ServiceNow, backed by Deloitte, creates new app for the financial close process
ServiceNow, a cloud computing company that also offers a product for accountants called the Finance Operations Management workflow platform, has collaborated with Deloitte on a new app for that platform. The app, Finance Close Automation, is the first app created for the FOM platform and is made to automate key workflows within the financial close cycle.
“Once a quarter, I used to do a vanishing act that any professional magician would envy,” Amir Jafari, vice president and general manager of ServiceNow’s Finance Business Unit, wrote in a blog post announcing the app. “Along with scores of accountants worldwide, I vanished into accounting’s month-end close cycle.”
This problem persists for accountants in industry, and there are solutions available to automate the process. ServiceNow has now thrown its hat in the ring with the backing of Deloitte, with the Big Four firm serving as the lead launch partner for FCA, sharing it with its customers with its seal of approval. In addition to the backing from Deloitte, ServiceNow also counts PayPal among its first customers for the new app.
Key capabilities of FCA include:
- Reducing financial close risk through better controls, automation and integration with governance, risk and compliance;
- The elimination of unproductive emails, reduction of ALT-TAB use and identification of bottlenecks for faster remediation; and
- Accelerating financial close through end-to-end use of a single platform and connection to ERP systems.
Jafari describes the functionality of the app as follows: "An accountant user opens the app and it tells you in real time who is ahead and who is behind, what is ready to be approved and what needs to be focused on. One click shows the user which tasks every single person owns and how far they are from completion."
The app also makes use of machine learning, an attractive feature for those looking to invest in software that will serve their firm for years. The incorporated machine learning learns to predict where problems might occur, ServiceNow reports.