How to Speed up your Monthly Financial Close
This will probably come as no surprise, but one of the chief complaints of a growing business is “our financial close process is taking too long!” There are more transactions, more journal entries, and more hands in the pot, making what was once a routine process anything-but-routine. If the thought of month-end fills you with dread, try not to feel too badly—there are ways to make financial closings more accurate, efficient, and less stressful. And, you guessed it: technology is the answer.
Does Your Closing Process Support Growth?
Your monthly closing simply needs to keep pace with your company’s growth.
Here’s why it’s important: because decision-makers need business insights sooner than later. They depend on the latest and greatest financial information to make decisions that impact the company’s competitive position and bottom line. But here’s why it might not be happening at your organization: your monthly close process isn’t built for performance.
A Proformative white paper distributed by Intacct shares survey results regarding companies’ top monthly close bottlenecks:
- Manual processes vs. automated – 26%
- Systems not integrated – 24%
- Staff shortage – 12%
- Inadequate data – 10%
- Processes not followed – 9%
- Staff lack of skills – 8%
- Process undefined – 7%
Sound familiar? This means your company is growing—and you have an opportunity to improve your processes and get your staff operating within a more effective system. One that’s automated, integrated, and that makes the most of data to drive more efficient workflows and bring out employees’ best work. One that helps everyone work smarter, not harder.
Using Today’s Technology to Tackle Month-End
If the finance and accounting team managing the books of a growing business wants to use the word “simple” to describe their closing process, they need to adopt a system designed to accommodate their increasing complexity. Yes, a job that’s getting more complex can actually get simpler!
Investing in an integrated financial reporting system like Intacct will streamline financial processes and automate reporting—two keys to speeding up business at month’s end. In fact, using Intacct can help your organization cut your monthly close time in half. (Get all the details in this Intacct Case Study.)
Here’s how. Intacct will enable your team to:
- Feed all applicable data from disparate systems to one system for smoother financial consolidation. Intacct Global Consolidations gives staff more control over close processes by automating complex, multi-entity, or multi-national operations—in real time. Learn more about Managing Multiple Entities with Flexibility and Ease.
- Eliminate spreadsheets and all manual processes related to reconciliation and reporting. Intacct General Ledger accelerates financial close by streamlining data entry. It supports legal, managerial, and statistical accounting and reporting and provides real-time ledgers for GAAP, FASB, IASB, IFRS, and tax compliance.
- Spend more time investigating variances and errors found via automated generation of ratios and comparisons. In other words, when your staff is free from manual workflows, they’re able to focus on more strategic tasks that support managerial decision-making. And they can do so on-demand and around-the-clock, thanks to intacct’s web services platform. Get more insights in Your 24/7 Financial System: Empowering your Team to Work Remotely