Accelerated Month-End Close

Feature Overview

The Accelerated Month-End Closing/Reconciliation feature streamlines the month-end closing process by enabling users to acknowledge multiple sections on the month-end close details page with just one click. Furthermore, it identifies areas that need additional notes, allowing users to easily provide the necessary information while ensuring that all financial reconciliations are complete and accurate.

Challenges:

Prior to this feature, users were required to acknowledge each section individually, entering notes for each one separately. This approach was not only labour-intensive but also inefficient and susceptible to mistakes.

Solution:

With this enhancement, users can now acknowledge all necessary sections and mark them as reconciled with a single action. The system intelligently highlights any fields that require additional notes, helping users avoid overlooking essential information. This streamlined process not only boosts efficiency and reduces the overall workload but also significantly improves the accuracy of financial reporting.

Conclusion:

The Accelerated Month-End Closing/Reconciliation feature simplifies financial reconciliation by eliminating tedious manual steps and ensuring a more user-friendly experience. By enabling one-click acknowledgement and note, businesses can achieve faster, more accurate month-end closing, allowing finance teams to focus on higher-value tasks.

Steps to Month-End Close:

1. Upon loading the page, the system automatically assesses any required items that must be resolved prior to proceeding with the reconciliation process.

2. Once all mandatory items are cleared, the system checks for non-mandatory items and asks for acknowledgement and acknowledgement notes.

3. The user can then mark the month as reconciled.

4. Once the month has been successfully reconciled, users will have the ability to export the finalized report for their records and further analysis.