5 tips for running a successful remote close
Even before the outbreak of COVID-19, CFOs and finance leaders faced an increasingly complex landscape, driven by a multitude of social, political and economic threats. Few could have been prepared for the impact of a global pandemic that has changed the very nature of business as usual.
Today, with the majority of their workforce operating remotely, many forward-thinking finance teams across the world have or are preparing to push the button on their first remote close. Closing the books and using multiple systems even under normal circumstances can be complex and cumbersome. It can be even harder when most employees work remotely and there’s no chance for impromptu over-the-cubicle check ins. The remote or virtual close brings many new challenges to the table, including employee communication, risk assessment, process changes and control of documentation.
In doing our company’s first remote close, we identified five top factors to ensure success for all finance leaders.
The remote close has shown us that through careful planning and focused communication, we can be as efficient remotely as we are in the office. But, more importantly, it’s shown us that we are flexible and agile: critical strengths for any modern accounting team in today’s changing world.