that create friction and risk or error. Accounting teams spend excessive time on accruals, and business teams spend excessive time reviewing spend with their finance counterparts. Despite the high degree of manual effort, certain categories such as Marketing remain difficult to predict, and risk remains.