The monthly close is a dreaded task for many finance teams….what should take days often drags on for more than a week or two, especially for multi-entity businesses. A recent survey by Sage Intacct, providers of best-in-class financial management software, found that only 26% of respondents complete their close in less than one week—a length of time considered to be a best practice. However, 40% close in six to 15 days, and another 29% take 16 to 19 days.
The “Close the Books” survey from Sage Intacct also revealed some common frustrations when it comes to closing the books:
- Time-consuming, manual processes
- Short turnaround time
- Lack of systems integration
- Inadequate reporting
- Manual entity consolidations
These all-too-familiar stresses may be impeding you from doing real, value-added work. Instead of manually shifting data around from system to system and struggling with outdated information, you and your team want to stay focused on strategic activities—such as analyzing data to forecast the future of your business and plan for growth.
What if you could cut your close by 25% or more simply by moving to the cloud?
If your close is taking too long or you’re adding entities, it may be time to re-evaluate how you’re using your current solution or investigate alternatives. According to the survey, “The greatest influence for the length of the close was the solution that was used.”
Shifting their financials from an on-premise solution to the cloud has transformed the close for many businesses. The survey revealed that high availability, better reporting, and lower cost were the top reasons for moving to the cloud. Respondents wanted an instant, highly automated close that delivered faster visibility and insights.
The most satisfying parts of the close among respondents included:
- Reconciling out-of-balance accounts
- Greater efficiency, low stress
- Better systems integration shortening the time to close
- Real-time reports that track the right metrics and provide instant insights
- Automated global consolidations
According to the survey, “Respondents on modern cloud solutions tended to be more satisfied with reporting and automation than those with legacy or on-premise solutions.” And it’s no wonder…Sage Intacct users have cut their monthly close by 25%, 50%, even by two-thirds.
Image from Sage Intacct Close the Books Survey
Cut your time to success with Dean Dorton and Sage Intacct
So that’s it—the best advice you’ll ever get for a faster monthly close is using a cloud-based financial management system such as Sage Intacct. Since cloud solutions typically deploy more rapidly than on-premise ones, you can enjoy the benefits of a faster close sooner than you may have thought possible: balanced accounts, automation, better efficiency, and real-time insights to the people that matter.
Don’t waste another precious second on a clunky, slow monthly close. The accounting technology experts at Dean Dorton can help you transition your financials to the cloud today so be sure to contact us today!