• Skip to main content
  • Skip to footer
Revelwood Logo

Revelwood

Your SUPER-powered WP Engine Site

  • Who We Are
    • About Us
      • Our Company
      • Our Team
      • Partners
    • Careers
      • Join Our Team
  • What We Do
    • Solutions
      • Workday Adaptive Planning
      • IBM Planning Analytics
      • BlackLine
    • Services
      • Implementation Services
      • Customer Care
        • Help Desk
        • System Administration as a Service
      • Training
        • Workday Adaptive Planning Training
        • IBM Planning Analytics / TM1 Training
    • Products
      • DataMaestro
      • LightSpeed
      • IBM Planning Analytics Utilities
  • How We Help
    • Use Cases
    • Client Success Stories
  • How We Think
    • Knowledge Center
    • Events
    • News
  • Contact Us

FP&A

30 Years of Office of Finance Excellence—And We’re Just Getting Started

August 21, 2025 by Revelwood

In 1995 two colleagues sat down and imagined a different kind of consulting firm—one laser-focused on helping Finance teams plan, analyze and make better decisions. That conversation between Ken Wolf and Dan Bernatchez, sparked by disillusionment with the status quo and energized by a growing market opportunity, gave rise to Revelwood.

Thirty years later, we’re celebrating a milestone that reflects not just our longevity, but our continuous reinvention, our commitment to our clients and our passion for the Office of Finance.

The Origin Story: A Vision for Something Better

Revelwood wasn’t born in a boardroom. It was born from experience. At the time, Ken and Dan were consultants working with TM1 technology (then owned by Sinper Corporation) long before it became part of IBM Planning Analytics. They believed there was a smarter way to serve clients: by specializing, simplifying and staying true to core values.

They took a leap and founded Revelwood, choosing focus over breadth and deep expertise over being generalists. From day one, the goal was clear: build a firm that speaks the language of business and empowers Finance teams to lead with insight. Soon after Revelwood was established, Rob Gordy joined the partner team to strengthen the firm’s technical expertise and capabilities.

The Evolution: Staying True While Growing Smart

Revelwood’s early days were grounded in financial planning and analysis—what we now call FP&A. Over the years, we’ve embraced new technologies, added vendor partnerships and responded to tectonic shifts in the software landscape. We weathered transitions—from TM1’s move to from Sinper, to Applix, to Cognos and then to IBM.

Throughout the years we have made a conscious decision to focus on what made us successful: deep domain expertise in the Office of Finance. That decision led to new partnerships with Workday and BlackLine, positioning Revelwood as a multi-solution partner offering best-in-class tools for FP&A and financial close.

Internally, we evolved from a small consultancy to a scalable, growth-oriented company. Today, we have an international presence, a dedicated sales and marketing engine and a client success team — all built to serve our clients better and more efficiently.

What Sets Us Apart: Our Not-So-Secret Sauce

Revelwood is truly unique. Our “secret sauce” isn’t one thing—it’s a blend of:

  • Our core values: These shape our culture and are reflected in every decision and interaction, no matter how large or small. They are:
    • Be passionate.
    • It’s about the team.
    • Do the right thing.
    • Take pride in your work.
    • Take initiative.
    • We care.
  • Our people: We hire smart finance and accounting professionals, then layer in technology skills —resulting in real-world solutions that work.
  • Our brand promise: We speak business first. We deliver useware, not shelfware. And we’ve always got your back.
  • Our focus: We’re not trying to be everything to everyone. We know the Office of Finance and we live in that world every day.
  • Our growth mindset: While many firms stay small, we’ve invested in scale, structure and strategy. That’s helped us build lasting client relationships and earn accolades from partners like BlackLine, IBM and Workday.

The Road Ahead: Finance Transformation, End to End

As we look forward, the next phase of Revelwood’s journey is all about expanding our role in finance transformation. We will soon be launching our Workday Financials practice — complementing our long-standing expertise in planning, analytics, and financial close automation.

The goal? To support the entire Office of Finance with a full suite of integrated tools—from record to report, from plan to performance. Whether it’s IBM Planning Analytics, Workday Adaptive Planning, BlackLine or Workday Financials, Revelwood is uniquely positioned to guide organizations through end-to-end financial transformation.

Here’s to the Next 30

For 30 years, Revelwood has been in your corner — helping you navigate change, accelerate performance, and lead with confidence. We’re grateful to the clients, partners and teammates who’ve made this journey possible.

And we’re just getting started.

We’ve got your back—for the next 30 years and beyond.

Home » FP&A

Filed Under: News & Events Tagged With: CFO, financial planning & analysis, FP&A, Office of Finance

Driving Operational Efficiency

July 10, 2025 by Revelwood

FP&A Done Right

A recent episode of FP&A Done Right – The Podcast, focuses on how finance teams enhance operational efficiency through strategic planning and data-driven decision-making.

In today’s dynamic business environment, the ability to plan effectively and adapt to change is crucial. Company-wide planning platforms offer tools that not only streamline financial processes but also provide strategic value by enabling better decision-making and fostering collaboration.

Strategic Planning and Operational Efficiency

Strategic planning drives operational efficiency by:

1. Enhancing Agility in Financial Planning

Enterprise planning enables finance teams to adapt swiftly to changing business conditions. It facilitates real-time scenario modeling and forecasting, which means organizations can make informed decisions promptly.

2. Streamlining Collaboration Across Departments

Company-wide planning fosters cross-functional collaboration. A unified platform ensures that all stakeholders are aligned, reducing silos and enhancing overall efficiency.

3. Leveraging Data for Strategic Insights

By harnessing data, finance teams can uncover insights that drive strategic initiatives and long-term growth.

Listen to this episode to learn more about how enterprise planning can drive results in efficiencies beyond the Office of Finance.Want a deeper dive?

Download our eBook on the topic.

Home » FP&A

Filed Under: FP&A Done Right Tagged With: FP&A, Planning & Forecasting, Workday, Workday Adaptive Planning

Budgeting That Works: How to Plan for Success in an Uncertain World

January 9, 2025 by Simon Foley

The Budgeting Blues

You’ve just wrapped up another marathon annual budget cycle spanning multiple months, countless late nights and endless revisions; you’ve finally pinned down the dreaded planning gap between top-down targets and bottom-up submissions. You appear to have a fairly consistent set of functional budgets with marketing initiatives aligned with sales targets, which in turn are aligned with operational plans and a suitable workforce plan.  It is a masterpiece.  Unfortunately, during the months since the budget cycle started and the corporate targets were agreed, the world has moved on, leaving your budget masterpiece in tatters.

A Better Way: Driver-Based Budgeting

Surely, there is a better way?  Enter driver-based planning: a thoughtful approach that focuses on the key factors that truly move your business forward. Instead of getting bogged down in granular line-item details, driver-based budgeting focuses on identifying the key business drivers that really move the needle for your company. These could be things like sales growth, production capacity, headcount, or any other factors that have a major impact on financial performance.

By building your budgets and plans around a focused set of core drivers, you can create a more agile and responsive planning process. As the world changes, you can easily adjust your driver assumptions and assess the ripple effects across the business. Driver-based budgeting also aligns inputs to the right business owners – the sales team weighs in on bookings forecasts, operations gives their view on production capacity, and so on. This not only leads to more accurate plans, but also creates accountability and buy-in across the organization.

Defining the Right KPIs

To get started with driver-based budgeting, the first step is to nail down the right key performance indicators (KPIs) for your business. But more isn’t always better when it comes to KPIs. The most effective driver-based models focus on a concise set of metrics that:

  1. 1. Can be reliably and consistently measured for historical actuals
  2. 2. Are predictable enough to forecast
  3. 3. Have a direct link to key business goals and objectives
  4. 4. Have clear business ownership

For example, a software company might zero in on KPIs like new logo bookings, billings growth, and sales rep productivity as core drivers of the sales model. The finance team partners with sales leaders to pressure-test the assumptions, and the model projects how different scenarios would flow through to revenue, margins, and cash.

Eliminating Data Silos

With the right KPIs defined, the next step is to eliminate data silos and create “one source of truth” in your budgeting process. Driver-based budgeting thrives on collaboration and integration – sales, operations, finance, and executive teams all need to be looking at the same set of numbers. Modern cloud-based planning platforms make it easy to connect data, build driver logic, and engage business users in a streamlined process.

Planning with Agility

Driver-based budgeting enables a dynamic, rolling forecast rhythm to replace the annual or quarterly budgeting cycle. By refreshing forecasts on a monthly basis (or more frequently), you always have an up-to-date view of where the business is headed, allowing for more informed decision-making and better resource allocation.

Pair this with the ability to regularly and efficiently generate multiple additional “what-if” scenario versions and you gain the agility to quickly course-correct as conditions change and new opportunities or threats arise.

A True Business Transformation

But driver-based budgeting is about more than just building a better mousetrap. Done right, it can be truly transformative for an organization. It elevates the role of finance to focus on strategic business drivers rather than just policing the numbers. It creates alignment and accountability across functions. And most importantly, it arms decision-makers with visibility and insight to navigate through periods of volatility and change.

Start today

In a world of rapid change and pervasive uncertainty, agility is the ultimate competitive advantage. By focusing your planning efforts on the critical drivers of your business, you can position your organization to ride out the storms and seize new opportunities. So ditch those broken spreadsheets, engage your business partners, and start your journey towards more dynamic, driver-based plans. Your future self will thank you.

Revelwood is dedicated to helping the Office of Finance succeed through the strategic use of technology. We have a nearly 30 year history helping CFOs and FP&A leaders modernize and transform the Office of Finance. Our approach is to focus on your success, speak business first and to leverage best-in-class technology that suits your organization’s unique needs. Contact us at info@revelwood.com to start a conversation on how we can help your Office of Finance be thes best it can be.

More from our FP&A Done Right Series:

10 Steps to Transform Financial Planning & Analysis: A Guide to a Successful FP&A Implementation

Workday Named a Leader in the Gartner Magic Quadrant for Financial Planning Software

Recommendations from the 2024 CFO Study

Home » FP&A

Filed Under: FP&A Done Right Tagged With: FP&A, FP&A done right, Workday, Workday Adaptive Planning

FP&A Maturity Assessment: Where Do You Rank?

October 18, 2024 by Revelwood

There are tangible, concrete benefits to having a mature FP&A process. These include improved decision-making, increased efficiency, agility and responsiveness, enhanced forecasting accuracy and more. 

How do you know if your processes are mature? Here are some key indicators:

  • Data integration and accuracy. You have reliable data sources integrated with your planning environment for real-time analysis.
  • Forecasting and predictive analytics. You use advanced forecasting techniques, scenario modeling and predictive analytics.
  • Cross-department collaboration. Your FP&A team works closely with other departments.
  • Agility and adaptability. You have the ability to rapidly adjust forecasts and strategies in response to changing conditions.
  • Technology-driven automation. You leverage automation tools to streamline reporting, budgeting and forecasting.

Would you like to learn how advanced your organization is at financial planning? Take this short (two minutes!), FP&A Maturity Assessment from Forrester Research. You’ll get customized results and recommendations for your organization.

Home » FP&A

Filed Under: FP&A Done Right Tagged With: Budgeting Planning & Forecasting, Financial Performance Management, Forrester, FP&A, FP&A done right

Incorta Recognized in 2023 Gartner Magic Quadrant for Analytics and BI Platforms

October 6, 2023 by Revelwood

Our newest technology partner, Incorta, was recently one of only 20 vendors recognized in the 2023 Gartner Magic Quadrant for Analytics and BI Platforms. Gartner describes analytics and business intelligence (BI) platforms as “enabling less technical users, including business people, to model, analyze, explore, share and manage data, and collaborate and share findings, enabled by IT and augmented by artificial intelligence (AI).

The analyst firm states “Data and analytics leaders must use analytics and BI platforms to support the needs of IT, analysts, consumers and data scientists … While integration with cloud ecosystems and business applications is a key selection requirement, buyers also need platforms to support openness and interoperability.”

In this Magic Quadrant, analytics and BI platform functionality includes 12 critical capabilities:

  • Automated insights
  • Analytics catalog
  • Data preparation
  • Data source connectivity
  • Data storytelling
  • Data visualization
  • Governance
  • Natural language query
  • Reporting
  • Data science integration
  • Metrics score
  • Collaboration

The report includes the following analytics and BI platform vendors: Alibaba Cloud, Amazon Web Services, Domo, GoodData, Google, IBM (IBM Cognos Analytics with Watson), Incorta, Microsoft, MicroStrategy, Oracle, Pyramid Analytics, Qlik, Salesforce (Tableau), SAP, SAS, Sisense, Tellus, ThoughtSpot, TIBCO Software and Zoho.

According to Incorta, “Being recognized as a Niche Player in [this report] is a great fit for Incorta, as our primary focus is delivering high-powered operational analytics with unlimited access to 100% of your enterprise data at speed and scale.”Access this Magic Quadrant to learn why Incorta was positioned as a Niche Player and read Gartner’s assessment, including Incorta’s strengths and cautions.

Home » FP&A

Filed Under: Data Analytics in Finance Tagged With: Data Warehouse, FP&A, Gartner, gartner magic quadrant, Incorta

Navigating Economic Volatility: Insights from CFOs

August 18, 2023 by Revelwood

In today’s dynamic business landscape, economic volatility has become an ever-present challenge, impacting organizations across industries. Chief Financial Officers (CFOs) play a critical role in steering their companies through these uncertain times. McKinsey & Company’s newest survey of CFOs sheds light on how financial leaders are adapting and strategizing in the face of economic headwinds. 

The Reality of Volatility

The survey finds that economic volatility and inflation are the top concerns among CFOs, posing significant threats to company growth. In a world characterized by unpredictability, a staggering 57% of CFOs reported high volatility in their businesses’ performance, with little expectation of stability in the near future. The rise in inflation has added to the complexity, becoming the top-cited threat to growth, with 58% of CFOs expressing concern.

Adapting, Not Hunkering Down

Despite the challenges, CFOs are not passively weathering the storm. They are taking proactive steps to tackle the uncertainties. The survey reveals that finance leaders are adjusting their priorities, focusing on performance, productivity, and managing operational value drivers and key performance indicators (KPIs). CFOs recognize the need to be agile and responsive to changing circumstances.

Strategies for Managing Volatility

To manage the volatile economic environment, CFOs are adopting specific strategies. The survey shows that raising prices to ensure margins is a top approach, even though passing on higher costs poses difficulties. Furthermore, CFOs are reallocating investments across their organization’s portfolio and reducing exposure to fixed costs to enhance flexibility.

Operational Practices for Success

CFOs are also engaging in operational practices to navigate volatility successfully. They are increasing their own participation in business decision-making, making it a top priority. Additionally, CFOs recognize the importance of frequent cash flow analysis and short-term budgeting to stay on top of financial performance. By proactively managing these areas, CFOs can make informed decisions amidst the uncertain economic landscape.

Shifting Priorities for Finance Organizations

The survey reveals changes in finance organizations’ priorities for the next year. CFOs are now placing a greater focus on operational value drivers, KPI management, cash management, and capital structure. These areas are deemed vital to actively drive value for their companies. In contrast, other priorities, such as strategic planning and risk management, have decreased in importance, reflecting the need for adaptability in today’s volatile market.

Economic volatility remains an ongoing challenge for organizations, but CFOs are leading the charge with resilience and adaptability. By adjusting priorities, adopting proactive strategies, and focusing on operational practices, these financial leaders are guiding their companies through uncertain times and positioning them for success in the face of volatility.

More from our FP&A Done Right Series:

No, Artificial Intelligence Will Not Replace Finance Jobs

Annual Planning Versus Continuous Planning

Professional Services Firms Need Future-Ready Forecasting

Home » FP&A

Filed Under: FP&A Done Right Tagged With: CFO, CFO efficacy, Financial Performance Management, FP&A, FP&A done right

Leveraging IBM Planning Analytics for xP&A

May 12, 2023 by Revelwood

FP&A Done Right: Finance’s Role in ESG Reporting

This is a guest post from our partner IBM. In this post, Michael McGeein, program director and product management leader – IBM Planning Analytics, showcases how organizations use IBM Planning Analytics for Extended Planning and Analysis (xP&A). 

Extended Planning and Analysis (xP&A), is not a new concept for IBM clients who use IBM Planning Analytics with Watson, formerly known as Cognos TM1. For the past several years, clients have embraced the need to tie operational decisions to the financial impact from both planning and analysis perspectives. For instance, a Director of Operations may want to increase production for the upcoming selling season, but they must first understand the impact on the business overall.

There are many operational considerations, from labor, staffing and production capacity — such as machinery and warehousing — to ensuring the business has the capital needed. All these factors need to be considered, and fortunately, IBM Planning Analytics with Watson has helped clients do this for years.

Financial and supply planning for a national blood service organization

A national blood service, and long-time Planning Analytics client, has started implementing a financial planning solution to better plan, forecast and analyze the cash flow needs and improve reporting to the leadership team and Board of Directors. Once the team fully understood the capabilities of Planning Analytics, they saw an opportunity to improve salary planning, a key part of the financial planning process. 

From that, the HR team expanded the salary plan to include the components of staff planning, including hiring and attrition.

Another way the team used Planning Analytics was to plan for the supplies needed for the collection of blood from donors. They created a planning application that schedules nurses and technicians who collect specimens and accounts for the supplies needed, from orange juice, bottled water, and cookies to medical supplies like tourniquets, blood bags, type testing kits and more.

As this company can attest, extending beyond the core finance function to plan for people, activities, and other areas has been part of Planning Analytics for years.

Financial and HR planning for a television production company

Another great example of Planning Analytics in action is with a television production company that, like many clients, was initially focused on financial planning. After the team had their financial planning and forecasting running well, they turned their focus on how to better run their business. As a ‘job shop,’ where each TV program is a job, one area of focus was cost planning by job. The team created a job planning application, starting with staff planning as one of the largest cost components. Then they extended to include overhead and expense allocations, and eventually created a weekly Show Cost planning module to understand the contribution of each show to the overall production company’s results.

Supply chain planning for a global contract specialty manufacturer

A global contract specialty manufacturer, with deep expertise in manufacturing know-how, supply chain insights, and product design, uses Planning Analytics for nearly every ‘non supply chain’ use case in their organization. From financial analysis and reporting, forecasting, reserves reporting, aged accounts receivables, and treasury cash balance and forecasting to working capital, HQ allocations, local tax adjustments, and income tax in interim periods, all of these Planning Analytics solutions are integrated to ensure changes in one area, like cash forecasting, can be reflected in the overall working capital analysis.

No matter the industry, Planning Analytics is a continuous, integrated business planning solution that helps run some of the best companies in the world. Those who use IBM Planning Analytics with Watson understand the benefits of integrated planning that are not realized when doing ‘connected’ planning in spreadsheets or other traditional tools. 

Are you interested in expanding your use of IBM Planning Analytics? Let us know – we can help!


This blog post was originally published on the IBM Journey to AI blog.

Home » FP&A

Filed Under: FP&A Done Right Tagged With: FP&A, IBM Cognos TM1, IBM Planning Analytics, xP&A

Modern Accounting: Streamlining the Month-End Close

October 13, 2022 by Revelwood

This is a guest post from our partner BlackLine, explaining how to streamline and optimize the month-end close procedss.

What Is the Month-End Close Process?

The month-end close process is the series of activities accounting teams must monitor, perform, and review, on a monthly basis, to produce timely, accurate, and complete financial statements and related reporting. While the most important closing period comes at the end of the financial year, most businesses use month-end procedures to accurately track performance—a monthly closing process as part of regular accounting ensures that the numbers are reliable, stable, and accurate.

Why Is Optimizing the Month-End Close Important?

Extra time spent on the month-end close means less time spent on adding value through analysis and business partnering. Optimizing the month-end close will get financial numbers into the hands of leadership sooner to assist with timely analyses and smarter decision-making. Other reasons to optimize include better discipline, more structure, improved controls, more visibility, and reduced risk.

Flowchart for Month-End Close Process

Here is a month-end close process flowchart to visualize some of the key steps and processes.

BlackLine month end flowchart

What Are Month-End Procedures?

While traditionally a lot of the heavy lifting is done during a few peak days, the month-end close process is ongoing throughout the month as transactions are recorded in various systems.

Before reporting, accounting must capture, review, and make adjustments to data from disparate sources, which often include a primary ERP, other ERPs, sub-ledgers, banks, point-of-sale systems, and many others. When results are solidified and reviewed, accounting then reports results to stakeholders including internal management, external shareholders, regulatory bodies, and others.

When accountants think about the month-end close, they’re likely referring to the activities in the middle of the figure above, like substantiating balance sheet accounts, reconciling transactions, recording recurring journal entries, analyzing variances, monitoring critical tasks and controls, and supporting audits. These are the processes that require the most effort. These activities are traditionally performed manually in spreadsheets and stored in difficult to access emails or on shared drives.

How Long Does a Month-End Close Take?

Each company is different, so it’s impossible to say how long your month-end close should take. Surveys and research over the years show the month-end process generally takes between 5-10 days.

However, over the past decade, with help from technology, the close has been getting faster. According to Ventana Research in 2019, “63% of participants indicated their organization completes its monthly close within six business days, up from 53% in 2014, with nearly half (46%) now closing within four business days (the previous rate was 29%).”

Accounting teams face a lot of pressure to close the books fast because executives use the previous month’s financials to make business decisions for the upcoming months and quarters. Ventana Research notes, “Closing faster has value: 62% of those that close within six days say that the information they provide is timely, while only 39% of those that take longer say that.”

However, closing faster can mean a tradeoff between speed and accuracy. For example, using estimates rather than actuals can shave hours or days off your close, but that means your numbers may not be exact, and when it’s time to close the fiscal year, the actuals will still need to be determined. This may end up adding days to your year-end close.

What Are the Steps in the Closing Process?

Again, because all companies are different, there is no perfect month-end close checklist. For example, businesses that sell physical products will have the extra steps of tracking inventory while companies that are service-focused will not. Smaller companies may have fewer accounts while multinationals will have hundreds or thousands. But there are some key items most accounting teams will need and steps they’ll need to follow.

Some of the information accounting teams need to have on hand in order to close the monthly books:

  • Total revenue numbers
  • Bank account information
  • Inventory levels (if applicable)
  • Petty cash total
  • Financial statements
  • Balance sheets
  • Total fixed assets
  • Income and expense accounts
  • General ledger

Common steps in closing the month-end books:

  • Record all incoming cash and accounts receivable
  • Review expenses and accounts payable records
  • Reconcile accounts
  • Review fixed assets
  • Inventory count (if necessary)
  • Collect and review financial documents
  • Prepare financial statements
  • Review all information for accuracy

Best Practices for a Month-End Close Process

When thinking about best practices for the month-end close, you may want to ask yourself these three questions about your month-end close process:

1.     Do I have sufficient visibility into the entire month-end close process?

2.     Have we done all we can to mitigate risk?

3.     Am I paying highly trained professionals to perform remedial tasks?

If you identify challenges based on those questions, you may want to implement some of these month-end close best practices.

Conduct Pre- and Post-close Team Meetings

During pre-close meetings, the team should discuss follow-up items from the previous month’s post-close meeting and determine the current month’s close schedule and timeline. This way everyone is clear on responsibilities and deadlines. You should also determine what staff should do if they run into barriers and how they should communicate any bottlenecks.

In post-close meetings, discuss what worked and what didn’t, and review assigned roles and responsibilities for the next month. Review any lessons learned, any variances or abnormalities, and entertain any proposed changes to the process.

Manage your Time, be Organized, and Communicate Efficiently

Understanding deadlines and schedules is critical so you can work toward an ideal close date. Being organized will help you stay on track. In addition, accountants must begin to cultivate strong written communication skills with the ability to think critically. They will also need strong oral communication skill and the ability to convey pertinent financial information to executive teams and stakeholders.

Build Relationships

Exceptional accountants know how to manage numbers and people. That requires cultivating a broader range of relationship skills today, such as how to work in a team and how to engage with other departments. If other departments are aware of what you are doing and what you’ll need for each month-end in advance, they may be more willing to contribute the financial data you need on time.

Take Advantage of Automation

Refocus your teams on analysis by replacing repetitive, spreadsheet-heavy work with leading-practice automation. Centralize data and close activities, automate journal entries and reconciliations, strengthen controls, and enhance visibility.

Common Challenges in a Month-End Close Process

Some challenges finance and accounting teams encounter when performing a manual close process include:

  • Team members don’t know what needs to be done and/or what is already completed
  • Inaccurate or incomplete data
  • Lack of standardization
  • Processes that are not clearly defined
  • Discrepancies between numbers
  • Delayed reconciliations due to errors, adjustments, and reclassifications
  • Lack of real-time data that results in little or no visibility and transparency

These challenges during the month-end close are likely why nearly 70% of CAOs recognize a need to change. The month-end close process relies on many people, technology, processes, and other inputs. As a result, accounting organizations are challenged by inconsistent data and processes and a lack of standardization across the enterprise—all while depending on spreadsheets, emails, phone calls, and in-person meetings to bring it all together.

As business leaders look for accounting to provide more real time insights, and while regulatory environments are increasingly complex, it becomes even more difficult for accounting to do it all on time without compromising compliance or control. Traditional manual accounting processes are simply not sustainable.

Transitioning away from manual workflows will give you access to one of the most efficient tools you’ll ever use: accounting automation.

How Financial Close Automation Technology Improves the Closing Process

In order to optimize the month-end close process, companies should embrace technology and innovation that enables transformation. Integrated solutions that address more than one aspect of the close process, and in particular, cloud solutions, are helping companies make the move to modern accounting—bit by bit. Let’s take a closer look at how automation technology improves the financial close process.

While there’s no one size fits all approach, many successful accounting organizations begin their optimization journey with close management by unifying data and processes and driving better accountability through visibility. Technology can be used to capture all tasks and embed workflow and segregation of duties. Leading solutions also help centralize supporting documents and provide dashboards for reporting on status and KPI’s.

Optimizing balance sheet substantiation and high-volume reconciliation processes is a natural next step, as preparing, reviewing, and retaining account reconciliations is a common pain point for accounting, and valuable resources spend a disproportionate amount of time on repetitive tasks like ticking and tying.

Technology not only standardizes account reconciliations using templates but improves continuity by embedding policies and procedures, reduces risk by importing general ledger account balances and other data directly from source systems, and drives efficiency by automating matching activities and up to 80% of certifications.

Another way to optimize the financial close is by addressing the journal entry process. Many organizations record hundreds, if not thousands of journal entries each month. Technology not only centralizes the journal entry process with workflow and integration to related balance sheet reconciliations but automates the creation, posting, and certification of a significant portion of a company’s entries. Harmonizing the process and supporting documentation in the cloud not only saves time during the close but also reduces audit testing and preparation.

Finally, intercompany accounting and governance is another area ripe for transformation, as it poses numerous challenges for accounting with complex regulatory requirements and cross-functional dependencies involving legal, tax, and other stakeholders. Accounting can use technology to proactively govern their intercompany process from transaction initiation through netting and settlement. End-to-end intercompany solutions facilitate the process with defined workflows, embedded controls, and automation.

This blog post was originally published on the BlackLine blog.

Read more about Modern Accounting:

Modern Accounting: The Impact of Investing in Accounts Receivable

Modern Accounting: Driving Sustainability

Modern Accounting: Why Does Intercompany Accounting Crash Your Close?


Home » FP&A

Filed Under: Financial Close & Consolidation Tagged With: BlackLine, Financial Performance Management, FP&A, modern accounting, Planning & Forecasting

FP&A Done Right: Finance’s Role in ESG Reporting

August 12, 2022 by Revelwood

FP&A Done Right: Finance’s Role in ESG Reporting

ESG (environmental, social, governance) reporting is a growing market. According to McKinsey, “ESG issues represent critical challenges for both boards and executive teams.” One question companies are facing is “who is responsible for ESG reporting?”

Some companies have – or will have – a Chief Sustainability Officer (CSO). Nike, Mastercard, P&G, Nissan and others have CSOs. As companies develop their ESG strategies, they need to find a “home” for ESG reporting. That “home” is often in the Office of Finance.

According to the CFO of a software company, “Sustainability is now a key consideration for the finance function. Sustainability work requires alignment with financial priorities such as ESG reporting, investor relations, capital management, carbon accounting, impact measurement, corporate development and even product development.”

Picture this: embedding sustainability metrics into the finance department. This approach brings the discipline and structure of financial management and reporting to those sustainability metrics. Companies can set key performance indicators (KPIs) for ESG scorecards, create ESG dashboards and more.

This approach makes a lot of sense. CFOs have a broad skill set. CFOs are experts at measuring, analyzing and reporting data. They understand the need to have a “single source of the truth,” accurate numbers, automation to reduce manual errors and the need for auditability and transparency.

More importantly, the SEC has proposed regulations that would require public companies to disclose extensive ESG information in SEC filings. CFOs, along with CEOs, will have to certify the accuracy of the data in the filing. This means that public companies will need to address ESG reporting with the same discipline they have with financial data. It needs to be accurate, complete and auditable.

According to EY, “There is increased pressure on corporates to improve their ESG reporting – from equity investors, insurers, lenders, bondholders and asset managers, as well as customers who all want more detail on ESG factors to assess the full impact of their decisions. Finance leaders should move quickly to meet stakeholders’ expectations and articulate a unique narrative of how they create long-term value.”

EY also states that enhanced ESG reporting is an opportunity for CFOs to “build the advanced analytics capability to extract insights from data and reboot the approach to FP&A to create more agile scenario planning capabilities.”

If you are a CFO of a public company, now is the time to develop an ESG reporting strategy.

Read more in our series on ESG reporting:

FP&A Done Right: ESG Reporting Tools

Home » FP&A

Filed Under: FP&A Done Right Tagged With: FP&A, FP&A done right

  • Page 1
  • Page 2
  • Page 3
  • Interim pages omitted …
  • Page 6
  • Go to Next Page »

Footer

Revelwood Overview

Revelwood helps finance organizations close, consolidate, plan, monitor and analyze business performance. As experts in solutions for the Office of Finance, we partner with best-in-breed software companies by applying best practices guidance and our pre-configured applications to help businesses achieve their full potential.

EXPERTISE

  • Workday Adaptive Planning
  • IBM Planning Analytics
  • BlackLine

ABOUT

  • Who We Are
  • What We Do
  • How We Help
  • How We Think
  • Privacy

CONNECT

World Headquarters

Florham Park, NJ | 201 984 3030

European Headquarters

London & Edinburgh | +44 (0)131 240 3866

Latin America Office

Miami, FL | 201 987 4198

Email
info@revelwood.com

Copyright © 2025 · Revelwood Inc. All rights reserved. Revelwood® and the Revelwood logo are registered marks of Revelwood Inc.