Because of this, finance professionals constantly seek to discover ways to close the books more quickly. By doing this, time may be freed up to provide the company the flexibility it needs to adapt to changing needs. Finance professionals feel the urge to balance the books more quickly everywhere, and cloud systems like NetSuite and Sage 200 provide data collection, automation, and reporting tools that make this possible. 

Here are some pointers for quicker book closure:

1. Implement accounting systems across the organization  

Spreadsheet software used to be the best resource available to firms for producing financial reports. This has some significant restrictions but is still applicable today. For instance, it doesn’t catch data input errors, which could cause the process of closing the books to be delayed if a mistake is found later. 

By automatically gathering and combining data from across the organization so that everything feeds into a single, central platform, ERP software can solve problems like these. By doing it this way; you can guarantee the correctness and full traceability while also speeding up the process considerably over manual data entry and transmission. 

2. Encourage cross-company cooperation 

The organization’s members must work together to close the books promptly. Accounting data must be double-checked to ensure a smooth and correct flow, accounting data need to be double-checked. Ensuring perfect compliance with accounting standards can also be aided through collaboration. Collaboration is greatly facilitated by software like ERP, which has capabilities that let workers submit output for review and approval. Additionally, this allows the approver to add comments and revisions, which the software immediately highlights so the employee can quickly determine where to concentrate their efforts. 

3. Promote smart work processes 

A significant obstacle to promptly closing the accounts is a delay in the deliverables of the finance officers. To aid with this, ERP systems offer established and customized workflows. These solutions mix automation and sequential procedures to give organizations greater visibility into accounting process bottlenecks. Additionally, everyone will be able to see what tasks are still open, who is in charge of them, their progress, and any comments made. 

4. Aiming to Increase Compliance 

Compliance with financial and accounting standards can be difficult for businesses that use several accounting systems, especially when numerous areas are involved. The organization must maintain a consistent set of data, but it may also be necessary to make certain adjustments to cater to the demands of various places. Creating a standardized collection of financial data for the central organization while updating the pertinent data for compliance in different geographic locations is possible with the help of built-in capabilities in ERP systems like NetSuite OneWorld. When closing the books can save a ton of time. 

5. When possible, automate 

The data and the work can be completed regularly rather than saving them up for a large project at the end of the month, quarter, or year if you can implement robust automation via your enterprise systems. It is much simpler for finance experts to determine the organization’s accounts payable and receivable thanks to the automation that your ERP’s financial capabilities give. Additionally, the software dramatically simplifies tasks like currency conversions and aging calculations, which may be time-consuming if done manually.

6. Keep Data Integrity 

Data that has been corrupted, manipulated, or deleted can cause many firm problems. Because organizations rely on data to make decisions, it may be a costly issue. It pays to develop systems to ensure data integrity because the procedures needed to correct poorly maintained data can be time-consuming and hinder the closing of your books. By incorporating data classification, ERP systems offer built-in tools to help you do this, giving you peace of mind about your business’s financial data. 

7. Delegate Roles Effectively 

The roles and responsibilities of the personnel involved must be specified while auditing financial data. NetSuite may assist with this in several ways, such as producing reports based on user roles or running searches to identify users with administrative or “special user” roles. Having the tools for this can help with workflow optimization and data consistency assurance to ensure that the procedures needed to close the books go smoothly. 

8. Condense the approvals process 

Closing a journal entry requires internal permission, which could take many hours if you don’t have efficient software like a capable ERP. By automatically contacting the proper person whenever a request for approval is made, NetSuite’s “saved searches” feature, for instance, helps expedite the approval process. The period required to close the books could be considerably shortened. By automatically sending out permission requests to the right parties, Sicon WAP also coordinates the validation process. 

9. Create High-Quality Financial Statements 

ERP systems’ accounting and finance tools have access to all the data necessary to create trustworthy financial reports. The data classification aids in the creation of trustworthy reports from the combined data that may be adjusted with additional fields and other necessary components. ERP systems have capabilities for customized needs and the calculation of local taxes, and they employ real-time data to automatically generate reports, statements, and dashboards. You will have access to precise, up-to-date data in all reports, enabling you to move on with bookkeeping in confidence. 

Conclusion

Taking Your Business to the next step can only become a reality if you have the right expertise to deliver outstanding solutions. At Seibert Consulting Group, we specialize in delivering modern solutions to businesses that aim at taking full advantage of the eCommerce platform. We always customize our solutions to align with Your Business’ requirements and goals. Let’s start talking about your project and find out how we can help Your Business grow. Get in touch with us via our chatbot or email at hello@seibertconsulting.com and via our direct line at 760-205-5440.

The post Top Business Ideas for Closing Your Books Faster and Swiftly appeared first on Seibert Consulting Group.

Why month-end close is not an easy process?

Well, if Your Business makes use of NetSuite solutions, the accounting procedure is definitely simpler and quicker. However, NetSuite is only capable of handling a finite amount of items. The financial close is complicated since NetSuite cannot handle the remaining tasks, like recording and tracking workflow. 

Financial closing is currently less impressive due to the disorderly file exchange over local drives and the lack of documented procedures. Furthermore, everyone is less concerned about the veracity of the information shared at work as a result of the tight schedule. The month-end close is when the majority of faults that would have been fixed sooner are discovered. 

Methods for reducing month-end close stress 

The month-end close has had some negative consequences on the staff, thus getting rid of the procedure and implementing these four tips is absolutely necessary.

1. A Checklist for a Collaborative Financial Close

A checklist keeps track of the duties and accomplishments of each employee. For instance, everyone will be aware of their responsibilities during the accounting process. On the flip hand, employers will also be aware of any potential restrictions on employees’ objectives. 

You may believe that with NetSuite’s checklist, your business might have completed all the necessary month-end close procedures, but that is false. Consider NetSuite Checklist as a 30,000-foot view that enables you to check a box next to an AP as an illustration. Checking just one box indicates that multiple steps must be completed before checking off just one item on the list. 

Additionally, tracking sign-offs and duties might be done quickly using Excel and Google Docs, but a new staff might find this procedure difficult. It’s important to note that FloQast has the capacity to effortlessly offer top-notch services to the other accounting teams in the mid-market. 

For instance, Stack Overflow saw the checklist’s potential. Since their previous soft-close approach was quite a skeleton, the training and networking company employed this collaborative checklist structure to construct a superior closing list. The monthly close was shortened by twelve days thanks to their new close list’s schedules, controls, and well-defined procedures, which sped up the closing process. They used to close after 22 days, but now they’ve only saved ten days’ worth of time and resources!

2. Produce more templates for reconciliation and standard folder structures 

Your team can streamline the review, training, reconciliation, and auditing procedures by using a uniform template. All you have to do is automatically paste work onto a template to avoid repetitions. Furthermore, since your business has now created a better-arranged folder design, it is simple to access a file. 

For any significant transactions that need to be cleared, your accounts department should pay special attention to NetSuite’s Fixed Assets and Bank Reconciliation Module. You may cut the time it takes to reconcile large accounts in half by automating this procedure. 

3. Reexamine the combination of your talents.

Accounting and financial processes are being replaced by technology. As a result, Your Business has to hire tech-savvy employees by setting up an IT department. Additionally, keep an eye out for staff that has experience with NetSuite or cloud ERP and provide them with responsibilities that fit their skill sets.

4. Use cloud accounting software 

Adoption of cloud platforms can change how Your Business stores data. The technology of cloud accounting will make data access more convenient and quick. Furthermore, since documents are already available online and are more transparent, you don’t need to worry about them. 

By keeping a Microsoft checklist on OneDrive or SharePoint, your business can begin utilizing cloud accounting technologies. A software system for instant management is mostly used to track review notes, reconciliations, and item listings like RevLocal. 

There is no question as to what NetSuite is capable of. It is capable of doing revenue recognition, bank reconciliations, and accounts payable. However, your accounting team needs to use more scalable tools to handle workflow and paperwork.

Conclusion

Taking Your Business to the next step can only come to reality if you have the right expertise to deliver outstanding solutions. At Seibert Consulting Group, we specialize in delivering modern solutions to businesses that aim at taking full advantage of the eCommerce platform. We always customize our solutions to align with Your Business’ requirements and goals. Let’s start talking about your project and find out how we can help Your Business grow. Get in touch with us via our chatbot or email at hello@seibertconsulting.com and via our direct line at 760-205-5440.

The post 4 Best Practices For Your Business’s Month-end Close on NetSuite appeared first on Seibert Consulting Group.

Let’s face it; most accountants may differ on a lot of topics, but most of them agree on one daunting concept, the Month-end close. A survey  shows that 82% of accountants perceive a month-end close exercise as one of the most horrific accounting profession experience. Well, this is not a good number from such an illustrious career.  If you are in this position, there is something you can do to make a financial finish more comfortable.

But first, let’s assess the reasons why this financial close is not an exciting task anymore.

Well, if Your Business uses NetSuite products, then probably the accounting process is easier and faster. However, there is only a limited number of things that NetSuite can handle. The rest, such as recording and tracking of the workflow are beyond the reach of NetSuite hence making the financial close a hassle.

Another reason why financial close is less impressive nowadays is because the sharing of files over the local drive has been disorderly, and no procedure is recorded. Further, the schedule at work place becomes tight and no one is minding about the validity of the information being shared. Most errors that would have been corrected earlier are identified during the month-end close.

How to Alleviate Stress

The monthly closing has had some bad effects on the employees, which most certainly calls for eliminating the process and adopting these four hacks.

1. A Collaborative Financial Close Checklist

A checklist monitors employees’ roles and performances, For example, each individual will be aware of what they need to do during the accounting process. On the other side, employers will also have an idea of the possible limitations to employees’ goals.

At first, you may think that your company could have gotten all the above through NetSuite’s End Close Checklist, but it is a misbelief. For example, imagine NetSuite Checklist as a 30,000-foot view allowing you to check a box next to an AP. By checking just a single box, it means that there are several process that are involved before concluding just one box in the list.

Also, Excel and Google Docs could easily track sign-offs and tasks, but this process would be challenging for a new team.  Noteworthy, FloQast has capabilities that could easily provide outstanding services to the other accounting teams in the mid-market.

For example, Stack Overflow saw the potential in the checklist. The training and networking company used this collaborative checklist structure to create a better close list considering they previously used a soft-close system that was quite skeletal. Their new close list had timelines, controls, clearly defined processes that smoothened the closing process, cutting the monthly close by twelve days. Previously, they closed after 22 days, now with only ten days of time and resources conserved!

2. Create More Standard Folder Structures and Reconciliation Templates

Having a standard template allows your team to make the review, training, reconciliation, and auditing processes sleek. All you need to do is to paste work on a template automatically hence avoiding any repetitions. Further, it is easy to access a file because your company has now developed a more organized folder design.

Therefore, your accounts department needs to pay a closer look at NetSuite’s Fixed Assets and Bank Reconciliation Module for any huge transactions that require clearance. By automation of this process of reconciliation, you can reduce by half time spent on reconciling large accounts.

3. Examine the Mix of Your Talent Again.

Tech is taking over accounting and finance processes. Therefore, Your Business needs to shift to professionals who can use technology by creating an IT department. Also, watch out for employees with NetSuite or Cloud ERP experience and assign them roles which match with their skillsets.

4. Adopt Cloud Accounting Technology

Cloud platform adoption can turn around the way Your Business stores data. With cloud accounting technology, access to data will be more comfortable and quicker. Moreover, you don’t need to worry about documents, considering they are already online and more transparent.

Your Business can start cloud accounting technology by having a Microsoft checklist on Microsoft’s OneDrive or SharePoint. The main use of an immediate management software solution is to monitor review notes, reconciliations, and check the listing of items like RevLocal.

There is no doubt about what NetSuite can do. It can do Accounts Payables and Receivables, bank reconciliations, and revenue recognition. However, your accounting team has to do things like tracking workflow and documentation with more scalable software.

In a nutshell, there are a lot of things your company could benefit from a streamlined close process. For instance, if your company uses cloud accounting tech, it will reduce the intimate process by about three days. At Seibert Consulting Group, we give precise and acurate solutions that match Your Business’ needs. Contact us today at hello@seibertconsulting.com or 760-205-5251

FAQs

Why is it important to maintain your accounts and segments for a stress-free closing process?

1. How can automated financial management systems from SunSystems and NetSuite assist in closing more quickly and accurately?

SunSystems and NetSuite offer automated financial management systems that can help finance teams close more quickly and accurately, thus improving efficiency and reducing errors in the closing process.

2. How can following certain steps help avoid problems and reduce stress during the closing process?

By following specific steps outlined, finance teams can avoid problems and reduce the stress and time associated with closing at the end of every month.

3. What percentage of finance teams achieve an early close for month-end processes?

44% of finance teams complete month-end on day 5 or before, indicating that achieving an early close is possible.

4. How many finance teams complete month-end closing by day 5 or earlier?

In our survey, we found that 44% of finance teams complete month-end on day 5 or before.

Why is it important to maintain your accounts and segments for a stress-free closing process?

Maintaining your accounts and segments is crucial for a stress-free closing process. For instance, according to our recent findings, a significant 44% of finance teams successfully wrap up month-end procedures by day 5 or even earlier. This statistic underscores the attainability of an early close when diligent account and segment maintenance is in place. By adhering to these key steps, your team can sidestep potential issues and streamline the closing process, ultimately reducing stress and saving valuable time each month. Be sure to explore how our automated financial management systems, such as SunSystems and NetSuite, can empower your team to achieve quicker and more precise closing outcomes. Embracing automation and leveraging tools like NetSuite’s Fixed Assets and Bank Reconciliation Module can significantly cut down the time spent reconciling large accounts, paving the way for a more efficient and stress-free closing process."

How can you spread tasks throughout the month to avoid feeling overwhelmed during month-end close?

By spreading tasks throughout the month, you can avoid feeling overwhelmed during the month-end close. One way to achieve this is by implementing a collaborative financial close checklist. This checklist allows employees to monitor their roles and performances, ensuring that each individual is aware of what they need to do during the accounting process. Employers also gain insights into potential limitations to employees’ goals. Additionally, creating more standard folder structures and reconciliation templates can streamline the review, training, reconciliation, and auditing processes. Automation of reconciliation processes for large transactions can significantly reduce the time spent on reconciling accounts. It is also essential to examine the mix of talent within your team and shift towards professionals who are proficient in using technology. Adopting cloud accounting technology can revolutionize the way your business stores data, providing easier and quicker access. By utilizing cloud accounting tech, you can reduce the month-end close process by approximately three days, leading to more efficient and organized financial operations.

To further enhance your task management during month-end close, consider breaking down your monthly responsibilities into smaller, manageable chunks distributed throughout the month. Start by preparing routine journals in advance and fine-tuning them as the month progresses. Closing low volume accounts early not only eases the workload but also helps in identifying potential risks that can be addressed proactively. This approach allows you to address issues gradually, rather than waiting until the last minute when it may be too late. By incorporating these practical steps alongside the technological advancements mentioned earlier, you can create a comprehensive strategy for a smoother and less stressful month-end close process."

Why should you cross-train staff on critical tasks for a smoother month-end close?

Examine the Mix of Your Talent Again.

Tech is indeed revolutionizing accounting and finance processes, prompting a crucial shift towards professionals adept at leveraging technology. To align with this transformation, Your Business ought to consider establishing a dedicated IT department. Furthermore, it’s prudent to identify employees possessing expertise in NetSuite or Cloud ERP systems and assign them roles that capitalize on their specialized skill sets. By ensuring your team is equipped with the necessary technological proficiency and strategic talent allocation, you pave the way for a more streamlined month-end close, bolstering operational efficiency and adaptability in an ever-evolving landscape."

Why should you automate processes for a stress-free month-end close?

Your page provides the following comprehensive explanation on why you should automate processes for a stress-free month-end close:
"Automation of processes for a stress-free month-end close is essential because it streamlines the accounting process, reduces errors, and saves valuable time and resources. To close the month easily, you should have a documented process to follow. This allows your team members to allocate their time and energy towards getting everything done. By adopting collaborative financial close checklists, creating standard folder structures and reconciliation templates, examining the mix of talent within your team, and embracing cloud accounting technology, your company can significantly ease the burden of the month-end close. Whenever you can, automate workflows, especially if it means reducing a significant amount of time. If you’re repeating the same task over and over again, you should seriously consider if there is a way to create a system that automatically completes that task for you. Integrations, bank reconciliation, invoice entry, recurring journals can become simple with the right system. Automation allows for smoother workflows, quicker access to data, and improved transparency, ultimately leading to a more efficient and effective financial close process.""

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