Accelerate your month-end close processes with enhanced data integrity
Vena significantly improves your monthly close processes by providing a holistic solution that utilizes the de facto language of finance and accounting departments worldwide – Microsoft Excel. Each component of the close process can be managed, optimized and automated directly in Vena.
- Data Collection
- Intercompany Transactions
- Account Reconciliation
- Journal Entries
- Close Checklist Management
Accelerate your close and the delivery of information
Companies worldwide are constantly faced with long, tedious close processes. The demands of management require that the financial statements and other data get into the hands of key stakeholders as quickly as possible, but, many times, the entire close process gets delayed due to the lack of the necessary tools to get the job done. As a result, a process that should only take a couple of days can take three weeks.
Vena’s Financial Close Management (FCM) solution can help shed days off your close process using the tool considered as the de facto language of accounting and finance departments worldwide – Microsoft Excel. With Vena, you can:
- Design a process once, assign the applicable users and then repeat each period.
- Add controls and workflows to processes to eliminate bottlenecks, avoid delays and have a single view into where everyone is in the process.
- Notify each stakeholder in the close process as to what task needs to be addressed next, which ones have been approved by managers, and monitor the entire close process.
- Leverage audit trails make processes more transparent, reducing the amount of time you spend investigating the origin of entries and adjustments and increasing your confidence in the numbers.
The net result is the timely delivery of reports and analysis to key stakeholders, which not only accelerates the close, but decision-making processes as well – giving you a leg up on the competition.
Efficiently tackle critical sub-processes
Many critical “sub-processes” need to be addressed as part of your holistic month end close such as:
- Bank reconciliations
- GL/Sub-ledger reconciliations
- Account roll forwards
- Tax provisioning
These processes can be tedious and time-consuming. They take up a great deal of time during the month-end close process if not administered properly and manually performed.
With Vena, all of these processes are handled easily and expediently – all in a single unified application. Account reconciliation data can be loaded to a centralized database from multiple sources and seamlessly reconciled using the familiar Excel interface.
Roll forwards of data, such as fixed assets and investments can be completely automated and reconciled with their respective general ledger balances. In fact, virtually any Excel-based spreadsheet that your accounts own can be converted into a template and stored in the Vena database for collaborative use across your enterprise.
The result: simple tasks that used to take days can be handled in mere hours, freeing up more time for your finance department to analyze the data rather than gather it.
All the benefits of Excel combined with a secure and powerful database engine
Imagine if you could use the same powerful spreadsheet tool in your monthly close process that you and your team already know and leverage it with a superior in-memory database, unparalleled security features, a flexible workflow engine and robust audit trail capability.
That’s how Vena works – it utilizes what you are already familiar with, automating your monthly close process within a single, unified solution that can be used throughout your entire organization.
As a result you will achieve significant time and cost savings, increased productivity and reduced risk of errors. This will give you and your team more time to analyze data and get the necessary data into the hands of those who need it most.