Contrasted with the record-to-report accounting model in widespread use over the last century, continuous accounting is a paradigm shift for finance teams.
The record-to-report model treats an accounting cycle as a repeatable, end-to-end process – beginning with transaction recording and progressing through financial statement publication.
But 21st century businesses require the principles of continuous accounting that go beyond reporting on historical data to deliver higher levels of process automation, data integration, and real-time intelligence.
Much more than automating existing processes, continuous accounting leverages the functionality and flexibility of modern accounting software by embedding automation, control and period-end tasks in financial activities.
Reviewed in this week’s full PDF…
…are continuous accounting’s three core principles, four key benefits, and an example of how it differs from the record-to-report model.
Los Angeles and Southern California executives interested in learning more about the how continuous accounting can increase efficiencies and deliver real-time intelligence can benefit from talking with a provider of outsourced CFO services.