To thrive in today’s changing business environment, a company needs to be able to pivot in different directions and make proactive decisions.
For finance teams, this often entails having to constantly reforecast, re-think, analyse, and act on new data, on top of the traditional, and at times, stressful task of closing the books.
That’s why it is more important than ever for finance professionals to be able to close the books faster, so they get the time they need to be agile and respond to the ongoing needs of the business.
A study conducted by Sage, found 93% of respondents, made up of finance and accounting professionals across a range of industries, were under pressure to close the books faster, despite the availability of cloud accounting solutions that offer time saving features such as built-in automation.
Here are some tips on how to achieve a faster, more accurate monthly close for your business:
Automate your key accounting processes to save time and ease month-end stress
Businesses should be looking eliminate manual, time-consuming processes, and error-prone spreadsheets as soon as possible.
Almost 68% of finance professionals “absolutely or strongly” agreed that incorporating some level of automation saves time come month end.
Similar research shows that larger companies automated 40% more than smaller companies, close their books 15% faster, and allocated 22% more time for analysis and strategy. This is no coincidence.
Business growth is a result of strategic planning and focused resources. By automating key accounting processes, monthly close becomes less of an event, and opens up time and expertise for conversations about strategy for business progression
Invest in resources to make your close processes more efficient
To do this requires investing in any or all of these: new technology, additional headcount or dedicated resource time to evaluate and improve close processes.
Investing in technology has become a popular strategy for businesses, with 40% of finance professionals saying their companies adopted new technology to help with the close this year—nearly double from last year.
Access data anytime, anywhere with cloud accounting software
87% have moved to cloud-based or hybrid accounting solutions, a 50% increase from last year. Of those still using on-premises solutions, half (50%) plan on moving to a fully cloud-based solution within the next 2 years.
This shift has provided organisations of all sizes access to data anytime/anywhere, automation of key accounting processes, seamless integration with other key business systems, and the agility needed to scale as they grow.
Finding the right software to accommodate the ever-changing demands of the market, and your own business progression is vitally important. Organising a consultation with one of our team is a great way to get an understanding of what system would best suite your situation.
With over 25 years’ experience, AlphaLogix are a highly knowledgeable and experienced team regarding software solutions, providing consultations and implementation across a wide range of
Give us a call on 0330 043 0140 or email us at info@alphalogix.co.uk
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