Finance: Month End
How Propella brought month-end close forward by three working days and combined disparate data sources in one central warehouse to automate reporting after close and review.
Client case study
From working day five
to working day two
Propella helped a client bring month-end close forward by three working days and automate management accounts and board packs by combining data from disparate systems in one central data warehouse.
- Month-end close
- WD5 → WD2
- Earlier completion
- Three working days
- Following close and review
- Automated reporting
Preparing throughout the month
The improvement started before month-end. Regular reviews of postings helped identify issues earlier, reducing the work left until the close.
A defined posting framework established consistent treatment of transactions, including approved supplier-to-account-code mappings. Disciplined data tagging ensured transactions carried the information needed for reporting.
Automated exception reporting supported these reviews, directing attention to postings that needed investigation.
Connecting disparate systems
Alongside the finance process improvements, Propella brought data from separate systems into a central data warehouse.
This created a consolidated reporting foundation, allowing information from different sources to be brought together consistently. The warehouse connected the underlying financial data to the management accounts and board packs.
- Disparate source systems
- Central data warehouse
- Management accounts and board packs
Automating reporting after review
Once month-end close and the associated reviews were complete, management accounts and board packs could be produced automatically from the consolidated data.
The combination of earlier reviews, consistent posting practices and centralised data brought the close and reporting processes together.
The results
Month-end close moved from WD5 to WD2: three working days earlier, representing a 60% reduction in elapsed close time.
Disparate data sources were brought together in one central warehouse to support consistent reporting.
Management accounts and board packs were automated following completion of close and review.
Automated exception reporting helped identify postings requiring attention.
Bring your close and reporting together
Propella combines senior finance expertise, disciplined processes and connected data to improve how businesses close their books and produce management reporting.