Getting real-time data to make fast efficient decisions is a top priority for executives. In order to get your data faster each month your month-end closing process has to speed up and provide you with the financial insights you need. Below are our tips to help make month-end close more efficient and allow your executive team to make faster, better decisions.
The starting point for executing a faster close is to have a cloud-based accounting ERP solution that automatically completes tasks as well as executes manual tasks with a few clicks of the button – all in real-time.
A second way to incorporate technology is to have all your vendors send your invoices electronically allowing them to automatically push into your ERP. This cuts out manual entry, reduces errors, and ensures timely results.
Lastly, implementing integrations with your HR, Sales, Inventory, and other software solutions will allow for seamless transfers of data in your ERP and ensure a faster more accurate close. This eliminates having to constantly reach out for data that could take days to get or executing manual exporting and importing processes.
Being able to quickly communicate between your executive team and accounting department is key to achieving an accurate and quick month close. Utilizing an ERP system that integrates and documents your communications about invoices, transactions, or edits to the books will make your accounting department more efficient and take your organization to the next level. This allows for information and analysis to seamlessly flow from your accounting group to your management team.
Change your Mindset
The month-end shouldn’t just be the accounting department’s responsibility. This means that the entire company should be responsible for submitting all expense reports, customer orders, and any documentation that affects the company’s month-end results promptly. Instead of having your organization submit paperwork at the end of the month build processes around seamless paperless solutions that allow for a quick approval and posting throughout the month.
By getting all the information needed prior to the start of the month-end it will allow your finance department to quickly pull together month-end without waiting on timewasting processes.
Standardize your Documentation
Having documentation that is filled out the exact same every week, month, or year ensures your finance team can easily find the information they need to execute expense reports, customer changes, and more. This action alone can save hours for your team. It also helps out the whole organization as there is clear expectations of what information they need to provide vs. guessing at what is important.
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