In Pursuit of Profit - Blog - ASP

7/31/2023

Is a Zero-Day Close Possible?

Will accountants even close the books in the future? If we are to believe recent news related to AI in accounting, the future may hold the possibility of a fully automated close. Imagine that: a zero-day close!

A digital speedometer concept – accelerating and coming apart due to speed.

Accountants that have been in the industry for decades may find this idea unfathomable because they are used to the regular cadence of time-consuming, stressful closing procedures that never seem to go smoothly. And yet, as automation becomes ever more prevalent in accounting and finance, the traditional bookkeeping role is becoming largely replaceable by software, taking with it some of the tediousness and historical pain points that have traditionally been a hallmark of the industry. Will a manual month-end or year-end financial close soon become a relic of the past?

1/18/2023

How to Improve Close

Despite its arduousness, accounting close is one of the most important things your accounting team does. And yet, it is not the only thing they do, which means that any improvement to your close process can not only yield better results, but also free them up to do their other important work.

how-to-improve-close

A notebook with “closing the books” written in it.

As such, improving accounting close has become a main focus for many accounting teams over the last several years as business demands have grown and hiring qualified accounting staff has gotten more difficult.

Strategies to improve close can focus on making your accounting close faster, more accurate, or less painful… and, if you do it right, all three!

12/6/2022

A Year End Close Checklist for Busy Accountants

When your fiscal year is coming to an end, it is important to know ahead of time which tasks you need to complete in order to work as efficiently as possible. According to Industry Dive, it takes companies an average of 25 days to complete year-end close procedures (with companies in the 75th percentile taking an average of 15 days and companies in the 25th percentile taking an average of 45 days).

a year end close checklist for accountants

“Year End Closing” written on a sticky note next to a December calendar

For companies lagging behind, the financial cost of taking an extra 20 days to close their books can be steep, and for companies performing on par with the industry, the financial benefit of reducing their work by 10 days can be a huge advantage.

3/14/2022

How to Rebound from Pandemic-Related Accounting Problems

overcome pandemic accounting challenges

The pandemic caused innumerable business obstacles, and among all the added barriers, accounting-related woes have emerged as a universal challenge.

Every day we talk with companies that are fighting the good fight to keep up with their daily accounting demands amid pandemic-related complexities. And while each business has a unique story, what we are hearing in the way of accounting challenges is starting to become predictable. Whether the pandemic has increased or decreased revenue, the common threads that unite companies these days are more work, staffing problems, late and messy financials, a lack of accurate and actionable information, and budget issues.

9/11/2018

Clean Up Your Accounting Records Using These 7 Steps

Business owners deal with a lot of messes every day – back room inventory overflows, scheduling problems, and invoicing errors, just to name a few. Messes cause headaches, late nights, and if left unchecked, they can ruin a business. Unfortunately, the nature of running a small business inevitably leads to some messiness.

However, accounting records should never be one of these messes.

8/28/2018

Closing the Books for Businesses That Are No Longer Operating

Closing the Books for Businesses That Are No Longer Operating

When preparing for business operations to cease, there are numerous factors to consider, including closing the books. Ensuring the final close is done accurately is crucial for protecting financial interests and complying with business regulations.

11/2/2017

Be Prepared with this Accounting Year-End Close Checklist

Some companies close their general ledger earlier in the year and then wait until the end of the calendar year to close payroll, whereas other companies have a combined fiscal year-end close and calendar year close. Regardless of how your business chooses to handle the timing of closing activities, it will need to complete the end of year close accurately to give a complete picture of its financial position and plan for the coming year.

10/7/2017

Simplify with this Month-End Close Accounting Procedure Checklist

Month-end signals the need to tie all your journal entries together into a complete closing, which explains why it also strikes fear in the heart of business owners. Many owners dread this important step all month because they don’t have a clear picture of what they need to do to close correctly. They worry that they will miss an important step or miscalculate something that will substantially influence their financial documents.

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Photos from Pricenfees, Debbieallendale