Ask any accountant about the end of the month and they are likely to respond with a groan. For many, month-end means closing the month, which involves a nightmarish process of reconciling, adjusting, accruing, and correcting. The process involves long hours and wasted time trying to track down pertinent information, sifing through document details, and updating spreadsheets from the prior month. Staff accountants spend time seeking information from disconnected systems and trying to reconcile their numbers with the ad-hoc records maintained by other members of the organization. Leaders are
left waiting around for information to be provided by accounting.
While this whole process is inefficient and frustrating for the accountant, it is also a costly waste of time that could be better spent in meeting the needs of organization leaders.
Included topics in this e-Book
THE SYMPTOMS:
- Manual work and duplicate data entry
- Delayed financial reporting
- Incomplete or erroneous transaction entries
- Manual adjustments, accruals, and allocations
- Lack of standardized processes
- Manual reconciliations
- Limited managerial insights
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