About Close Management

Organizations are often short on time at the end of the month, quarter, or fiscal year, because they have to efficiently complete many highly coordinated tasks associated with the extended financial close process. To manage this, organizations typically use multiple manual processes such as spreadsheets, emails, and phone calls. These methods can be time-consuming, substantially slow down the process, and often introduce errors. To reduce the time of the extended financial close process and still meet audit, compliance, and regulatory requirements, an automated close management solution is needed.

With Infor Lawson Close Management—a task-based, continuous process improvement system—you can get full control over your financial close cycles and streamline your workflow. You’ll be able to reduce time, errors, risks, and costs, because the system identifies bottlenecks and issues, captures key metrics and measures, allows information to flow freely and rapidly, and maintains an audit trail.

Infor Lawson Close Management gives you a complete view of relevant data in a collaborative environment. It provides tools you need to define your company’s close process so you can make the system work the way you want it to work.

Close Management key features:

  • Schedules, monitors, and manages a single close process across your entire organization

  • Specifies whether a task is performed monthly, quarterly, or annually

  • Assigns a task to an owner or team

  • Tracks tasks by start date, due date, and level of effort required to complete them

  • Monitors tasks by status, including scheduled, in-process, pending approval, closed, and voided

  • Stores supporting and required documentation, including task standard procedures and supporting subsystem reports

  • Analyzes and measures performance, including metrics by period, process, sub-process, task owner, and team

Stand-alone application or coupling with other Lawson applications

Close Management can be run coupled with Infor Lawson Financials or run as a stand-alone application. If you are running Close Management coupled with Infor Lawson Financials, you can leverage existing setup data from Infor Lawson Financials, specifically, Lawson GL (General Ledger) Companies. If you are running Close Management as a stand-alone application, Finance Companies need to be setup in Close Management.

Note: 

Reconciliation Management must be run coupled with Infor Lawson Financial Suite.