Continuous Accounting Can Tame Month-End Accounting Chaos - ERP Cloud Blog
 
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Nolan Business Solutions

Continuous Accounting Can Tame Month-End Accounting Chaos


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Do you dread month-end and quarter-end accounting periods? Who doesn’t? It’s peak time in accounting departments all over, stressing your people and often leading to spikes in overtime hours. Consider a new approach with continuous accounting, essentially redistributing the traditional month-end workload throughout the month. Tame the month-end chaos by reducing time and resource pressures, while gaining greater insight into your financial data.

Many accounting departments are replacing manual processes with more efficient automated ones. An integrated enterprise resource planning (ERP) solution, like NetSuite or Microsoft Dynamics GP, provides a centralized location for core business data including financials, inventory, human resources and payroll. A single solution is easier for the accounting team to learn and use, and reduces redundant data entry between disparate systems. ERP also includes workflows that add consistency to common, daily tasks. Workflows can be used to process sales orders and can be easily customized to address unique needs, such as notifying managers when an invoice has aged or is past due. Right from the start, your accounting team will save time with data management and gain visibility with financial operations.

In addition to process automation, businesses are adding continuous accounting functionality to ERP. This approach further emphasizes automation within accounting tasks, such as reconciliations, transaction matching and real-time reporting. For example, Advanced Bank Reconciliation (ABR) can be seamlessly integrated with NetSuite or Microsoft Dynamics GP and expedites the reconciliation process. After establishing automated matching rules, transactions imported from the bank are automatically sorted and reconciled by ABR. Reducing a tedious process that could last for hours or days down to a few minutes frees up your accounting team for other important tasks.

Improve Financial Processes and Reporting with ERP and ABR

This technology also improves financial reporting. As data is entered and reconciled quickly and accurately, leaders can rely on real-time data when sharing financial information with banks, shareholders or regulatory agencies; as well as when making data-driven decisions. Added financial insight provides an opportunity to improve other business processes, grow your business and establish loyalty with customers.

Tame month-end chaos by automating accounting tasks with a robust ERP solution and ABR. The time you save will lead to smoother month-end reporting activities and put less pressure on your staff. Contact Nolan Business Solutions for more information about strengthening accounting processes with ERP and ABR.

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

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