Accounting Teams! Don’t be judged by your Close Times any longer
Accounting teams are judged by close times. The ideal goal is to close under 3 days and a good close time is 7 days or less. Your goal should be a 3 day close time. However there may be several reasons why your accounting department may not be close to or able to reach that goal.
During a recent trip to Collaborate Canada, the user group event for Microsoft Dynamics GP users in Canada, I touched on several issues we see when speaking with accounting professionals and why that 3 day close time is so elusive.
Firstly, there is a reason why checklists are so handy. The checklist was created in the early years of flight when getting an aircraft into the air was nerve-racking and airplanes were becoming more complex to fly and several unnecessary deaths of pilots resulted. Major Hill from the US Army Air Corps’ Chief of Flight Testing created the first pilot’s checklist with step-by-step checks for takeoff, flight, landing and taxiing. Having a checklist saved many lives then and do today where they are used extensively throughout many industries.
That’s why should use them in your accounting department too. Not having a well-documented consistent close process or a great check list almost dooms you to failure.
Here are some additional issues that affect your close rate that you need to consider:
Aside for taking simple steps, such as creating your close Checklist, other solutions are available for a faster close time:
At Nolan Business Solutions, we specialize in technology solutions that help shorten your close time whether you’re using Microsoft Dynamics GP or NetSuite.
Firstly, Nolan Advanced Bank Reconciliation for Microsoft Dynamics GP and NetSuite
In a simple-to-use and intuitive reconciliation window, ABR displays GL and bank statement transactions side-by-side.
Advanced Bank Reconciliation addresses the following close time issues:
Nolan Intercompany for Microsoft Dynamics GP
With Nolan Business Solutions’ InterCompany Postings, Microsoft Dynamics GP users are able to quickly and easily post transactions between different companies and different accounts with Dynamics GP. You’ll never again have to worry that an offsetting batch was deleted. With Nolan’s InterCompany Postings module, intercompany transactions are automatically carried through where needed and superior drill-down capability provides complete audit trail on those types of transactions.
Nolan Intercompany addresses the following close time issues:
Our team of consultants have created a number of video resources to show you how these tools work.
Microsoft Dynamics GP Advanced Bank Reconciliation: Watch Now
Microsoft Dynamics GP InterCompany Postings: Watch Now
If you’re interested in exploring any of these tools, please contact us at: firstname.lastname@example.org
By Kim Haythornthwaite, General Manager, Nolan Business Solutions, an international solution provider of automation tools for Microsoft Dynamics GP to help Accounting Departments speed up their close.