Closing the books is a stressful process for any organization, and added pressure often comes from the executive team to close the books as quickly–and accurately–as possible. Fortunately there are some ways to reduce the chaos and craziness of the period close, such as adopting a “continuous accounting” model and implementing a cloud-based solution.
Adopt a “continuous accounting” model
By working some of the tasks of a period close into your staff’s daily accounting activities, the period close can be in turn speedier and more efficient. Working reconciliations into daily activities can not only speed up your next period close, but can also enable real-time reporting which allows for faster, better business decisions. Your executive team will surely appreciate the added bonus of accurate and timely reports available at a moment’s notice.
Utilize a cloud-based approach
Continuous accounting is made easier by the implementation and use of a cloud-based accounting solution. When all teams can access the same system and data, the period close is made that much easier. Automation of many processes can be added to the daily accounting workload, meaning your accounting team will spend far less time crunching numbers during the period close. Easy browser-based solutions mean your team, regardless of location or time zone, can access data and reports on the go at just a click of a button.
FYIsoft helps reduce the crazy
Implementation of FYIsoft’s financial reporting software can help your period close be the fastest and most efficient it can possibly be.
Financial reports provide the data and insight from which all business decisions are made. For today’s finance teams, it is crucial that those reports be accurate, easy to produce, and board-ready at a moment’s notice.
The report applications found in most ERP systems just don’t cut it. That is FYIsoft’s focus.
FYIsoft is committed to delivering the best available cloud financial reporting software, specifically designed to integrate with your GL system and dramatically improve reporting processes, even in the most complex financial environments.
Among many other benefits, FYIsoft can cut down the chaos of your period close. FYIsoft customers routinely see 2-5 days–and up to 10+ days–cut off their period close processes, which affords accounting staff time and energy for strategy, advisory services, and business growth.