Take the Pain Out of Year-End Closes

Take the Pain Out of Year-End Close

For many organizations, the only thing worse than the month-end close is the dreaded year-end close.

Especially if you rely on manual, paper-based processes, the year-end close can require weeks of tedious effort, with a long list of iterative steps, including:

• Collecting financial results from multiple systems and divisions
• Consolidating all the financial results according to IFRS or other guidelines
• Reviewing results for completeness and accuracy
• Making corrections and reclassifying revenue and expenses wherever needed
• Reconciling hundreds of accounts (or more)
• Producing clear, understandable financial statements

And that’s just for starters. If you uncover unwelcome surprises along the way, the last month of the year becomes even more stressful.

Less Agony, Better Results

There is a better—much better—way to manage your year-end close. Cloud-based ERP solutions like Sage Intacct, make it possible to streamline, automate, and accelerate closes with very little hassle.

One way Sage Intacct streamlines month-end and year-end closings is by offering a virtual close, which means you don’t have to move income and losses for a given period into retained earnings. Instead, those earnings are handled automatically, based on how your chart of accounts is configured. It’s features like that which make it possible for Sage Intacct to claim its customers can reduce time to close by as much as 79%!

Sage Intacct also provides real-time visibility into data from across your organization, which makes it much easier to spot errors when they happen—as opposed to months later. All the relevant data you need, including journals, books, and transactional data, is available at your fingertips, and accessible 24/7 from mobile devices.

The combination of automated processes, deep data analysis, real-time visibility with intuitive dashboards, and consolidated reporting—to name just a few key features—makes transitioning from manual ERP solutions to Sage Intacct worth considering, especially before your next year-end close.

Make the right decision for your organization

Insero & Co. is a public accounting firm with decades of experience working with both nonprofits and businesses. Our experts are available to assist you with your month-end and year-end closes, and with other ways you might be able to streamline your accounting processes.