Sign in
Get a Demo
Talk with an accountant.
Get practical steps for a faster month end close. Streamline your accounting process, reduce errors, and deliver accurate financials with confidence.
That end-of-month scramble is exhausting, isn't it? When your close process is bogged down by manual tasks and data errors, your team gets stuck looking backward. A faster month end close changes the game. It's about more than just saving time; it's about getting accurate financials into the right hands, sooner. This guide provides practical steps for any team, especially small accounting teams, to accelerate their cycle. We'll show you how automating month end close processes and leveraging smart tech, like AI, can transform your workflow and free your team for more strategic work.
The month-end close is a critical accounting process. Each month, businesses review, record, and reconcile all their financial transactions. This involves a series of steps to ensure the accuracy and completeness of financial records. Think of it as hitting the “save” button on your business’s financial activity for the month.
A "fast close" is exactly what it sounds like: shrinking the time it takes to complete your accounting cycle and finalize the books. But it’s not about rushing through the work. The real goal is to create a highly efficient process that delivers accurate financial data sooner. A true fast close never sacrifices precision for speed; in fact, by standardizing and automating tasks, it often reduces the risk of human error. This efficiency gives leadership quicker access to reliable financial reports, which is essential for making timely, strategic decisions. Achieving this often involves leveraging technology to integrate disparate data sources and automate repetitive work, turning a frantic monthly marathon into a smooth, predictable sprint.
Month-end close activities typically include posting journal entries, reconciling accounts, and reviewing data. A well-executed month-end close provides valuable insights into a business's financial health. This allows for proactive adjustments and better decision-making. By regularly closing the books, businesses can identify trends, spot potential problems, and make informed decisions. It’s like getting a monthly checkup for your business’s finances. For a deeper dive into financial reporting, explore our resources.
When your month-end close drags on for weeks, the financial reports you finally get are already outdated. Making strategic decisions based on old information is like driving while looking in the rearview mirror. A faster close, however, delivers timely data that empowers you to act decisively. As a report by Fiserv notes, "A faster close also helps companies make quick business decisions, which can give them an advantage over competitors." This means you can pivot your marketing strategy, adjust inventory levels, or reallocate your budget based on what’s happening right now, not last month. Having access to real-time analytics transforms your finance team from historical record-keepers into strategic partners who can guide the business forward with confidence and agility.
The end of the year often brings a wave of stress for finance teams, with tax deadlines and potential audits looming. A consistent and timely month-end close process turns this year-end fire drill into a manageable task. By reconciling accounts and verifying data monthly, you avoid a massive rush and ensure your records are always clean and accurate. This proactive approach "makes tax filing easier, and helps track business goals," as highlighted by Bill.com. When auditors come knocking, you can provide them with well-organized, reliable financial statements for each period. Systems that automate revenue recognition and ensure compliance, like HubiFi, create an audit trail that makes the entire process smoother, helping you pass audits with minimal disruption.
Many businesses face challenges during the month-end close process. Common roadblocks include disorganization, difficulty tracking down receipts, and outdated processes. A lack of skilled staff within the finance team can also create bottlenecks. Complex systems, like using multiple software programs and spreadsheets, can slow down the process and lead to errors. Fortunately, there are ways to overcome these challenges and streamline your month-end close. Learn more about how HubiFi can help.
A faster month-end close process means more time for analysis and strategic decision-making. Here’s how to accelerate your close and free up your finance team:
Clear, documented procedures ensure everyone follows the same steps, reducing errors and confusion. This is especially helpful for onboarding new team members. When everyone knows the process, they can work more efficiently. Standardized processes are key to streamlining workflows and creating more accurate reports, as explained by DOKKA.
One of the biggest hurdles during the month-end close is simply finding everything. When receipts, invoices, and working papers are scattered across different inboxes and folders, your team wastes valuable time just tracking things down. To fix this, create a central, organized home for all your financial documents, like a shared cloud drive. This makes it easy for everyone on the finance team to find what they need, when they need it. It also streamlines the process for audits and reviews. Having a single source of truth is fundamental, which is why systems that offer seamless integrations are so powerful—they pull data from all your tools into one place automatically.
Beyond just storing documents, it’s crucial to maintain good records throughout the month instead of scrambling at the end. By keeping your financial data accurate and up-to-date continuously, you can spot and fix discrepancies as they happen. This proactive approach reduces the last-minute rush and stress that so often comes with closing the books. As the team at Ledge points out, a good month-end close provides accurate financial information that helps the entire business make better decisions. Investing a little time in organization throughout the month pays off with a much smoother and more effective close.
A shared closing calendar keeps everyone aligned and aware of deadlines. It acts as a central hub for all close-related activities, showing task dependencies and key milestones. This visibility helps prevent bottlenecks and ensures tasks are completed on time. Sensiba emphasizes the importance of a close task list and calendar for effective month-end processes.
To avoid that end-of-month rush, try planning your close in reverse. Start with your final reporting date and map out every task backward from there. This method creates a clear, manageable timeline and assigns a specific deadline to each step, from initial data entry to final reviews. By establishing a detailed schedule, you transform the close from a frantic sprint into a well-paced relay race. Each team member knows exactly when they need to pass the baton to the next person, ensuring a smooth and predictable workflow. This simple shift in planning can make a world of difference in reducing stress and preventing last-minute surprises.
This reverse-planning approach does more than just organize your workflow; it builds accountability and transparency within your team. With clear milestones, everyone understands their role and how their work impacts the overall timeline. It also makes it easier to spot potential bottlenecks before they derail your progress. When the process runs smoothly, your finance team can move beyond simply closing the books and dedicate more time to analyzing the data. This is where the real value lies—turning historical numbers into forward-looking insights that can guide strategic business decisions and drive growth.
Identify your most critical month-end close tasks and allocate your resources accordingly. Some tasks might require specific expertise, while others can be delegated or even automated. Focus your team's energy where it's needed most. Freeing up your team from repetitive tasks allows them to focus on higher-value activities. Consider which team members have the right skills for each task and ensure they have the capacity to complete them efficiently. For further insights, explore DOKKA's guide on improving the month-end closing process.
Automation is key to a faster close. Tasks like journal entries, account reconciliations, and report generation can be automated with the right tools. This not only saves time but also reduces the risk of human error. Automating workflows can free up your team for more strategic work, as discussed by NetSuite. Explore solutions like HubiFi, which offers automated revenue recognition tailored for high-volume businesses, ensuring compliance and accurate financial reporting. Schedule a demo to see how HubiFi can transform your month-end close.
If your business handles a high volume of transactions, waiting until the end of the month for financial clarity can feel like driving with the rearview mirror. Consider shifting to a more frequent closing schedule, like weekly or even daily. This approach provides the faster, more accurate financial insights needed to identify trends and potential issues in near real-time. Making quick, data-backed business decisions can give you a significant advantage over competitors who are still waiting for their monthly reports. While a traditional month-end close can take finance teams a full work week or more, breaking the process into smaller, more frequent tasks makes it far more manageable. With the right automation in place, this shift doesn't create more work; it creates a smoother, more continuous workflow that empowers your team to focus on strategy.
Technology plays a crucial role in streamlining the month-end close process. By leveraging the right tools and automating key tasks, you can significantly reduce the time and effort required, while also improving accuracy and efficiency. Let's explore how technology can transform your month-end close.
Think about all the manual tasks involved in your month-end close—data entry, reconciliation, report generation. These repetitive processes are not only time-consuming but also prone to human error. Automating these tasks through software solutions frees up your finance team to focus on higher-value activities like analysis and strategic planning. Automating key tasks and adopting the right technology helps finance teams streamline workflows and create more accurate reports. This shift not only saves time and effort but also reduces the risk of errors, leading to more reliable financial reporting. Consider automating tasks like journal entries, account reconciliations, and even report generation to experience these benefits.
If your company has multiple entities or departments, you know the headache of matching transactions between them. Manually tracking and reconciling these intercompany activities is a classic month-end bottleneck. Automated intercompany matching takes this tedious work off your plate by systematically identifying and offsetting transactions between different parts of your business. This is essential for streamlining the month-end close process, as it significantly reduces the time spent on manual reconciliations. By minimizing human error, this automation ensures that your consolidated financial statements are accurate and that you have a clear, reliable view of your company's performance without the usual last-minute scramble.
For businesses operating internationally, managing multiple currencies adds another layer of complexity to the close. Currency translation and consolidation are critical components of the month-end close, requiring you to convert all foreign currency transactions into a single reporting currency. This process can be complex and risky, especially with fluctuating exchange rates. Automated solutions handle these conversions accurately and efficiently, ensuring your financial reports reflect the company's true financial position. This is vital for maintaining compliance and making sound strategic decisions. Platforms that can integrate and process disparate data sources are key to managing this complexity and achieving an accurate, timely close.
Cloud-based accounting software offers a range of advantages for a faster month-end close. Accessibility is a major plus—your team can access financial data from anywhere with an internet connection, facilitating collaboration and real-time updates. Cloud solutions also often include built-in automation features for tasks like bank reconciliations and invoice processing. Leading business software platforms with integrated accounting and finance capabilities can automate many month-end close workflows. This automation not only speeds up the process but also reduces the risk of manual errors. If you're still relying on outdated, on-premise systems, consider migrating to a cloud-based solution to unlock these efficiencies. At HubiFi, we offer seamless integrations with popular accounting software, further enhancing the automation and efficiency of your financial processes. Learn more about our pricing to see how we can fit your budget.
Data integration is essential for a smooth and efficient month-end close. When your financial data resides in disparate systems, it creates a major bottleneck. Integrating these systems ensures that all financial data is consistent, up-to-date, and easily accessible, thereby streamlining the entire close process. Real-time reporting capabilities provide immediate visibility into your financial performance, enabling you to quickly identify and address any discrepancies. This eliminates the need to wait until the end of the month to uncover issues, saving you valuable time during the close process. HubiFi specializes in integrating disparate data sources to provide real-time analytics and ensure compliance, empowering you to make informed decisions and close your books faster. Schedule a demo to see how HubiFi can transform your month-end close process. You can also explore our blog for more insights on optimizing your financial operations.
A faster month-end close requires more than just individual effort. It demands clear communication and efficient collaboration across all relevant departments. When everyone is on the same page and working together, the entire process flows much more smoothly.
Siloed information can significantly slow down your month-end close. Sales, marketing, and finance teams often work with separate data sets. This lack of readily available information can lead to discrepancies, reconciliation issues, and a longer closing period. Instead, establish clear communication channels and data-sharing procedures between departments. Regular meetings, shared dashboards, and integrated software systems can help ensure everyone has the information they need, when they need it. This collaborative approach streamlines workflows, reduces errors, and creates more accurate reports, saving your team valuable time and effort. For businesses dealing with high transaction volumes, consider automating these processes with a solution like HubiFi, which integrates disparate data sources and ensures compliance with ASC 606 and 944.
A clearly defined workflow is essential for a fast and efficient month-end close. Create a detailed task list and calendar outlining all necessary activities and their deadlines. Project management software can be invaluable, allowing you to assign tasks, track progress, and manage dependencies between different activities. When everyone knows their responsibilities and can see how their work contributes to the overall process, it fosters accountability and keeps the close on track. This structured approach, combined with HubiFi's automated revenue recognition features, can significantly reduce delays and improve the efficiency of your month-end close.
As your business expands, your finance team might start feeling the strain. A clear sign you need more hands on deck is when the month-end close consistently becomes an overwhelming scramble. If your team is regularly working late nights just to get the books closed, it's a major red flag that can lead to burnout and compromise data quality. A well-executed close is crucial because it provides the accurate financial information your entire business relies on to make better decisions. When your team is stretched too thin, the risk of errors increases, and the strategic insights you need get delayed.
The need for a larger team often becomes apparent as your transaction volume increases. Processes that worked when you were smaller can quickly become bottlenecks. Before you start posting job descriptions, evaluate your current workflows. Automating repetitive tasks can reveal where the true staffing gaps are, which is especially critical for high-volume businesses. Once you've optimized your processes, you might find you need to hire more staff or outsource specific functions to keep up. Investing in the right people and tools ensures your finance department can support your company's growth.
Once you’ve implemented changes to improve your month-end close, the work doesn’t stop there. Regular evaluation and continuous improvement are key to maintaining an efficient and accurate process. Think of it as an ongoing cycle—regularly assess, adjust, and refine your approach.
Regularly review your month-end close process to identify areas for improvement. After each close, conduct a post-mortem meeting with your team. Discuss what went well, what could be better, and any roadblocks encountered. This collaborative feedback helps identify bottlenecks and refine workflows. Look for opportunities to standardize processes further, automate additional tasks, or improve data quality. Even small changes can add up to significant time savings over time. As Dokka points out, “By automating key tasks, standardizing processes, and adopting the right technology, finance teams can streamline workflows, reduce errors, and create more accurate reports—all while saving time and effort.” Consider implementing a system for tracking key performance indicators (KPIs) related to your month-end close, such as the number of days to close, the number of errors found, and the time spent on each task. This data provides valuable insights into areas needing attention. HubiFi offers automated revenue recognition solutions designed to streamline complex accounting processes and ensure compliance. By integrating disparate data sources and automating key calculations, HubiFi helps businesses close their books faster and with greater accuracy.
The annual audit shouldn't feel like a surprise final exam you forgot to study for. Scrambling to gather documents and reconcile a year's worth of transactions at the last minute is stressful and increases the risk of errors. A much better approach is to treat audit preparation as a continuous part of your financial routine. By keeping your financial records clean and detailed every single month, the yearly audit becomes a much smoother process. This means having organized documentation, clear transaction histories, and reconciled accounts ready at all times. Automating key tasks and integrating your data sources are crucial steps here. They ensure your records are consistently accurate and compliant, which is exactly what auditors want to see. This proactive stance not only simplifies the audit but also helps you confidently pass audits and make better strategic decisions throughout the year.
Invest in training your finance team to ensure they have the knowledge and skills necessary to perform their tasks efficiently. A well-trained team is less prone to errors and can complete tasks more quickly. Regular training also ensures everyone is up-to-date on the latest accounting standards and best practices. As financial close processes evolve, ongoing training is essential to keep your team’s skills sharp. This might include training on new software, updates to accounting regulations, or best practices for specific tasks. Addressing skill gaps and providing opportunities for professional development empowers your team to contribute effectively to a smooth and efficient close process. Automating repetitive tasks allows “the finance team [to] focus on more complex aspects of the financial close, such as analysis and strategic decision-making,” as noted by Dokka. Sensiba San Filippo further emphasizes the importance of clarity in roles and responsibilities: “It should be clear to all involved what activities are included in the Close. These activities are generally published as a Close task list and calendar.” Clear communication and well-defined roles contribute to a more efficient and collaborative close process.
Setting realistic timelines and benchmarks is crucial for a faster month-end close. It’s easy to get caught up in the desire for a rapid close, but rushing the process can lead to errors. A measured, strategic approach is key. This involves understanding industry standards, assessing your current performance, and setting achievable goals for improvement. Learn more about how HubiFi can help you achieve a faster month-end close through automation and streamlined processes.
How long should month-end close actually take? High-performing finance teams typically close their books in five days or less, while others might take ten days or more. For most companies, aiming for five to seven calendar days is a reasonable target. Smaller businesses might aim for 14 days, given potentially fewer transactions and simpler processes. Understanding these industry benchmarks helps you set realistic expectations and identify areas for potential improvement within your own processes. Numeric offers additional insights on month-end close benchmarks. Reviewing these resources can provide valuable context as you evaluate your current close process.
There isn't a single magic number, but industry data gives us a good idea of what to aim for. On average, most organizations take about 6.4 days to close their books each month. High-performing finance teams often complete the process in five days or less, setting a strong benchmark for efficiency. However, the right timeline for you depends on your business's size and complexity. For smaller businesses with fewer transactions, a 14-day close can be a perfectly reasonable goal. The most important thing is setting a realistic timeline that balances speed with accuracy. Rushing to meet an arbitrary deadline can lead to costly errors, defeating the purpose of an efficient close in the first place.
Once you understand industry standards, evaluate your current month-end close process. How long does it currently take? Where are the bottlenecks? Documenting your process, including all tasks and their respective durations, creates a baseline for measurement. From there, you can identify areas ripe for improvement. Automating repetitive tasks, standardizing procedures, and using the right technology can significantly streamline workflows and reduce errors. This frees up your finance team to focus on higher-level analysis and decision-making. DOKKA offers helpful strategies for improving the month-end closing process. A clearly defined close task list and calendar are essential for a smooth and efficient process. This clarity ensures everyone understands their responsibilities and contributes to a faster close. For more information on streamlining your financial processes, explore HubiFi's pricing plans and discover how automation can benefit your business. You can also find more helpful resources and insights on our blog.
Want a faster month-end close? Preparation is key. By taking proactive steps before the closing period even begins, you can significantly reduce the time and effort required later. This involves not just planning, but also putting systems in place to ensure a smoother, more efficient process.
Think of your month-end close as a race—you wouldn’t start a marathon without stretching first. Similarly, pre-close activities are essential for a successful and speedy financial close. These activities lay the groundwork for a more efficient process. Start by identifying tasks you can complete before the official close period. This might include reviewing and reconciling accounts, confirming vendor invoices, or chasing down any outstanding customer payments. Automating some of these tasks, like transaction matching or anomaly detection, can free up your team to focus on more strategic activities. Services like HubiFi can automate your revenue recognition and integrate with your existing systems to streamline these tasks. Ultimately, the goal is to minimize surprises and bottlenecks during the actual close. By addressing potential issues early on, you’ll avoid scrambling at the last minute. This proactive approach, combined with the right technology, allows your team to streamline workflows and reduce errors, leading to more accurate and timely financial reporting. For more insights, check out HubiFi's blog for helpful resources on optimizing financial processes.
A month-end close checklist is your roadmap to a faster, more organized close. It ensures everyone on your team is on the same page and knows exactly what needs to be done. This checklist should detail every step in the closing process, from reconciling bank statements to posting journal entries. Think of it as a detailed to-do list that keeps everyone organized and accountable. Include key tasks like prepaid expenses, inventory counts, and fixed assets. A well-structured checklist not only helps you stay on track but also serves as a valuable training tool for new team members. By following a standardized checklist, you minimize the risk of overlooking critical steps, which can lead to costly errors and delays. Regularly review and update your checklist to reflect changes in your business processes or accounting regulations. This ensures your checklist remains a relevant and effective tool for a faster, more efficient month-end close. Ready to streamline your financial processes? Schedule a demo with HubiFi to learn more about automating your close process.
The first step is to get all your financial documents in one place. This means collecting everything from bank and credit card statements to loan agreements, income reports, and expense receipts. Having a centralized, organized system for these documents is a lifesaver. When you don't have to hunt for missing information, you prevent one of the most common and frustrating delays in the closing process. Think of this as your pre-close prep work; getting it right sets the stage for a much smoother experience. A solid document management system ensures all necessary records are readily available for review and reconciliation, making the entire process more efficient from the start.
With your documents gathered, it's time to make sure every transaction is accurately recorded in your general ledger. This involves meticulously checking all business activities, including payroll, bills, and customer payments, to ensure they are correctly posted. The next part of this step is reconciliation, where you compare your internal records against external statements, like your bank accounts, to spot any discrepancies. This is where automation can make a huge difference. Manually matching thousands of transactions is tedious and error-prone, but software can do it in a fraction of the time. Solutions that offer seamless integrations with your existing systems ensure all data is captured accurately, which is especially critical for businesses with high transaction volumes.
Next, you’ll need to review your company’s assets. This includes both fixed assets—like buildings, vehicles, and equipment—and current assets, such as inventory. For fixed assets, you'll need to account for depreciation and record any new purchases or disposals that occurred during the month. If your business holds inventory, you’ll need to verify your stock levels. This might involve a physical count or relying on a perpetual inventory system to ensure the value on your balance sheet is accurate. This step is essential for maintaining an accurate financial picture of what your company owns and is crucial for a reliable balance sheet.
This step involves adjusting for accruals and prepayments to ensure your financial statements reflect the correct period. Accrual accounting means you record revenues when they're earned and expenses when they're incurred, regardless of when cash actually changes hands. For example, you might need to record an accrued expense for employee salaries earned in the current month but not paid until the next. Similarly, you'll account for prepaid expenses, like an annual insurance premium, by recognizing only one month's worth of the expense. Getting this right is vital for compliance, especially under standards like ASC 606. Using an automated revenue recognition platform can simplify these complex calculations and ensure accuracy.
Once all your accounts are reconciled and adjusted, you can generate your core financial statements. These reports provide a snapshot of your company's financial health for the month. The three primary statements are the Profit and Loss (P&L) Statement, which shows your revenues and expenses; the Balance Sheet, which details your assets, liabilities, and equity; and the Cash Flow Statement, which tracks the movement of cash. With modern accounting software, creating these reports can be as simple as clicking a button, transforming what used to be a manual, time-consuming task into an efficient process. For more details on financial reporting, you can find helpful insights on our blog.
The final step is to conduct a thorough review of the financial statements. This is your chance to look over all the reports, spot any potential errors or unusual fluctuations, and ensure everything is accurate before closing the books for the month. But this step is about more than just checking for mistakes. It's an opportunity to analyze your business's performance and gain valuable insights that can inform your strategy for the upcoming month. A faster close gives your team more time for this critical analysis, turning the month-end process from a simple accounting task into a powerful tool for strategic planning. This focus on data-driven decision-making is at the core of who we are at HubiFi.
A faster month-end close depends on accurate data. This isn't just about the numbers adding up—it's about having reliable information that truly reflects your business's performance. When your data is disorganized, your close process slows down. How can you confidently close the books when you're constantly questioning the information's validity? Investing in data quality is an investment in a more efficient close.
Accurate and complete data is the foundation of a smooth month-end close. Missing information or incorrect entries create a domino effect of problems, from reconciliation headaches to inaccurate financial statements. Think of your data like ingredients in a recipe: if you're missing key components or using spoiled ingredients, the final dish won't be what you expected.
How do you ensure your data is up to par? Start by automating key tasks like data entry to minimize human error. Standardizing your processes ensures consistency. And don't underestimate the power of the right technology. Solutions like those offered by HubiFi can integrate your data, ensuring everything is consistent and readily accessible. This streamlines workflows, reduces errors, and ultimately saves you valuable time and effort. You can learn more about our integrations on our website.
Even with automation and standardized procedures, errors can still happen. That's why data validation is crucial. Think of it as a safety net, catching potential issues before they become major problems. Implementing robust validation rules can help identify inconsistencies and flag potential errors early on.
Artificial intelligence (AI) can play a significant role here, automatically detecting anomalies and validating journal entries. AI can also reconcile accounts by comparing data across multiple sources, ensuring everything aligns. This improves accuracy and frees up your team to focus on more strategic tasks. If you're looking for ways to leverage AI and automation for a faster close, consider scheduling a data consultation with HubiFi.
To stay ahead, keep an eye on emerging trends and adapt your month-end close process accordingly. This proactive approach will help your business maintain a competitive edge.
Technology plays a crucial role in shaping the future of finance. Enterprise resource planning (ERP) systems with integrated accounting and finance capabilities can automate many month-end close workflows. Think about how much time your team spends on manual data entry and reconciliation. Automating these tasks frees up your team for more strategic work. Leading software platforms handle these repetitive processes, giving your team more time to focus on strategic initiatives. Artificial intelligence (AI) and machine learning are also transforming the close process. AI can automatically categorize and match transactions, detect anomalies, and reconcile accounts, significantly reducing errors and improving accuracy. AI can also analyze historical data to identify patterns and trends for forecasting and strategic decision-making. By embracing these technologies, you can streamline your month-end close and gain valuable insights into your financial performance. At HubiFi, we help businesses leverage these technologies to achieve a faster and more accurate close. Schedule a demo to see how we can transform your financial processes.
Financial reporting requirements are constantly changing, so your month-end close process needs flexibility. One common challenge is a lack of staffing or expertise within the finance team. Automating repetitive tasks allows your team to focus on more complex aspects of the financial close, such as analysis and strategic decision-making. This shift improves efficiency and allows your team to contribute more strategically. Clear communication and documentation are also essential. A well-defined close task list and calendar ensures everyone understands their responsibilities and deadlines, which prevents bottlenecks. By staying informed about evolving reporting standards and adapting your processes, you can ensure compliance and maintain the integrity of your financial data. Check out our blog for more insights on financial operations and best practices.
How long should month-end close ideally take?
While it varies depending on company size and complexity, high-performing finance teams often aim for a five-day close. A reasonable target for many businesses is between five and seven calendar days, while smaller businesses might take up to two weeks. Understanding industry benchmarks helps you set realistic goals and identify areas for improvement.
What are some common challenges during month-end close, and how can I overcome them?
Common roadblocks include disorganized processes, difficulty locating necessary information, and using outdated methods. Standardizing procedures, creating a closing calendar, and prioritizing tasks can address these issues. Automating repetitive tasks, like journal entries and account reconciliations, also significantly improves efficiency.
What role does technology play in a faster month-end close?
Technology is essential for streamlining the month-end close. Cloud-based accounting software offers accessibility and automation features. Integrating your data sources provides a unified view of your financials, enabling real-time reporting and faster identification of discrepancies. Explore solutions like HubiFi for automated revenue recognition and seamless integrations with existing systems.
How can I improve the accuracy of my month-end close?
Accurate data is paramount. Implement data validation procedures and leverage automation to minimize human error. Standardizing processes ensures consistency, while solutions like HubiFi integrate your data for a unified and reliable view. Consider incorporating AI for anomaly detection and automated reconciliations.
How can I ensure my month-end close process stays efficient in the future?
Regularly review and optimize your process, seeking feedback from your team to identify bottlenecks and areas for improvement. Invest in training to keep your team's skills current with evolving accounting standards and technology. Stay informed about emerging technologies and adapt your processes to meet changing financial reporting requirements.
Former Root, EVP of Finance/Data at multiple FinTech startups
Jason Kyle Berwanger: An accomplished two-time entrepreneur, polyglot in finance, data & tech with 15 years of expertise. Builder, practitioner, leader—pioneering multiple ERP implementations and data solutions. Catalyst behind a 6% gross margin improvement with a sub-90-day IPO at Root insurance, powered by his vision & platform. Having held virtually every role from accountant to finance systems to finance exec, he brings a rare and noteworthy perspective in rethinking the finance tooling landscape.
Meet with an expert in revenue recognition and order-to-cash accounting and automate revenue close.
*Or watch 2 minute demo here.
Power your high-volume business's revenue compliance and reporting needs with one platform.
