Some companies use technology that allows them to do "virtual close" almost instantaneously any time during the year. Besides reducing the cost of closing, the virtual close provides companies with accurate data for decision making whenever they desire it.
Work Step by Step
Normally companies require seven to ten days to close, but with virtual close, ties work is done instantly, thereby saving a lot of time and money. Further, it was earlier not possible to close the accounts, to evaluate the status of the company during the financial year, however with virtual close, it is possible as and when required.