The Monthly and/or Annual Closing is a critical and slow process for all companies. Consuming an extensive workload of its human resources, which should be focused on their core activity.

Problems that appear during the month are not always resolved promptly and accumulate to be resolved during the few days reserved for closing.

Solving the problems becomes even more difficult, because the errors that are reported lack clarity. Sometimes they are displayed in the Work Center, other times they are only described in the report generated by the process. In this way, there is no common repository of errors, causing the user to access several resources to search for possible errors within the executed processes.

Users assigned to the task of monthly and/or annual closing forget about important processes such as validating system integrity reports and the urgency to deliver results leads to decisions that are not always more accurate, prioritizing more immediate solutions, which can be translated into later rework or financial losses.

In addition to the known difficulties, there is no easy monitoring of this process, which prevents managers from having an overview of which processes have already been executed, which errors have been identified and how much is left for the closing process to end.

In the case of the annual close, as it is performed very infrequently, the user forgets additional steps that need to be performed in this case. For example, the annual close to update the opening balance for the next fiscal year. To meet the recognized demand of various customers, MPL brings MPL Fast Closing an automation and management tool created to streamline the Monthly Closing Process.