Learn how the right cloud ERP solution can help you easily close the books.
Ask any accountant about the month's end, and they will likely respond with a groan; for many, month-end means closing the month, which involves a nightmarish process of reconciling, adjusting, accruing, and correcting. The process involves long hours and wasted time trying to track down pertinent information, sifting through document details, and updating spreadsheets from the prior month. Staff accountants spend time seeking information from disconnected systems and trying to reconcile their numbers with the ad-hoc records maintained by other members of the organization. Leaders are left to wait around for information to be provided by accounting. While this whole process is inefficient and frustrating for the accountant, it is also a costly waste of time that could be better spent on meeting the needs of organization leaders.
What’s an accountant to do?
It’s time to modernize their approach. With the right automated system, month-end can become just another flip of the calendar. The pressure for accountants to hurry up and get everything reconciled is eliminated. The books are always right, and the records are all in one place. Closing is no longer a stand-alone process but part of the normal daily process. Accounts are always in balance. Transactions flow from proposal to invoice to collection and on to the bank. Departments all work from the same source of truth, and rogue spreadsheets are replaced by built-in automation or embedded spreadsheets tied directly to underlying transactions. Silos are replaced by cross-department collaboration and communication. Data becomes information that leads to better decisions. Accountants are finally freed from relying on tired, old methods that no longer support modern businesses and can turn their attention to planning for the future.
Consider the following benefits of a full-featured, well-designed and open-architected system like Acumatica at month-end and every day.
Month-end should be just another day of the week.
It’s time to harness the power of automation. Rather than facing the cumbersome, old-school nightmare of closing the month based on the calendar, modern organizations can close as they go on a continuous basis. With a system like Acumatica in place, accounting staff can be freed from the anxiety of a rushed month-end close while enabling the rest of the leadership team to have timely access to critical financial data. Most of the low-value, high-tedium tasks can be automated, and accounting is empowered to plan, create forecasts and scenarios, and even provide training to staffmembers. As the business moves forward in the digital age, the impact of increased efficiencies on the bottom line will be great, but the benefits for members of the modern organization: improved morale, enhanced communication, and regular collaboration will be even greater.