Ask any accountant about the end of month and they are likely to respond with a sigh. For many businesses month end means a whole lot of reconciling, adjusting, accruing and correcting. This usually involves long hours and wasted time trying to track down important information, sifting through document details and updating spreadsheets from the month prior

Companies that rely on antiquated systems and manual processes know all to well the headaches that surround month-end. Common symptoms these business might experiences might experience may include:

1. Manual work and duplicate data entry

2. Delayed financial reporting

3. Incomplete or erroneous transaction entries

4. Manual adjustments, accruals and allocations

5. Lack of standardized processes

6. Manual reconciliations

7. Limited managerial insights

With a well-designed and integrated ERP solution, month end becomes a breeze as –

• Data moves freely from one system to another
• Real-time financial results keep everyone on the same page
• Transactions are digitalized and routed for improved accuracy
• Automated adjustments eliminate manual entries
• Configurable processes result in consistently applied procedures across all areas of the business
• Automated bank feeds and document attachments make daily reconciliations possible
• Multi-dimensional financial statements meet the real-time needs of business leaders

Month-end should just be another day of the week. Harness the power of automation, rather than disparate, cumbersome systems which don’t reflect the accurate, real-time position of your business. With an ERP solution like MYOB Advanced in place, accounting staff can be freed from the anxiety of a rushed month-end close while enabling the rest of the leadership team to have timely access to critical financial data. Don’t just dream about a smooth, streamlined, and stress-free month-end anymore. Instead, make it come true with MYOB ERP solutions.

Get in touch with us to learn more.