Fast & Easy Closes
One of the challenges for any business is to get good reliable information to make the right decisions in a timely manner. Closing the month quickly is one of the key elements that allows the business to have that reliable information.
The key benefits of fast & easy closes:
Save money by increasing productivity and efficiency
Quickly provide leadership with critical information that impacts financial decision-making
Empower employees and project managers – month end close is a team effort
Minimal effort at year end
Save money by increasing productivity and efficiency
By reducing the time for a company complete its accounting cycle and close its books, you save on labor cost. If you are currently taking 15 days to close, the administrative time used by the finance team covers half their monthly salary. Now envision a 5-day close. The finance team’s resources can be put to better use and increase their value to the company
Quickly provide leadership with critical information that impacts financial decision-making
With fast closes, you to get information out to your managers and leadership team quickly. Again, if you are currently taking 15 days to close that means management cannot act on the information for at least 15 days and potentially closer to 20 days.
This delay could mean missing out on valuable opportunities or it could mean increases in costs or losses. Further it will take longer to know if the changes made due to previous period results had the expected results.
Empower employees and project managers – month end close is a team effort
The month end process in Acumatica is a team effort. Employees enter their own time and expense claims during the month. Using digital workflows, approvals for time and expenses are handled in Acumatica for managers and supervisors. No more stacks of paper sitting in someone’s inbox.
The finance team can focus on data validation rather than data entry. The days of having receipts and employee hours keyed in before month end processing can begin are gone.
Minimal effort at year end
Year end is just another month end. If the monthly process is followed, then your year end is not an issue. In Acumatica, data is not moved to new tables and opening balances are reflected without a special migration like you often see with other systems.
Should you have any questions or need help with this, please contact us.
Shah.