Whether you’re working on your monthly, quarterly, or annual close, the process from beginning to end is tedious and time-consuming. Many businesses aim to optimize the process of closing the books, but obtaining a faster close is difficult without also compromising accuracy.
Having the right strategies in place helps open up new opportunities while preventing major roadblocks in your financial reporting.
Continue reading to learn about our tips for achieving a faster, more accurate close, and how Sage Intacct grants finance teams the freedom to focus on higher-value initiatives.
1. Utilize a Continuous Close Cycle
Closing the books is often a source of stress for companies burdened by risk-prone processes and the daunting accumulation of year-end or month-end activities. Sage Intacct and more modernized systems are building the foundation for continuous accounting without the need for ongoing work — data calculations, reconciliations, and the collection of financial information — from your finance staff.
A continuous close turns what once was a lengthy activity, into an independent process that seamlessly runs in the background, keeping accounts up to date.
2. Rely on Automated Accounting Functions
The stress and time spent on manual accounting functions just aren’t worth it. The average accounting team spends 25 days on their annual close, taking valuable resources away from more meaningful operations.
By relying on automation for your core accounting functions, you’ll slash the close time by half while seeing a direct boost in productivity. Sage Intacct’s accounting software makes it easy to keep accurate records throughout the year, preventing future accounting mistakes and optimizing cash flow. You won’t feel like you’re always behind at the end of the close cycle or stuck reviewing manual entries and endless spreadsheets.
3. Leverage AI-Powered Technology
The AI-powered technology of Sage Intacct is adding real value to accounting teams by analyzing and interpreting large amounts of data quickly, efficiently, and accurately. Scan thousands of journal entries in seconds based on specified parameters and build trust in your numbers.
Added benefits of leveraging artificially-intelligent software include:
- Catching discrepancies with AI-based outlier detection
- Testing for accuracy in a fraction of the time
- Enhancing accounts payable and receivables processes
- Flagging transactions that pose potential fraud risks
4. Make the Move to the Cloud
Gain access at your fingertips. On-premise solutions don’t offer the superior flexibility of cloud accounting, which gives organizations access to critical financial data from anywhere. Growing in popularity, 94% of accountants have turned to cloud accounting solutions in favor of efficiency, ease, and reliability.
Cloud accounting sets you up for long-term growth and prevents workflow delays that lengthen the close process. A faster and more accurate close ultimately frees up your team to deliver strategic insights as opposed to spending their time on menial, repetitive tasks.
Have questions about how you can improve the accuracy of your numbers and shorten the close cycle? We’re here to help answer them. Contact Trusted CFO Solutions to explore even more possibilities with Sage Intacct.