04 Feb How to Conquer Your Month-End Close in 2022
It’s no longer just about getting the right information for your business to thrive. Getting that information on time is crucial. An accelerated close puts financial information you can trust into your hands faster, leaving more time for strategic activities that guide your business. In this guide, we discuss how to conquer your month-end close in 2022.
Table Of Contents
Replace tedious manual tasks with automated processes
Businesses that automate over half of their entries can allocate 22% more of their time to strategy than those that automate under half. In addition to journal entries, a modern cloud financial management solution lets you automate:
- Bank reconciliations
- Allocations
- Currency Conversions
- Consolidations
- And more
Create dynamic reports instead of spreadsheets
Spreadsheet-based reporting is time-consuming and error-prone, adding days to the close. Instead, opt for a financial management system that provides real-time reports and dashboards. Those most impacted by spreadsheet manipulation have closes that are 36% longer than those who are slightly impacted.
Let your financial management system do the heavy lifting when it comes to consolidations
Consolidations can be done in minutes, but for many, it takes hours or even days. With Sage Intacct, perform consolidations with the click of a button and automate activities like intercompany eliminations and currency conversions.
Choose a solution with anywhere, anytime access so you can close the books remotely if needed
Historically, high availability, better reporting, lower total cost, and increased security ranked among the top reasons for moving to the cloud. In this latest survey, responses indicate that being cloud-based had additional advantages in the past year of unprecedented disruption.
Choose a vendor that is already implementing AI and automation to make the continuous close a reality
Instead of waiting for the close to get prepared financial information, you’ll be able to get insights you can trust at any time with AI-powered functionality like outlier detection.
If you would like to learn more on how to conquer your month-end close in 2022, drop us a line on 011 792 9521 or contact us via email on info@brilliantlink.co.za and we’d be glad to guide you.