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Invest in Your Business in Good Times and in Bad

“The hiring was awesome in July,” said Stephen Levy, director of the Center for Continuing Study of the California Economy. Nobody would ever use the “A” word lightly. Evidently confidence is running high right now in the Bay Area. Economic sentiment is so awesome, with job growth rising over the last three months, that many believe that any sort of meltdown can be put out of mind; at least in the near-term. Companies are rolling, but some companies may be rolling a bit more efficiently than others because they continued to invest in technology during the recession. These companies are in even better position now to take advantage of a booming economy.

By investing in technology, companies have been able to cut the time it takes to capture their quarterly snapshots from an average of six days in 2009 to four and a half days in 2017 according to a recent survey of 500 companies by PricewaterhouseCoopers LLP. Redhat Inc. has made accounting efficiency a priority and can now close their books in just two days. All of this may not sound sexy to those not in finance, but good accounting is the foundation for any company and the closing period can often be a pain point for a business because they are often rushed and sometimes error prone.

“The advantage is that you get data disseminated through the organization quicker, you can then communicate trends, patterns and that can result in quicker decisions to take tactical actions in response to the data,” said Steven Young, CFO for Duke Energy.

Good investment is much like the marriage vow of “in good times and in bad.” Those that stayed committed to investing and improving their business processes through the downturn, are now able to better capitalize in all the awesomeness that is occurring in our economy today.

Article of Reference

Technology Speeds Up Timeline on Quarterly Close (WSJ)

Companies are taking four-and-half days to collect the quarterly snapshot of their financial position, down from six days in 2009.

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