Ditch Spreadsheets: Try a Paperless Close

As we celebrate the Fourth of July, we commemorate the spirit of freedom and independence that defines this great nation. It’s a time for fireworks, barbecues, and reflecting on the liberties we enjoy. This year, let’s also think about another kind of freedom—liberation from the tyranny of spreadsheets and paper during the month-end close.

For accountants, controllers, CFOs and the rest of the finance team, the month-end close is often a time of stress, late nights, and endless piles of paperwork. But it doesn’t have to be this way. By embracing a paperless close, you can enjoy newfound freedom and efficiency in your financial operations.

The Burden of Spreadsheets

Spreadsheets have long been the backbone of financial operations. While they are powerful tools, they come with significant drawbacks:

• Error-Prone: Manual data entry and formula errors can lead to costly mistakes.
• Time-Consuming: Sorting through and reconciling data from multiple spreadsheets can take countless hours.
• Lack of Control: Version control issues can arise when multiple people are working on the same document.
• Limited Collaboration: Spreadsheets are not designed for collaborative work, making it difficult for teams to work together seamlessly.

Anyone who has ever completed a month-end close has probably experienced all of these, if not all at the same time. However, by stepping into the world of month-end close automation software, we can alleviate these problems.

Benefits of Going Paperless

Moving to a paperless close process offers numerous benefits that can transform your financial operations:

• Increased Accuracy: Automated systems reduce the risk of human error. By minimizing manual data entry, you can ensure more accurate financial statements.
• Time Savings: Automation speeds up the reconciliation process, allowing your team to focus on more strategic tasks. This means fewer late nights and a faster close.
• Enhanced Collaboration: Cloud-based systems enable real-time collaboration, so your team can work together more effectively, regardless of location.
• Improved Security: Digital records are easier to secure and back up than paper documents, reducing the risk of data loss.
• Environmental Benefits: Going paperless is not only good for your business but also for the planet. Reducing paper use helps decrease your company’s environmental footprint.

The Path to a Paperless Close

Transitioning to a paperless close might seem daunting, but with the right approach, it can be a smooth process. Here is a 5-step method to get you started:

1. Assess Your Current Process: Begin by evaluating your existing month-end close process. Identify areas where paper and spreadsheets are heavily used and pinpoint the pain points.
2. Choose the Right Tools: Look for software solutions that offer automation, real-time collaboration, and robust security features. Ensure the tools you select are user-friendly and integrate well with your existing systems.
3. Train Your Team: Ensure that your team is well-versed in the new tools and processes. Provide adequate training and support to help them transition smoothly.
4. Digitize Existing Records: Convert paper records to digital formats to streamline access and improve organization.
5. Monitor and Refine: Continuously monitor the new process and make adjustments as needed. Gather feedback from your team to identify areas for improvement.

Embrace Your Freedom From Spreadsheets

This Fourth of July, as we celebrate the freedoms we hold dear, consider taking steps toward minimizing spreadsheets for your organization. Embracing a paperless close process can liberate your team from the shackles of spreadsheets and paperwork, allowing them to focus on what truly matters—driving the success and growth of your business.

By making the move to a paperless close, you’ll not only improve efficiency and accuracy but also foster a more collaborative and innovative work environment. It’s a win-win for your team and your bottom line.

If you’re ready to declare your independence from spreadsheets and embrace a paperless close, SkyStem’s ART can help you get there. ART is designed to streamline your month-end close process, reduce errors, and save time, giving your team the freedom to focus on strategic initiatives. Learn more about how ART can revolutionize your financial operations and set you on the path to a more efficient, paperless future.