Why and How to Modernize Your Month-End Close
The month-end close is the accounting version of deep-cleaning the kitchen—necessary, yes, but also dreaded because it’s tedious and takes time that we’d much rather spend somewhere (anywhere) else.
The thing is, it doesn’t have to be that way. Month-end closes can take less time and be less fraught with concern over errors and oversights if you modernize with industry-leading financial management software.
Invest in the right software
Month-end closes can take up nearly the whole month if organizations use disparate accounting systems and rely on in-person handoffs. Investing in a fully integrated, cloud-based accounting software solution like Sage Intacct can streamline the process and save you hours of time every month.
Sage Intacct eliminates the need for manual data entry, external spreadsheets, time-wasting handoffs, and other steps that can slow down financial reporting. With integrated financial software delivering data in real time to online dashboards, it’s easy to monitor and react to issues as they come up, relieving some of the pressure on those month-end financial reports. Talk to one of our experts to help find the best solution for your organization.
See the results
Let’s look at what a difference Sage Intacct made to one nonprofit organization: MHA, an Association of Montana Health Care Providers. MHA used to rely on Microsoft Dynamics SL as its ERP system, but as the organization grew, the finance director found that they “wasted a week every month just managing inter-company transactions and balances.”
Since implementing Sage Intacct, MHA has been able to streamline accounts payable, accounts receivable, and general ledger entries. In addition, by automating consolidations and eliminating the need to manually enter hundreds of inter-company transactions every month, Sage Intacct has shaved days off MHA’s monthly close process.
MHA has found that a further advantage of Sage Intacct is its easy integration with other software solutions for payroll, budgeting, asset management, and more. Those integrations help MHA’s finance team save even more hours that they used to spend on manually re-entering data every month.
Modernize your close
Insero & Co. is a public accounting firm with decades of experience working with both nonprofits and businesses. From audit assistance to business consulting, our experts can help you find smart ways to modernize your accounting processes to be more efficient and productive.