The stress of the month end close can get a lot of finance staff hot under the collar, when it comes to accounts with hordes of transactions to match. Just the idea of reconciling all those transactions by hand has them breaking out in a cold sweat, and a lack of time truly creates a high-pressure atmosphere when it comes to month-end close.
If you’re struggling to keep your cool, here are some top tips to a more chilled approach…
Tip 1: Don’t sweat the small stuff
During your monthly financial reconciliation process, we all know you will have to trawl through all the transactions that match, before you get to the ones that don’t.. It is a complete waste of time and talent getting qualified staff to trawl through thousands of transactions to find simple matches, especially when 90% of finance departments are already pushed for time, especially during the month end financial close.
With the right specialist accounting software you can easily automate these hordes of matches – getting them taken care of in a matter of minutes, not hours, even compared to doing them in ever macro programmed Excel sheet reconciliation. Custom rules also mean that your software can adopt as you go. For example, if there is regularly two payments on one account, the software can easily be adopted and will automate even more in the future, speeding up your automation every month.
In general, automation means that you get the data you need quickly and accurately, keeping you cool and allowing your staff to focus on other, more important tasks.
Tip 2: Reduce the pressure
The pressure is exacerbated by the fact that many finance departments also want a higher degree of accuracy and visibility for auditors. Currently, only 28% of finance staff completely trust their reported figures, and nearly 60% are not satisfied with their visibility.
With specialist financial accounting reconciliation software, audit trails are created automatically for you via the user’s ID. Alongside the audit trail, complete reports can also be generated at touch of a button.
These specialist functions help to reduce the pressure in an audit, and will provide you with better visibility and greater accuracy for your transaction matching and for your monthly financial close regarding the accounts with hordes of transactions..
Tip 3: Keep your finger on the pulse
It can be difficult maintaining visibility when you are sharing documents via email or MS Sharepoint. What is the status of your month-end close? Who is responsible for the next task? Where are the most up-to-date figures? These questions can have you in a cold sweat as you cross your fingers and hope that everyone is on-track.
A specialist tool provides complete visibility, so you can see exactly where your transaction matching has got to, who is next to act, and check that all governance, risk and compliance (GRC) rules are being followed.
Enhancing your visibility with a data matching account reconciliation software tool will help keep your heart rate down as you know exactly what is happening where, when and who is responsible. And the auditor will yield you with a comment: This is Reconciliation Best Practice.
Keep cool whatever the weather with specialist financial month end close software from Adra Match. Adra Match ACCOUNTS will help you reduce the pressure while keeping your workflow highly visible.
Request your free trial today and feel the chilled calm of complete control.