Close Management
Transform your financial close processes
Streamline and accelerate financial reconciliation and close to enhance operational efficiency
Close Management Consulting and Implementation
Closing the accounting books is a complex and a time-consuming process. It involves reviewing and analyzing vast amounts of data from disparate sources and dealing with inconsistent processes and controls.
Finance and accounting teams are constantly challenged to increase their operational efficiency and bring greater agility to “the office of finance” to support evolving business needs. Managing these expectations is hard for finance teams as more often than not, they use legacy systems and processes which rely heavily on spreadsheets, leading to inefficiency and errors.
Service Offerings
Design & Implementation
We focus on building tailored close management solutions that fit seamlessly into client processes. Our approach ensures standardization while allowing flexibility for entity-specific needs. We streamline close activities by embedding automation, monitoring and structured workflows into the design.
We can help in the following
- Design of close management models aligned with client processes
- Automating reconciliation of transactions, bank and cash flow
- Configuration of entity-specific workflows and reporting hierarchies
- Design of customized templates for batch posting of journal entries, reconciliations and validations
- Setting up of data model, dimensions and close status monitoring
Data Automation & Integration with Financial Systems
We enable smooth integration between Financial systems and consolidation platforms to eliminate manual effort and reduce errors. By automating data flows, users gain faster access to accurate information for close and reporting. Our solutions ensure scalability, with controls at every stage of data processing.
We can help in the following
- Building connectors to Financial systems
- Automating trial balance and Journal entry imports with error handling
- Scheduling recurring data loads with pre- and post-validation checks
- Creation of mapping logic for GL accounts and organizational structures
How we help our clients
Featured Industries
Our close management solutions help manufacturing enterprises simplify close-end processes, improve accuracy and accelerate financial reporting in the following areas
- Streamlining close tasks across all entities
- Automation of trial balance and inventory data loads
- Automation of journal posting and review
- Reconciliation of intercompany and cost allocations
- Generation of accurate financial reports with validated data
We support aerospace service providers to streamline financial close, strengthen compliance and ensure accuracy in the following areas
- Standardization of entity-wise financial close processes
- Complete automation of reconciliation process
- GL data validation before group submission
- Approval workflows for financial adjustments
- Comprehensive audit trail maintenance for close tasks
We help automobile enterprises to simplify the close process through
- Reconciliation of inventory and WIP balances
- Review and posting of key period-end adjustments
- Validation of cost allocations and overheads
- Generation of plant-wise financial reports
- Audit trail support and approvals workflow
Icon helps hospitality businesses to streamline close management in the following areas
- Revenue, expense and cash flow reconciliation
- Review of journal entries including accruals and taxes
- Automated data validations and error checks
- Zonal and regional level P&L and balance sheet generation
Customer success stories
Hospitality
We helped a leading hospitality group in automating GL reconciliations and implementing robust data validation and error checks across their close cycle. By streamlining their end-to-end subsidiary close process, we significantly reduced manual errors inherent in traditional methods. This also empowered finance teams to independently generate user-friendly reports—such as GL reconciliations and journals featuring advanced filtering and multi-dimensional slice-and-dice capabilities, without dependency on IT teams.
Transportation & Aerospace
With our help, a leading Aerospace, Defence and Digital service provider in Southeast Asia achieved a major improvement in their financial close process, reducing the cycle time from 12 days to just 6. Through process standardization, automated reconciliations and improved data integration across various Financial systems, the accuracy and consistency of financial data were significantly enhanced. Regional finance teams gained real-time visibility into the close status, enabling quicker resolution of issues and better coordination. The solution also strengthened internal controls and audit preparedness, allowing entity finance teams to shift focus from manual tasks to value-added financial insights.