Any organization of moderate size has some form of the month-end reconciliation process in place — even if it’s comprised of spreadsheets or legacy systems.
How can your accounting team create efficiency amongst all of these disconnected systems? Connect the dots between data sets, processes, and systems by integrating your accounting software.
When you integrate the right accounting software into your reconciliation process, you change how your finance and accounting team approaches the month-end close. Your accounting department will now be able to move through the necessary steps of the month-end close process with ease, giving them ample time to spare to accurately analyze financial data.
Integration is all about establishing connections between different sources of data and collecting them into one central place. With a frictionless accounting solution, you can use automation to create a standardized process that strengthens and streamlines your process while saving your team the headache of learning new processes and systems.
By integrating the right financial close solution, you gain more control over your reconciliation process leading to:
- Increased transparency
- Improved accuracy
- Reduced risk
Most importantly, a month-end close process with integration leads to new opportunities to improve your accounting processes.
Last year, accounting teams adopted new workflows to adjust to the changing working environments; many teams also worked on integrating their accounting processes for a seamless remote working environment. Now in 2021, accounting teams are optimizing their remote processes; read more about how 436 F&A teams adjusted and optimized their processes in our 2021 Global Financial Close Report.
How to Increase Visibility and Improve Transparency During Month-End Close
When working across departments, the biggest challenge is dealing with specific checklists and processes that are the direct result of each department working independently of one another. These siloed systems prevent different departments from knowing what they’re doing or how they do it.
When working without clearly established processes, your team spends the entirety of their hours completing the close with little time to review and analyze the work. By integrating a financial close solution that automates your reconciliations, you also create a higher level of visibility into your processes — giving you the opportunity to review and see if any existing methods can be improved upon.
Integration empowers departments to establish standardized processes — enabling new opportunities for collaboration and additional transparency.
Reduce Your Chance of Risk During Financial Close with Improved Data Accuracy
Each month-end close has its own unique challenges, but a manual close is without a doubt the most difficult. Manual processes inevitably lead to mistakes on spreadsheets. This jeopardizes the close (and the insights that come with it) because your team is analyzing incorrect data.
Integrations allow source files to automatically populate data within spreadsheets, reducing your risks and improving the accuracy and quality of your data across your reconciliation and high-volume matching processes.
In addition to improving data accuracy, integration allows you to take a holistic view of your month-end close processes so you can better assess your risks and take steps to resolve them. Greater visibility presents opportunities to efficiently scale your internal processes. Learn more about modernizing your month-end close can completely change your organization in our latest eBook: Modernizing Your Reconciliation Process.
Empower Your Remote Accounting Team with Clear Communication
If we’ve learned anything in 2020, it is that remote accounting is no longer a futuristic concept. It’s the new normal, even for accounting teams. The key to navigating remote work is clear communication and collaboration.
Collecting data takes time; the longer it takes, the higher the likelihood that your data is going to change. With a centralized tool, you can create a single source of truth where all data is found, making it easier to establish standardized processes.
By integrating the right accounting solution, you can track your team’s progress from one centralized dashboard. With integrated accounting processes, you can expect to:
- Streamline your communications
- Improve data accuracy
- Expedite your workflow processes
Improve Your Month-End Close with Adra® Integrations
The biggest fear most CFOs and their financial teams have is making mistakes that could cost their company money. They need to ensure their transactions, balances, and adjustments are as accurate as possible.
The Adra Suite of financial close solutions was designed to easily integrate into your current systems, allowing you to automate processes and give you more visibility, accuracy, and control. The increased visibility opens the doors for the CFO to play a more strategic role in the organization; learn more about the evolving role of the CFO at our webinar here.
From an installation perspective, Adra is easy to deploy with low IT involvement and little configuration on your end. We currently support customers with over 90 different ERPs; all you have to do is work with us to map the connections and you can bring your data into your CRM systems with ease.
Adra works to augment your foundational close processes with automated solutions designed and priced just for mid-market organizations. See how Adra’s integrations seamlessly optimize your month-end close process, by booking a demo today.