Winner is the one who finishes the race in time
The financial soundness of the organization is reflected by the year-end financials. The preparation of the financials requires a process that is year-end closure of the books of accounts. This process mandates certain adjustments to present the financials in a way that is readable by all stakeholders. The practice of lean accounting throughout the year and especially at year-end will result in faster and more accurate financial reporting. Lean accounting will define a crisp process thus ensuring the elimination of unwanted processes. A defined process of extracting the data from the relevant systems, adjustments required, passing the relevant year-end entries, and presentation of the financials in the most readable format is how lean accounting can bring about efficiency.
For timely closure of books without errors, the process requires a clear definition of roles and responsibilities and a strong review process. Lean Accounting will address this and make the process smooth.
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