As your business reaches the end of each month, your finances require precise maintenance, but that also means diving headfirst into endless spreadsheets and financial statements —an absolute nightmare.

The cloud accounting solution, Sage Intacct, is an excellent resource to keep your financials on track by creating an efficient month-end close without the headache or hassle of sorting through documents and tracking mistakes.

By following a few simple steps and taking advantage of its robust reporting capabilities, your business will stay organized, precise, and ready to start the new month. Let’s take a look at the benefits and best practices for a month-end close with Sage Intacct.

Benefits of the Month-End Close with Sage Intacct

Sage Intacct offers a range of features and integrated tools that help organizations reduce the time and effort needed for the month-end close, making the process simpler and ensuring the financial information is accurate and reliable

Here are a few key benefits to using Sage Intacct during your month-end close:

• Integrates with your existing systems, such as Salesforce, to eliminate the need for manual data entry and maintain data consistency.
• Streamlines invoicing and payment processes help you get paid faster and reduce the time it takes to close out the month.
• Uses one set of financials and multi-dimensional reporting with an integrated General Ledger and real-time views of current and historical data.
• Allows user-defined workflows to improve efficiency, compliance, and transparency, providing consistent audit trail visibility.
• Accruals and reversals are automated, and entries are visible at all times, reducing the manual work needed for journal entries and reconciliations.
• Identifies variances and anomalies that don’t comply with accounting standards with intuitive dashboards and reports that work based on your preset conditions.

Best Practices

Your accountant is under a lot of pressure at the end of the month to manage the close in a timely manner. With Sage Intacct, you can alleviate some of that pressure and ensure your organization’s financials are accurate, secure, and provide powerful insights.

Incorporating the following best practices to get the most out of your month-end close:

1. Establish a Continuous Close. A continuous close is a different approach to the monthly reporting cycle that aims to reduce the time and effort required for the close process. It provides real-time data and involves ongoing data management throughout the entire accounting cycle rather than at the end of the month.
2. Implement Automated Workflows. Sage Intacct provides the ability to set up pre-defined workflows for efficiently closing the period-end accounts and automating tasks like data entry, journal entry creation, and account reconciliations. Combining the power of automation and the continuous close allows for a much simpler period-end, freeing up time to focus on other important business activities.
3. Customize Your Chart of Accounts With Dimensions. Your chart of accounts allows for greater flexibility and tracking with Sage Intacct Dimensions. You can customize it to suit your organization’s specific needs, categorizing the information by company, department, or other key dimension values.

Move Beyond Traditional Manual Processes With Sage Intacct

In the world of modern business and new advancements, companies need to leverage technology to stay competitive and drive growth. By moving beyond traditional manual processes and adopting a cloud-based financial management solution like Sage Intacct, you can streamline your month-end close process, improve data accuracy, and gain deeper insights into the performance of your business.

If you’re ready to optimize your processes and leverage real-time reporting, get in touch with our financial advisors today.