Is it taking days/weeks to get the books closed and financial reporting out to top-level management? How can you improve your month-end close process, close books earlier, prepare timely financials, and give management the time they need to execute the right business decisions necessary to stay competitive?
So here is a list of four things that will drastically reduce your month-end close process period:
1. Communicate with Team For Smooth Month End Close Process
Communication is key to any success. To make sure everyone involved in the process understands their roles and responsibilities, you should publish a financial close calendar and communicate timelines and deliverables, so everyone realizes their involvement and what is expected from them. They will also keep an eye on the schedule. You can use PivotXL cloud-based task management tools to streamline your process and track live status in dashboards. PivotXL will automatically send alerts to employees based on their timeline for the task, so the employer is always aware of the responsibility.
2. Standardize Documentation
By standardizing recurrent reconciliations, allocations, and other transactions, you can clearly sketch out expectations and deliverables to employees. This adds a degree of predictability that most finance professionals appreciate when planning their to-do lists.
Also, standardized procedures provide a guide for reporting trusted numbers.
PivotXL allows you to stay in excel for your finance needs, you create standard templates and use it for recurring month-end close.
3. Maintain Data in a cloud-based application
Using the cloud-based application can efficiently manage the list of recurring bookkeeping entries, tasks, and account reconciliations, creating efficiency and easy access by all Accounting team members anywhere and at any time. It allows for quick tracking, fast review, and the ability to determine completeness quickly.
PivotXL is a SaaS-based Finance cloud application hosted in a highly secured environment. So you can access your data any time anywhere with a secure environment.
4. Embrace Automation
Because your month-end close is recurrent and predictable, it’s a task that can and should be automated as far as possible to save time, even when consolidating accounts. If that’s not the way it works in your organization, you could improve your month-end close, prepare timely financials more quickly and save up to one week every month with PivotXL Corporate Management Software, which gives you the options to close your month-end close for your company in a single click.
Consolidating accounts across different departments can be a headache, but PivotXL’s corporate performance software will save your time and errors by completely automating the process. PivotXL software entirely based on excel so the employees feel more comfortable using it, no need for additional pieces of training required.