The Last Mile of Finance is comprised of the management processes that organizations perform after the monthly, quarterly, and annual trial balance close to prepare financial statements and disclosures. These management processes are generally manual and not automated, resulting in a myriad of risks, including material errors, data delays, inaccurate reporting, and restatements.
While many organizations have implemented ERP and Financial Consolidation systems, there remains a significant need to transform the plethora of manual processes that remain. GMI’s Last Mile of Finance capabilities improve quality and timeliness in this area, while reducing risk and cost.
Our Last Mile of Finance solution automates the currently-manual aspects of the financial close process, leveraging WorkItem.com’s conditional workflow capabilities in order to facilitate document preparation and handoffs, provide financial control, ensure accountability and transparency, alert participants when work is due, track status, and collect disclosure information.
The costs of financial reporting are rapidly increasing due to more and more regulatory pressures. Research has shown that bottom performers spend five times more on the Last Mile of Finance than the top performers. Our solution substantially reduces risk and costs, and improves cycle time, financial control, and compliance with policies, procedures, and regulations.