As the end of the month approaches, many finance and accounting teams brace themselves for the hectic period known as the month-end close.
In our previous articles, we have explored different aspects of the month-end close, including where to begin, how to speed up the close, and best practices with Sage Intacct to overcome the challenges that prevent a smooth monthly close.
In this article, we outlined the key points from this series and provided additional insights to help your team master the month-end close.
Where to Begin: Your Comprehensive Checklist
Staying organized at the end of the month can be overwhelming. With so many moving parts and crucial deadlines to meet, to say it’s challenging is an understatement. A smooth, efficient, and successful month-end close is the goal of every business, but how do you get there?
Start with a checklist! To make the close process easier, establish clear deadlines and task ownership to establish accountability for all parts of the process. Preparation and attention to detail are essential when building your checklist to ensure all financial records are up-to-date and accurate.
Read the full article: A Checklist for Success
Shortening the Monthly Close Without Cutting Corners
The month-end close is a notoriously lengthy process, leading to a backlog of work and creating unnecessary stress. It can take 5-10 days for a typical business to close the books at the end of each month, and many aren’t well-equipped to speed up this process.
By using automation tools powered by software and technology, you can fast-track your monthly close and reduce manual tasks that take up too much of your valuable time.
Read the full article: Techniques to Slash Your Month-End Close
Navigating Challenges of the Monthly Close
At the end of each month, businesses and their finance teams — especially smaller ones still adjusting to closing the books each month — face numerous challenges affecting progress and financial accuracy. The month-end close often presents challenges to companies.
Four of the most common challenges we explored include:
- Data inconsistency and endless spreadsheet management
- A lack of clearly defined processes for the close
- Being reactive to monthly events rather than proactive
- Outdated software and limited financial insights
Read the full article: Decoding the Challenges of the Month-End Close
Sage Intacct Strategies for a Smooth Month-End Close
In its most basic sense, the month-end close involves closing out the books for the month and providing a full financial overview. However, this involves hours of time and grunt work checking data accuracy, ensuring regulatory compliance, and meeting deadlines for financial reporting.
Sage Intacct is a robust accounting software that can help streamline the month-end close process and simplify daunting tasks. Implementing a continuous close approach, automated workflows, and leveraging a customized chart of accounts will keep you flexible and unlock better performance insights.
Read the full article: Best Practices to Perfect Your Month-End Close With Sage Intacct
If you want to learn more about incorporating these tips and strategies into your monthly processes, contact us today! Our team of advisors will help you master the month-end close so you can focus on more strategic activities to drive business success.