Eliminate Month-End Close Woes
If you ask the people who look tense at month-end what they do, chances are many of them are accountants. There’s no stressful time like month-end close. If you ask them what systems they use, the most likely response will be a disconnected legacy system that requires a lot of manual processing. In this guide, we discuss three ways you can eliminate month-end close woes.
Reduce Manual Processing
The biggest pain point of month-end close for accountants is having to do the same manual processing. Not only multiple times during the current month, but EVERY SINGLE MONTH.
Not only is this demotivating, but it also adds more steps to the process and takes away time that could be used to complete more compelling tasks.
Eliminate Duplicate Data Entry
When those books don’t balance, it means you have to go back and double-check EVERY SINGLE transaction. Manual legacy systems are prone to duplicate data entry errors. Not only duplicates but also some entirely erroneous transaction entries. We’re all human. On some days, we’re more alert than others. On those lesser days, we may have made a few common errors and we’ll have to deal with these at the month-end close.
Delayed Financial Reporting
You can’t get to what you’re trying to finish because you’re still waiting for John the bookkeeper to finish updating his spreadsheets. He’s anxious as well because he knows you’re getting impatient. It’s 2021, why are you still using spreadsheets?
By investing in a best-in-class Cloud ERP solution, such as Acumatica, you can automate your financial reporting, inventory transfers, vendor payments, cash management, and inter-company transfers across multiple entities, and more.
Choose a solution that eliminates manual entries performed by multiple data entry staff by connecting internally developed inventory systems to your accounting system. Even better, enjoy real-time access to critical financial data. You don’t have to get ready if you stay ready. Eliminate your month-end close woes today!
Drop us a line on 011 792 9521 and we’d be glad to guide you in choosing a solution that caters to your unique industry-specific requirements.