Every business entity that plans for closures, has countless things to attend to. And, importantly the time involved to carry out such activity is exhaustive; from anything between 3 months to a year’s time.
Most companies execute the closure process using a checklist, which is maintained manually, typically in Excel format. Each entity (department) within an organization is required to close its books, involving multiple steps executed by a team of people. Often different entities within a company are required to manage closure subsets, like divisions across different geographical locations. Larger the company footprint, the bigger the effort involved.
Getting measured is getting managed
Over the last couple of years, there has been an accelerated trend of temporary closure, accelerated due to the repercussions of the pandemic. Companies that use manual processes, use many excel checklists. With depleted manpower, managing a closure process involving myriad financial activities is error-prone and time-consuming. Getting a proper audit-based measure helps in managing the entity closure process. One that can benefit from standardizing, centralizing, and automating.
Implementing SAP helps with an audit-based consolidation of system data. Companies using SAP can schedule task execution and monitor the results, ensuring the absence of issues while running tonnes of tasks. Armed with a set of critical information, a business can then decide and execute the entity closure in sequential order, ensuring a smooth closure.
If you are at crossroads & confused about entity closure, you should get the right answers for – What are the stages in an Entity Closure? How Does SAP Help in the closure? What should the Audit reports contain?
To understand more, please DOWNLOAD Krypt’s insightful white paper titled – “Audit-based Business Entity Closure using SAP.”
How can Krypt help you?
Krypt is a ‘one-stop shop’ for supply chain & global trade solutions with a global footprint. Our in-house innovative products/solutions for SAP TM, SAP IBP, SAP EWM, and SAP GTS, are an outcome of our long-term innovation, technology know-how, and sustained customer engagement across 35 countries.
We offer various deployment options that are tested & tailored to a company’s specific process and/or business needs. Krypt can help businesses to quickly embark upon their digital transformation along with being agile in the face of uncertainties of tomorrow.
If your company is looking for an audit-based entity closure through automation, please request a demo or do contact us to know more about our products/services.
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