Year-end closing is the process of reviewing, reconciling, and verifying that all financial transactions. For many this is a stressful time, but having a fast and accurate year-end close process can bring many benefits .
The following are some of the challenges corporations have to face when approaching year-end close:
- Financial record surprises
- Late arriving data
- Miscommunication
- Staff burn-out
The financial year-end close is a process, an efficient process begins by knowing where you are and where you want to go.
The foundation of an efficient close process is built with the right
people, the right processes, and the right technology – the path requires working
together and improving continuously.
Year-end close tools and technologies to streamline the process
There have been a number of improvements in
software technologies
that can help streamline the financial close and reporting process :
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Cloud-based applications that can be deployed quickly and offer robust features and functions to support small, medium and large enterprises.
- Master data management.
- Financial close process workflow and account reconciliation
- AI powered data recognition, bank account synchronization
Business benefits of a fast close process:
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Financial information is available earlier. This helps management make prompt, informed, and effective decisions.
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Process gaps are found quickly and resolved even faster.
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Early publication of financial results is viewed as a strong financial management.
Eliminate the manual process of year-end closing
Year-end accounting can be daunting, but it doesn't have to be. By gathering all of your financial records and taking the time to organize them, you can make the process much simpler. Contact us today for personalized assistance in streamlining your year-end accounts.