The benefits of accelerating the month end close go beyond time savings. Enhanced accuracy, real-time insights and informed decision-making become your allies, enabling you to unlock growth potential by streamlining your financial processes. Utilising the powerful technology of cloud accounting, like Sage Intacct is allowing businesses to close their books up to 80% faster, providing them with more time to spend in other productive ways.
The following 6-step plan can help you reduce the time it takes to close the books in your business:
Having a well-structured closing checklist serves as your roadmap to a swift month-end close. Outline all the necessary tasks, deadlines and who is responsible for them. Breaking the process down into manageable steps ensures nothing falls through the cracks and minimises the chances of last minute rushes.
Click the image opposite to view our recorded webinar on creating Month End Close Checklists in Sage Intacct.
Leverage technology to your advantage. Implement financial management software that offers automation for repetitive tasks like data entry, reconciliation and generating reports.
Automation not only reduces the risk of errors, it also significantly accelerates the overall month end close process.
Prompt journal entries can make a substantial difference in the month end close timeline. Encourage your team to record transactions promptly throughout the month, rather than leaving them until the end of the month is upon you. This practice reduces the load during the close and helps maintain accuracy.
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Regular reconciliation of accounts is a game-changer. By continuously reconciling accounts as transactions occur, you minimise discrepancies and address issues in real-time. This proactive approach lessens the reconciliation workload during the month end close process.
Download our free Datasheet for an overview of Sage Intacct Reconciliations and Bank Feeds – Download your Datasheet.
Effective communication among team members is vital. Clearly define roles, responsibilities and expectations. Facilitate regular check-ins and updates to ensure everyone is aligned and aware of their tasks, preventing bottlenecks and delays.
Periodically reviewing your month end close process will help you know when to refine your approach. Analyse the efficiency of each step of the close process, taking note of any potential improvements that could be made. Conducting these reviews will help drive ongoing optimisation and maintain a faster, more efficient month end close going forward.
Whether you’re actively searching for a financial management system upgrade, or simply curious to find out more about this leading cloud accounting solution – get in touch with us to arrange a call or no-obligation demo for more.
We’re Acuity Solutions, a leading Sage business partner specialising in Sage Intacct and Sage X3. Why choose Acuity as your Sage partner?
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