The Five Keys to a Faster Financial Close

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The 5 Keys to a Faster Financial Close
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Divide Conquer
For your financial close to be successful,
prepare a list of the necessary procedures with
deadlines. It clarifies who is responsible for a
specific task so that the liability belongs to
different members of the team. Although a bit
complex, it is the simplest way to ready your
company for a financial close. Availing small
business accounting services can help avoid all
the hard work though.
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Decrease Manual Data Entry
Many businesses still rely on manually entering
data like payments and invoices, which can be
less than accurate. Lack of precision isnt what
you want in such situations. Outsourcing the
tasks or using reliable accounting software can
streamline it and prevent errors. You need a way
to organize transactions, records, and other
accounting data in one place to avoid errors and
delaying your financial close.
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Create Frequent Account Reconciliation
The general ledger or GL is where you post your
business transactions every year. For accuracy,
you use account reconciliation. However, you can
choose to reconcile quarterly or monthly - it
helps notice errors. Most companies without
professional small business accounting services
avoid regular reconciliation of their accounts as
it requires more effort. But you should choose to
do it weekly or monthly to avoid errors.
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Enhance Information Access
Most companies face obstacles while waiting for
data from other departments. Amounts, total
sales, inventory levels, and much more are
required to successfully close the books. It is
why you should provide your accounting staff with
access to the data storage and avoid setbacks.
For privacy, you can use software which not only
allows them to access the data but also protects
business-critical information.
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Automate Organizational Processes
Until you avail reputed small business accounting
services, leverage software to automate and boost
the tasks involved with your financial closure.
Spreadsheets are old and slow, whereas you
require improving the data flow. Try a business
management platform with sales, accounting, and
shipping department integration. Your company can
use such tools to perform tasks better and
without mistakes.
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Thank You
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