06 Sep Cloud ERP Systems Save 36% of Your Time at Month-end Close
It takes 2 to 5 people about a week to close the books in most businesses. It results in delays when accessing vital information to guide the business’ direction. Simply saving a manually updated spreadsheet on a Google drive doesn’t count as a digital transformation. The pandemic has proven the value of cloud solutions that facilitate your team’s productivity, especially in voluntary and involuntary remote work conditions. In this guide, we discuss how Cloud ERP systems save 36% of your time at month-end close.
One of the most common delays to closing the books is human errors and manual data entry. These two factors make recons a nightmare and an exercise that most finance departments don’t enjoy. Businesses are growing at a more rapid pace than before. The larger the business, the more complex the financial processes. Many businesses that relied on a spreadsheet and having to be at the office were negatively affected by the continuous lockdowns and new remote working environments. This is why there has been such a keen shift toward cloud-enabled solutions with automation capabilities.
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Cloud Financial Management
The time spent closing the books need not increase as the complexity of your business’s financials increases. By automating your journal entries through Cloud ERP systems, you can save your entire financial department valuable time that they can allocate to more productive tasks. Finance professionals have grown less fond of manual data entry and enjoy higher-value tasks such as providing strategic guidance for the organization.
Lean Finance Team
Efficiency is the key recipe to fast-tracking your month-end close. A cloud solution that automates several close processes allows organizations to keep running lean, even as they grow in size and complexity. Growth-oriented organizations must bear in mind that the right tools and processes need to be in place to scale.
Scale
For many businesses, month-end close was quicker and simpler when they were still small. But things got more complex as they grew. Automation is key to scaling accounting and finance operations for company growth.
Faster consolidations generally mean a faster close. But, as most organizations with multiple legal entities know, performing consolidations is no easy feat. The tasks essential to financial visibility of the whole organization as well as for compliance can cause a lot of headaches during the close if the accounting solution is not equipped to handle the complexities of multi-entity management.
If your multi-entity organization faces complexities like decentralized payables, inter-entity transactions, and multiple currencies, then automation through accounting software for multi-entities is essential. Automating consolidation activities including currency conversions, inter-entity eliminations, and local tax reporting eliminates hours to days of manual work so organizations can close the books 25–70% faster.
If your goal is to slash the time spent, then you should invest in a Cloud ERP system and save 36% of your time at month-end close. Drop us a line on 011 972 9521 or contact us via email and we’d be glad to guide you in choosing the ideal solution for your unique business requirements.
Cloud ERP Systems Save 36% of Your Time at Month-end Close.