How To Speed Up Your Month-End Close With Financial Accounting Software

How To Speed Up Your Month-End Close With Financial Accounting Software

“How can I close my books faster?” This is the question that so many companies, especially small- and medium-sized businesses (SMBs), ask all the time. 

But dealing with complex reporting, missed reconciliations or outdated information is certain to throw the timing of even the best-planned closes out the window.

The challenge for many SMBs is that their accountants conduct month-end closes manually. Often, they do this because that’s all their financial accounting software will allow. Other companies simply don’t have a financial solution that allows them to automate. With both of these situations, the margin of human error plays a role in compromising the accuracy of the close process. And mistakes slow everything down. 

You can’t blame these companies, of course. There are so many moving parts that the accountants must complete — necessary financial adjustments, account balance calculations and financial position reports, for example — that mistakes are nearly inevitable. 

The key to eliminating these mistakes and speeding up the process is to use powerful financial accounting software. Here are two ways that these kinds of solutions help to speed up your month-end close.

  1. Reduce human error: Not only is it time-intensive to manually entry data, but all of this shuffling significantly increases the risk of human error and redundant data entry. In the computing process, people are usually the weakest link. Without a high-powered tool to apply best practices and structure to your accounting processes, the ability to compare apples to apples is nearly impossible. Advanced technology can be programmed to require users to perform the correct tasks and achieve consistency. This means there’s no more tracking down versions of documents. You’ll be able to access and share real-time data in a single repository, and eliminate mistakes caused from emailing documents back and forth. 
     
  2. Automate processes: Financial accounting solutions offer the ability to build month-end closing procedures ahead of time. This means companies are able to build the reports once and then access and run them again as needed. By using one integrated system and not bouncing around from spreadsheets to QuickBooks, automation is much easier for performing weekly, monthly, quarterly and annual procedures. 

By organizing data in a central location, simplifying reports and working seamlessly with your existing business software, financial accounting software improves the operational efficiency of your company. Human error plays a role in compromising the accuracy of the close, so it’s critical to use powerful tools, eliminate the manual approach and speed up your month-end close.

No Comments

Post a Comment

Comment
Name
Email
Website

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Steve’s been with SMB Suite since 1998 and has been involved with nearly every aspects of the Company’s business as a strategist, professional services executive, cloud solutions architect, and senior consultant. In his current role, Steve is responsible for SMB Suite’s revenue and oversees the execution of ERP, CRM and BI projects for customers across a broad range of industries. Steve combines his expertise in MS Dynamics GP, CRM and other Microsoft products with a strong foundation in accounting and business to identify gaps and streamline customers’ processes. Prior to co-founding SMB Suite, Steve was previously Corporate Controller for MEHLE Behr and, prior to that, Audit Senior for Ernst & Young. Steve holds a Bachelor of Business Administration degree from the University of Texas at Arlington.

Jeremy is responsible for SMB Suite’s technology vision, strategy and implementation and is the architect of the Company’s Dynamics Cloud Platform. Highly adept in every facet of managed services, ERP systems and e-commerce platforms, Jeremy’s expertise spans the implementation and support of business and financial software solutions, as well as the customization and integration of SMB Suite’s cloud ERP technology stack. He holds numerous Microsoft and industry-related certifications, and was primarily responsible for designing the Company’s progressive business services platform in the early days of the Cloud. Prior to SMB Suite, Jeremy served as the financial analyst, systems administrator, and information systems liaison for a $2 billion financial services corporation.

Monty is responsible for SMB Suite’s day-to-day operation and, most importantly, its customers. As a leader, motivator and mentor, Monty creates loyal high performance teams willing to “walk through walls” to accomplish their goals. Prior to SMB Suite, Monty served as President of The Bradshaw Group (TBG), a global distributor, manufacturer, and repair facility for digital printers. In this role, he was the Company’s ambassador to its most important domestic, European and Latin American customers and TBG achieved a best-in-class Net Promoter Score of 74 for its superb customer satisfaction. Prior to TBG, Monty served as the General Manager of Sam’s Clubs three highest grossing U.S. stores and was named Regional Operator of the Year in 1999. Monty holds a BBA in Marketing from Texas Tech University and is an active member of Business Navigators. He has been active in Vistage International, Executives in Action, the Dallas/Fort Worth Retail Executives Association, as well as, A.P.I.C.S., the leading professional association for supply chain and operations management. Monty also volunteers with Hunger Busters and ManeGait, a therapeutic horsemanship organization.

David is a proven financial and information technology professional with expertise in providing business accounting software and computing solutions. He began his career by starting and managing a successful independent consulting practice for several years. He then launched the local systems consulting unit of Ernst & Young’s Entrepreneurial Services Group, leading the office into the hi-tech consulting arena. After successfully developing the unit for Ernst & Young, David founded NextCorp (which became SMB Suite in 2013) to serve the business software needs of clients throughout the US. David has made SMB Suite one of the best cloud ERP providers in the industry. In addition to being a successful entrepreneur and leader, he is a software and technology specialist, holding certifications in various Microsoft and other technologies.