If your business doesn’t follow a period-end close workflow, you could be throwing money out the window. Establishing a workflow not only delineates the processes for all parties involved, but it also presents a written record of that process, making it open for future improvements that might speed up the close or further ensure the…
According to the Adra Match Market Survey in 2013, 61% of accounting professionals are unhappy with their financial close processes. That’s a lot of disgruntled accounting professionals, and for good reason: closing can be time consuming, difficult, monotonous, and frustrating with the wrong tools. To maximize efficiency during closing, your organization needs the right software….
Daily period closing refers to the process of your staff recording daily collections from all sources, including cash, checks, and credit cards. For some, a daily close may seem overwhelming. However, instituting daily closings can be hugely effective in managing a company’s accounting, ensuring that financial data is always accurate, and pinpointing discrepancies before they…