The end-is-near-year-end-that-is

01insightsoftware.comThe End Is Near... Year End That Is

02insightsoftware.comThe End Is Near... Year End That Is

Every year, like clockwork, we finance professionals begin what is the most dreaded enterprise process known to our kind. The spreadsheets, the all-nighters at the office, the unreliable information and again, the never-ending spreadsheets, are all contributors to the hell that is known to us as year-end. Hundreds of thousands of us complete the year-end process by way of Excel-centric procedures, but do all of us make it out?

I cannot answer that for you for I am not an all-knowing Finance savior (just a former Accountant). However, I can tell you what I do know. Your process of manual data manipulation, error prone “actuals” and endless email chains can and will keep you chained.

In efforts to ease you through this resurgence, I’ve compiled a list of the most common emotional

experiences finance pros endure during this time of year. My guess is that you will relate to more than a few of them. My hope? That you use this as an opportunity for change. Herein lies what I believe to be the 7 Deadly Sins of Year End.

Before I go down this dark path, I want to let you know that there is hope if you choose to take it within this piece of mine. Each section here includes links to additional readings that will help you through this trying time. This isn’t a love story by any means but I will say that even the most daunting of horrors can have a happy ending.

Read on and may the odds be ever in your favor...

02The End Is Near... Year End That Isinsightsoftware.com

introduction from the author

03insightsoftware.comThe End Is Near... Year End That Is

About the Author

Jon Louvar is a former Accountant with over 18 years of experience within Excel, financial budgeting systems and the madness that you are about to read about. Current Director of Product Marketing for Hubble by Insightsoftware.com, Jon spends his days improving the experience and process of reporting, analytics and planning. Jon eats Wheaties and brains for breakfast and washes it down with black, bitter coffee, spiked with sarcasm.

03The End Is Near... Year End That Isinsightsoftware.com

04insightsoftware.comThe End Is Near... Year End That Is

2. Envy

3. Blustering 4. Deceitfulness

5. Gluttony6. Pride

7. Denial

1. Complacency

And Then, There Were Seven...

A feeling of being satisf ied with how things

are and not wanting to try to make them

better

That painful feeling of wanting to have what someone else has

To utter with noisy self-assertivenessMaking or trying to make someone

believe something that is not true

Greedy or excessive indulgence

A feeling that you respect yourself and deserve to be respected by other people

A condition in which someone will

not admit that something sad,

painful, etc., is true or real

04The End Is Near... Year End That Isinsightsoftware.com

insightsoftware.comThe End Is Near... Year End That Is 05

Complacency is experienced by those who falsely believe that their current year-end process is in no need of improvement. In a complacent state, finance professionals cling to the status quo of outdated processes to complete their year-end procedures.

They are not fazed by data exportation, manual manipulation, excessive emailing or even the probability of inaccuracy. These are the people that are simply satisfied with settling.

In the realm of year-end sins, complacency seems benign to the other six. However, without being addressed, this sin can lead to a much worse scenario for your organization.

1. complacency

05insightsoftware.comThe End Is Near... Year End That Is

06insightsoftware.comThe End Is Near... Year End That Is

2. envyUnlike complacency, envy holds emotion, and a lot of it. Where complacency is a failure to act, envy is acting out of irrational desire. When one so desperately wants to reach the outcome of another, they will go to great lengths to get there. Even say, purchasing unnecessary or unfitting technology just because it’s said to be best of breed or out of assumption (cough, BI tools, cough, cough).

In a dog-eat-dog business world, it may seem like keeping up with the Jones’s is the only way to get where you need to go. However, adopting the belief that your potential for superior performance is solely reliant on the newest technology is a poor approach to managing year-end.

Don’t get me wrong. BI tools can meet some of your needs but when it comes to carrying out the bulk of your financial processing, including year-end, they will fail. Succumbing to a BI tool out of hopes and dreams will disappoint you. Don’t say I didn’t warn you…

06insightsoftware.comThe End Is Near... Year End That Is

07insightsoftware.comThe End Is Near... Year End That Is

Imagine, you’ve completed your year-end process and now it is time to face the grim reapers of the finance world – the auditors. Clothed in doom and ready to deep dive into your financials, they come in pleasantly at first. They probe your accounting records, internal control policies and question your cash holdings. All good. Seems like they should be wrapping things up. Except they aren’t…

They decide to go deeper. They pose a question to which you have no clear answer to. A question that requires you to drill-down into your reconciliation variences. You are completely caught off-guard. Your response? You bluster.

Before you can even gather your thoughts around the question you begin to panic. Your immediate instinct is refute any “accusation” at hand, even though you aren’t even sure you are being accused.If this scenario resonates with you in any way then I recommend you take some time and get acquainted with the perils of bad data before you encounter the next deadly sin.

07insightsoftware.com

3. blustering

The End Is Near... Year End That Is

08insightsoftware.comThe End Is Near... Year End That Is

I know what you are thinking… I’ve gone too far. Before you jump ship and walk out on this productive experience we are having, allow me to explain. Deceitfulness by definition means attempting to make someone believe something that is false. What if that someone is actually you? Yourself.

In a world where business moves at an ever-increasing pace, it is easy to understand why some feel like just keeping up is hard enough – let alone embarking on a new organizational process. I would argue that this is where you are wrong. This is where you are lying to yourself, my friend. I believe your to-do list is excruciating but the only way to reduce it is to replace your manual procedure processes with technology that was specifically built to streamline and automate year-end reporting.

Automating your year-end process will allow you to close your books faster. You’ll glean insights sooner. You’ll be able to advise your executives in real-time rather than deliver data after it is too late to change course or take advantage of opportunities. And another benefit? More time for that to-do list. Trust me, a better built solution is a win-win for you and your team. But don’t just take it from me…

4. deceitfulness

08insightsoftware.comThe End Is Near... Year End That Is

09insightsoftware.comThe End Is Near... Year End That Is

Ah, the age of information. CRM, HCM, billing, flat files - the list goes on. Any information you want can be made available to you. What a time to be alive! Big data, data-driven, data, data, everywhere!

Before I continue on with this chant, I have to ask, what is the benefit of more? By no means am I arguing that the democratization of data is completely disadvantageous. I too believe that making data-driven decisions can and should be at the forefront of a sound business strategy. What I am saying is that accessing every data source often comes with a cost. What cost?

Your truth. In most cases, accessing information out of the business requires extraction. Extraction is completed by way of a tool. You want all of your information? That is a lot of expensive tools, a lot of iffy integrations and some questionable outcomes. More data requires more systems. Unless of course you’ve been awakened by the word of the wise. Only then have you truly experienced big data.

5. gluttony

09The End Is Near... Year End That Isinsightsoftware.com

10insightsoftware.comThe End Is Near... Year End That Is

The year-end process often begins with the finance team at the frontline. They are responsible for pulling reports and distributing information to key stakeholders during this critical time. In effect, finance leaders become powerful lone wolves. While being the sole bearers of organizational information may make you feel very proud indeed, it is by no means a benefit to your year-end process.

As business demands have increased, finance teams are now required to provide strategic input to the organization. This shift has put you and your team in the hot seat. The key to succeeding within this shift? Collaborating via transparency.

On the surface, it may feel like you are giving up control. But

completing a year-end process with full collaboration from

everyone in your organization will actually make the finance team

even more valued. Forward-thinking finance leaders know their

teams can serve as trusted advisors to executives – if they weren’t

so bogged down by laborious manual processes. Time to swallow

a little pride and start your search for a holistic solution. I suggest

listening to some Beatles while you begin. Always gets me in the

mood to make change.

10The End Is Near... Year End That Isinsightsoftware.com

6. pride

11insightsoftware.comThe End Is Near... Year End That Is

Here we are, the final deadly sin of year-end financial reporting and budgeting. In all honesty, I am not one to argue my opinion to deaf ears. If you have made it this far without feeling the need to make change, then all I can do is to urge you to try again. This time with a bit more receptivity. And remember, I am here to help if you need me.

7. denial

11insightsoftware.com

“

”

OPEN YOUR MIND TO WHAT I SHALL DISCLOSE, AND HOLD IT FAST WITHIN YOU; HE WHO HEARS, BUT DOES NOT HOLD WHAT HE HAS HEARD, LEARNS NOTHING.

Dante Alighieri, Paradiso

The End Is Near... Year End That Is

Before we part ways, I must, must, must make sure you have this whole piece straight. As a former accountant myself, I truly do understand the reliance on spreadsheets. It is not my intention to remove spreadsheets entirely from your organization. Excel certainly has a number of excellent qualities that have served us well for years. My true intention with this elaborate work of entertainment is to inform. The rest is really up to you.

For more information or just for fun, visit gohubble.com

My Final Farewell – A Tribute To Excel

Hubble® is an integrated suite of performance management apps from insightsoftware.com. It offers reporting, analytics and planning in a single real-time solution that fully understands your ERP. Hubble integrates your critical business systems so users at all levels have access to live data—extraordinarily fast. With this type of visibility, everyone can easily understand, manage and predict the business.

Hubble® is a registered trademark of insightsoftware.com International. © 2014-2016 insightsoftware.com International. All Rights Reserved.

13insightsoftware.comThe End Is Near... Year End That Is 13insightsoftware.comThe End Is Near... Year End That Is

“The BBBRRAAIIINNNSSS!!!!”

Responsible for concept, words and whatnot.

contributing creatures

“The Muscle”

Here for heavy lifting and to provide a keen design eye.

Chelsea Rider Luke Hinrichs Alex Sobell

“The Beauty”

The one that made this whole piece visually appealing.

Their Parting Words... “If a Vampire bites a Zombie, who turns into who?”