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Month-End Financial Closing – The Advantages of a Workflow Platform Approach

Posted on: September 1, 2021

The month-end financial closing process is one of the most important business processes - and one of the most challenging.

Coordinating data, documents, tasks, and people across multiple facilities, departments, legal entities, systems, and time zones is time consuming and error prone. And with each passing day, it takes more effort, causes more frustration, and increases personal exposure.

Although an obvious opportunity for technology, numerous packaged month-end closing offerings have struggled to meet the need – forcing customers to choose between living with the application’s limitations or embarking on a course of expensive and hard to maintain customizations; in both cases, forcing customers to pay for irrelevant or unneeded functionality while adding yet another layer of technical debt.

A better solution is the Ultimus workflow platform approach.

To speed time to live, reduce costs, and reduce risk, Ultimus has assembled best practices from past implementations into a Month-End Financial Close Solution Framework. Unlike conventional packaged solutions, the Month-End Financial Close Solution Framework leverages our industry leading Ultimus Digital Process Automation Suite to ensure maximum configurability, flexibility, and extendibility. And it is backed by our 8-week time to live guarantee.

Equally as valuable, the Ultimus approach allows customers to automate other business processes using the same platform. Month-End Close customers have also used the Ultimus platform to automate:

  • Purchase-to-Pay, including AI-based invoice automation and approval
  • Order-to-Cash
  • Travel Authorization and Expense Reimbursement
  • Vendor Onboarding
  • Discount, refund, and write-off approvals

The Ultimus platform approach means one platform to learn, manage, and pay for; the fastest delivery of solutions configurable to the most sophisticated needs; and built-in performance, security, and reliability at scale in production.

Learn more about the Ultimus platform approach, customer success stories, and our 8-week time-to-live guarantee.

Learn more about Month-End Financial Closing