More tips for IT Financial Management year closing

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December 24th, 2021 | For a successful financial year-end closure it’s good to consider some IT specific items. Last week we already offered our first blog with tips and considerations that will help you to be compliant to your accounting framework. Today we continue! 
 

Closing the financial books of your IT department - part 2

Last minute hardware purchases

Check if any last minute hardware purchases trigger additional software contracts that are based on hardware metrics.
 

Cyberattacks

In case you were recently hit by a ransomware or other cyberattack, check if you have all accruals in place to cover for the damage done.
 

Asset Valuation

Check for unused or idle IT capacity that you might need to (partially) impair.
 

Vendor Commitments

Check your mid/long term commitments to vendors and see if your spend is on track. If this is not the case, you might need to impair.
 

Split Contracts

Some investments contain both hardware and software. Be sure to split them accordingly towards the company financial statements.
 

Happy holidays!

This is the second post with some of our most valued tips for year-end closing. We posted our first one last week!

Please keep in mind that year-end checks are less cumbersome if you perform them regularly throughout the year! We suggest using our Connect Business Value and Optimise Investments services.

You will be more precise and have less surprise at the end of the year, saving you precious time in the process. And let’s be honest, who would argue with that during the festive season?
 
 
Have a question or need of a hand with year-end closing?
 
Contact us!