The Monthly Close Process

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Overview

Francis relies on actuals data from your ERP. After closing the books each month, import this data into Francis to streamline your FP&A processes, including:

• Importing new actuals data

• Controlling

• Re-forecasting

• Analyzing variance

• Creating management reports

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Basics

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Importing New Actuals

1. Sync your connections (bottom left) to import your booked entries.

2. Set Last close to the most recent closed month. This ensures Francis includes the latest actuals.

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Controlling

Start by comparing forecasts and actuals to identify the largest variances. Then drill down into details, from forecast values to actual entries, to pinpoint the root causes.

Use the three toggle buttons to explore different views:

• Compare: Displays the difference between forecast and actuals

• Follow-up: Shows actual values

• Transactions: Shows booked entries behind the selected cell

Viewing actuals on a month-by-month basis helps you spot trends and quickly address any discrepancies, such as bookkeeping errors.

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Re-Forecasting

After reviewing and controlling your actuals, update the Forecast Start date so Francis replaces forecast values with the newly imported actuals. You can then adjust your forecasts as needed and save the updated version for later reference.

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Variance Analysis

Open the Reports view to conduct variance analyses for the last month, year-to-date, and full year. Compare budgets, forecasts, actuals, and previous year’s actuals. You can configure which budget and forecast versions to reference. Charts are also available to visualize differences across various versions.

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Management Reports

All month-by-month views, charts, and variance analyses can be exported as PDF packages for easy sharing and presentation.