Month end close automation performs critical month-end tasks expediently and efficiently. Once automation is set up and running, it’s only a matter of pushing a few buttons and letting the software manage the process.
The month-end financial close process can be tiring and time-consuming for accounting departments. Automating the process, saves time and stress, while saving the company money and helping speed up communication.
Saving You Time
If month end close automation runs from a vetted, intuitive software source, it will save time in the long run.
It’s crucial that the automated month-end close software is developed by accountants who know what other accountants need. If the user-interface is solid and the software is easy to use, accountants will have their schedules freed up for more productive and valuable projects.
Accountants are human, and humans make mistakes. Sometimes mistakes will be caught and sometimes they won’t.
Mistakes during the month-end close can be difficult to recognize and correct. When utilizing month end close automation, calculations are run by computers that are not likely to result in errors. Errors in things such as copy and pasting month-end balances or a formula in the reconciliation can be avoided by using automation.
Better Tracking Tools for the Whole Process
Just completing the activities at month-end close process are so time-consuming that tracking progress or status is sometimes not possible or done poorly. Another way that month-end close automation can improve the process is through better tracking and status reporting.
With month-end close software, you’re given real time snapshots of how things are going and what still needs to be done. The whole process is made transparent, therefore, speeding up all activities, workflow, corrections etc.
Reporting and Data
Excel based processes rarely have the insight that is possible from month-end close automation solution. With software, users get the luxury of seeing real-time dashboards with key information such as status of reconciliations and tasks, open items aging, exception reporting and more. Additionally, various reports can be generated to give more specific data as needed – all in real time.
Conclusions: Automation Saves
All of these benefits of month-end close automation add up to a single statistic: saving money and time. Automating the financial close process will enhance the process in various ways:
- Accountants do less manual work on the financial close process.
- Fewer mistakes from simple data entry and calculations.
- Real time reporting.
- At-a-glance tracking of the whole process from start to finish.
- Timely error correction.
- Better internal controls over financial reporting and fraud.