Month-end close and reconciliations will always be an important part of business. However, with the economic struggles brought on by our necessary response to the COVID-19 pandemic, companies have to be more diligent than ever before.
With markets fluctuating on a daily basis, knowing the status of your liquidity is critical to survival. You have to make smart business decisions and knowing where your cash is on a daily and weekly basis is one way to help ensure you do.
Regular and accurate month-end reconciliations:
- Keep your company in compliance with loans associated with pandemic relief.
- Reduce your risk and provide more visibility into your finances
- Give you a better chance of having your loans forgiven or qualifying for grants
While every industry is suffering under the weight of the pandemic, COVID-19 has created unique challenges for each one. Luckily, Adra has the solutions you need.
Tech Industry: Forecasting the Future
Regardless if they’re B2B or B2C, tech companies are struggling as they see a slowdown in new business.
Gone are the days of meeting prospects face-to-face at trade shows as social distancing guidelines have canceled most, if not all, events.
While most tech companies are still operating at a loss, it’s their subscription-based business models that are helping them stay afloat.
Once those contracts run out, look for drops in revenue as clients opt-out of or downgrade their subscriptions.
To counter future revenue drops, Adra Analytics gives you visibility into your financial data to find emerging patterns in the balance sheets. This helps you focus on areas where you can mitigate costs and stay financially responsible.
Retail Industry: Doing More With Less
For companies in the retail space, their concern is more centered on maintaining operations today. They’re worried about making payments for their real estate space and keeping their supply chain in motion.
More importantly, they’re looking at the potential impact a mandated shutdown would have on their cash reserves.
To ensure they’re in the best position to survive, retail businesses need to know:
- Where their cash is at all times and
- About shortages and discrepancies today, not a month from now.
Regardless of your industry, Adra offers the ability to reconcile your accounts day-to-day, as well as week-to-week and month-to-month.
With accuracy and reliability, Adra Matcher imports your bank records automatically in an audit-ready format. This gives you the transparency you need to track down discrepancies so you know exactly where every dollar should be.
Banking Industry: Work Smarter, Not Harder.
By its very nature, the banking industry has more to lose than any other industry. When other industries struggle with their cash flow, it’s the banks they come to for help.
Because of loans issued through pandemic assistance like the Paycheck Protection Program (PPP), credit losses are expected to be big and banks must be prepared for it. Banks need to know if they’re going to have cash on hand or if they’re going to be forced to write everything off at a loss.
With Adra Balancer, you have full control over your balance sheet in addition to the ability to automate your close. This gives you the reassurance that your month-end close is accurate and compliant with PPP guidelines. In the event your organization goes into default, it will be necessary to have all of your ducks in a row to claim the money for those losses. This can all be tracked for you within Adra Task Manager.
An added benefit of this is a reduction in man-hours required for reconciliation, allowing you to focus on more important things like creating clear communication plans with your customers, employees, and regulators.
Nonprofit Industry: Doing More with Less
The nonprofit industry is in a more unique position than any other industry.
Any time there’s a national emergency or call for aid, individuals and organizations line up to donate money to help those affected. The response to COVID-19 has not disappointed. Billionaire Jack Dorsey announced in April that he moved $1 billion of his assets into an LLC to support COVID-19 relief efforts, while others have donated hundreds of millions.
While this is great for nonprofit organizations and those they help, they’re not used to handling the sheer volume of donations coming in.
They also have to act in good faith, ensuring the money they receive goes where it was promised and not lost somewhere along the way.
To help you with an overwhelming workload, Adra Task Manager was developed to streamline and centralize your internal process, creating ownership and accountability along the way.
This gives your team more time to plan for the future when the spirit of giving begins to wane under the pressure of a downturned economy.
Turn up the volume, not the chaos with scalable solutions from Adra.
At Adra, we have a core philosophy in everything we do: breakthrough simplicity. We offer you the tools and automation you need to implement new solutions – quickly, easily, and effectively – even if you don’t have the additional resources to help.
New software can be deployed and implemented in days – not weeks or months – and you can start using it within minutes after a few quick lessons from your assigned customer success manager (CSM). In addition to the CSM, we created learning paths in our success center with different topics on best practices for both during and after implementation so you get a good ROI as soon as possible. In fact, almost 60% of our clients report ROI within the first 12 months. One client actually posted positive in the first 30 days! If you’re curious how quickly you’ll see a return on your investment in Adra software, check out our ROI calculator.
When you’re ready to see gain better insight and visibility into your finances, drop us a note to schedule a demo.