{"id":39348,"date":"2020-07-08T10:34:24","date_gmt":"2020-07-08T02:34:24","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=39348"},"modified":"2020-07-08T10:34:26","modified_gmt":"2020-07-08T02:34:26","slug":"how-are-finance-teams-closing-their-books-remotely","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2020\/07\/08\/how-are-finance-teams-closing-their-books-remotely\/","title":{"rendered":"How are finance teams closing their books remotely?"},"content":{"rendered":"\n

By Adrian Johnston
Senior Vice President of Cloud Applications (SaaS), Japan and Asia Pacific, Oracle Corporation<\/strong><\/p>\n\n\n\n

In today\u2019s business environment, many companies are adopting to the \u2018new normal\u2019 of remote operations to minimize disruption. In Asia Pacific, finance teams are presented with a new challenge \u2013 closing their books remotely for the first time.<\/strong><\/p>\n\n\n\n

To address these challenges, companies are given the nudge to try out different methods to make remote working effective and smooth \u2013 from regular check in\u2019s with their employees to hearing out and adopting to their needs. This helps ensure companies create a more conducive environment to gain the trust of their employees during these times.<\/p>\n\n\n\n

How are companies in Asia Pacific responding to the current times?<\/strong><\/p>\n\n\n\n

Some companies across the region are performing better than others, while a few are even taking on new methods to enable their businesses continue to run smoothly as they start working remotely.<\/p>\n\n\n\n

With finance being an integral aspect and part to the survival of businesses,\u00a0having a secure virtual private network (VPN) capacity and access licenses\u00a0is increasingly important now more than ever. Some companies are also re-evaluating their IT infrastructure to ensure they have the right remote management tools in place to face any challenges that may arise.<\/p>\n\n\n\n

The pros and cons of working remotely<\/strong><\/p>\n\n\n\n

Flexibility, transparency and autonomy\u00a0are three key aspects that employees should adopt as they start reaching out to their fellow colleagues virtually. Moreover, finance teams that use cloud software in managing their processes have the upper hand in this playing field \u2013 as their teams have easy access to one set of shared data, integrated workflows, and to up-to-date technology. This guarantees employees face least disruption in order to maintain operational excellence.<\/p>\n\n\n\n

One such example is Asia Commercial Bank, one of the largest retail banks in Vietnam, which deployed\u00a0Oracle Enterprise Resource Planning (ERP) Cloud\u00a0to streamline all its finance, procurement and project expense management processes. This cloud solution has enabled the bank\u00a0\u00a0to accelerate its month-end close and reporting cycles by 50 percent.\u00a0\u00a0Moving to the cloud also meant it no longer had to manage these applications in its own data centre, which minimized the need for any staff to be on premise. This enabled employees to continue working from the comfort of their home without any operational disruption.<\/p>\n\n\n\n

Why are some companies outperforming others at working remotely?<\/strong><\/p>\n\n\n\n

Finance teams that currently depend on cloud-computing technology to automate accruals, adjustments and internal transactions could see a more promising close than those who are still using on-premise technology on virtual private networks or manually enter their data into spreadsheets. A reason for this is because companies with cloud-computing technology dashboards display all the activities at one glance, providing everyone with a real-time view of the status of all vital components such as completion metrics, aged open items, ensuring finance teams are kept up to date with accurate information.<\/p>\n\n\n\n

Hindalco Industries Ltd., a flagship aluminum and copper manufacturing company, used to face many challenges when it came to collecting data from various locations and then filing financial reports on a real-time basis. Closing books quickly with accuracy and quality is of prime importance that companies should strive for in these times. Hindalco adopted\u00a0Oracle Enterprise Performance Management (EPM) Cloud\u00a0and\u00a0streamlined their financial management and regulatory reports by utilizing the power of data and smart automation\u00a0in a cost effective manner.<\/p>\n\n\n\n

Another case in point\u00a0is Inland Revenue Authority in New Zealand\u00a0which\u00a0adopted Oracle EPM Cloud to\u00a0run all the projects smoothly and save time. Its budgets were previously managed in spreadsheets that needed employees to manually update, however, with this new cloud solution,\u00a0all the information is displayed in one place, which is now a single source of truth.<\/p>\n\n\n\n

Building business resilience<\/strong><\/p>\n\n\n\n

With companies adopting different measures to maintain its business processes and close their financial quarters remotely, it\u2019s clear that some are performing better than others. As their technological capabilities are being put to the test, companies that remain dynamic and adaptable may just be able to strengthen their processes working towards a more resilient future.<\/p>\n","protected":false},"excerpt":{"rendered":"

In today\u2019s business environment, many companies are adopting to the \u2018new normal\u2019 of remote operations to minimize disruption. In Asia Pacific, finance teams are presented with a new challenge \u2013 closing their books remotely for the first time.<\/p>\n","protected":false},"author":7,"featured_media":37814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[290,96,2727,1704,1656],"class_list":["post-39348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinions","tag-oracle","tag-technology","tag-technology-adaption","tag-technology-at-home","tag-technology-investment"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/39348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=39348"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/39348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/37814"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=39348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=39348"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=39348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}