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Binder Busting Financial Close

It’s humorous to see an article headline tweeted that goes something like “Top 50 Ways to…”

Funny because 50 ways to do anything does not seem like a shortcut. Just reading through the entire list will eat away productive time.

Tim Garrison has come up with Ten Must Do Steps To Closing The Books. It’s a great list as it is thorough and short.

The first five steps cover accounts receivable, accounts payables, reconciliations, tracking fixed assets, and writing off bad debt.

The next five steps cover verifying checks and invoices, reviewing financial statements, updating the budget, finalizing the month-end and backing up the account software.

With the exception of a couple of steps, all of this involves paper. And where there is paper, there are mostly likely binders.

Automating the financial close with SkyStem’s ART, an account reconciliation and month-end close automation solution, removes as much of the paper as you are comfortable removing.

The general ledger is uploaded into the system and then the team is alerted to their assignments and the work begins. All supporting documents, to include Excel spreadsheets, can be uploaded and stored in ART as well.

Finally, once the close is completed, you can download all information onto your company server. That’s right, 100-percent electronic, no binders.

By |2017-11-01T07:07:45+00:00October 7th, 2015|Blog|0 Comments
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