Don’t Wait for Month End to Close Month End

Closing the books at the end of each month can be a timely and frustrating process for many accounting departments. Month-end reporting can take as little as two days or as long as a week or more, depending on available resources and technology. Close month-end processes efficiently and accurately by replacing manual processes with stronger technology.

It may seem like you just finished month-end reporting when it’s time to begin the process all over again. You might start by sending out announcements to various business unit leaders requesting that they prepare numbers and submit them by a deadline. You could end up with estimates or accurate figures, either with or without explanation, then the real work begins. The accounting team needs to reconcile all this data, including payables and receivables, credit cards and cash flow, and other financial transactions. The reconciliation process can be daunting, and multiple currencies and varying regional tax obligations can also add to the complication. Businesses that wait for month end to close the books, and that don’t have modern management solutions in place, aren’t likely to get the data compiled or reconciled in a timely basis.

Control Month End with a Strong Advanced Bank Reconciliation Solution

An enterprise resource planning (ERP) solution might provide a solid foundation for managing financial operations; however, sometimes businesses need stronger options. Advanced Bank Reconciliation can be seamlessly connected to NetSuite and Microsoft Dynamics GP and provide the time-saving automation you need to get through month-end with greater efficiency. Instead of spending long days manually reconciling bank statements and credit cards, you can automate the process with Advanced Bank Reconciliation, including:

  • View the NetSuite or Microsoft Dynamics GP General Ledger and bank statements together.
  • Choose bank statement configuration, such as CSV or BAI.
  • Automatically reconcile transactions directly to the General Ledger with a simple manual matching process.
  • Streamline reporting and adjustment posting so you can have current, accurate financial reports for making data-driven decisions.

Cut the amount of time your accounting team spends on month-end processes. With Advanced Bank Reconciliation you can reconcile daily throughout the month so there is virtually nothing left to do at month end. Contact Nolan Business Solutions to learn how to get month-end completed in hours or a few days, instead of long, frustrating weeks.

By Nolan Business Solutions, an International Microsoft Dynamics GP and NetSuite ISV

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