08 Feb How to Make Month-end Close Less Painful
How does your month-end close look? Do you find yourself scrambling to balance the books at the last minute while trying to compile timesheets, assess the progress of projects, and issue invoices manually or on different systems? Stop! Breath. It’s 2021, and there is no reason you should be wasting time working in your business when you could spend more time working on your business. In this guide, we discuss how to streamline your processes. Here is how to take the stress out of your month-end close.
Whether you like it or not, month-end will come. You no longer have to crack your skull wondering how to simplify month-end close. The main objective of month-end close is to produce a reconciled balance sheet by matching your incoming revenue to your outgoing costs.
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The significance of month-end accounting
Financial month-end requires the compilation of financial statements that are accurate and reflect their current position. How better to do this than with ERP? There is no need to get ready when you stay ready. Having a clear view of your current financial health allows for better decision-making.
Another key benefit of an ERP solution is that it ensures that you remain compliant with internal and external financial regulatory standards. You will maintain visibility of internal finances, making it simpler to spot any irregularities.
Simplify Financial Operations
Enjoy a clear view of when, where, and how finances are coming in and utilized. With real-time access to all your sales orders, billing and accounts payable, etc., from a single interface, managing your finances is simple.
Enjoy complete visibility of all your financials and gain superior insight that will assist you in making smarter and more informed decisions.
Investing in the right tools not only helps reduce manual tasks and the risk of human errors but also enables you to streamline your financial operations. Manually consolidating spreadsheets, timesheets, and financials is time-consuming. Not only do ERP solutions help expedite your month-end close, but they ensure that simplify processes and you always stay prepared.
Life is complicated enough in the accounting department. This is why you need to use a system that makes the month-end close process simpler. By tracking monthly transactions in real-time, maintaining complete visibility of accounts receivable, closing the books is a breeze. Choose an integrated accounting system with no limitations on the number of users, allowing you to grant role-based access to your entire accounting team. Track invoice payments, and tick all the boxes on your month-end close checklist with a system that ensures you follow the correct accounting procedure.
Streamline month-end close procedures and enjoy an efficient and productive accounting department in your small business or mid-market organization. Learn about Cloud-based expense reporting for a remote workforce. Accurately track expense accounts and make enjoy long-term solutions to short-term challenges.