Yes, it’s that time of year. While many “non-accountants” are busy getting ready for the holidays, the rest of us are hard at work closing out business for the year and preparing financial statements. Instead of buying rum for eggnog, we’re tracking down which activities are completed and still outstanding. Instead of decorating cookies, we’re carrying forward balances from the previous year, and opening posting accounts for the upcoming year.
Year-end closing is an essential part of a company’s performance – but coupled with the holidays it can be a stressful time of year. Traditionally, year-end closing is a time-consuming and complicated series of activities that are heavily reliant on a few key resources. And it still probably is, if you don’t have efficient processes and the right systems in place to manage it.
Common Problems with the Year-End Close Process
Every company who runs Microsoft Dynamics AX, GP, NAV, and 365 has different procedures in place for closing out their fiscal year. Some companies even choose to handle the timing of closing activities differently. Either way, the result is the same. You need to complete your end of year close accurately to get a complete picture of your financial position and plan for the coming year.
Closing the books is a common practice for all accounting departments. Even though it’s familiar, there are a ton of moving parts to keep track of and manage that often results in delays. Many companies use checklists to keep control over all of the simultaneous activities going on but in between preparing, adjusting, posting, and closing journal entries, there is plenty of room for error. Here are a few reasons why year-end close can be so time-consuming:
- Increasing volumes and complexity of data
- Manual processes and data entry
- Time spent waiting for data or fixing inaccurate data
- No ability to communicate or collaborate
Now, the real pressure when facing these delays is actually meeting the concrete deadline. Closing the year is not something you can ask to extend. To ensure an accurate and timely close, many companies take precautions and evaluate what technology can help them streamline these processes.
Technology to Simplify your Year-End Close
At Jet Global, we’ve made it our mission to deliver flexible reporting, fast analytics, and controlled budgeting solutions that liberate over-tasked resources and focus on creating process efficiencies within Microsoft Dynamics. Accountants and Excel, especially, hold a special place close to our hearts.
Which is why we’re going to share a little holiday magic with you and let you know that using one or all of our products can make a massive impact on your closing processes. With complete data access and quick access to reports, KPIs, and budgets, you can simplify your year-end close activities and save a significant amount of time, money, and resources. You’ll be able to manage data complexity, automate manual processes, eliminate inaccuracies, and collaborate with all parties involved.
Here are 3 products that are cost-effective, easy to set up, and built to integrate with Excel and Microsoft Dynamics:
- Jet Reports
Provides advanced financial and business reporting inside of Excel and on the web. You have access to financial statement templates specific to the close process, including balance sheet, profit and loss, statement of cash flows, and statement of retained earnings.
- Jet Analytics
Provides corporate analytics and reporting in the form of fast, accurate dashboards and reports in Excel, Power BI, and on the web. You’ll be able to monitor financial performance regularly, and have quick access to KPIs and dashboards during the close process.
- Jet Budgets
Provides controlled budget management and planning inside of Excel and on the web. You can get real answers on performance with actual-to-plan reports and review budgets for different operational areas.