With the right process defined and the right solutions in place, it is possible to simplify month end closings and reduce closing times to minutes, not hours or days.
In most small and midsized business offices employees quickly learn to avoid the accounting team around the end of the month. In fact, the month-end closing process is considered the top challenge by nearly one-third of small businesses. With time consuming manual processes and juggling between Excel, QuickBooks and other entry level accounting solutions, too many businesses are wasting hours or even days each month on month-end closing.
For some businesses the processes is as simple as posting the month’s transactions, running receivables aging and submitting and filing reports. However, the closing process can include:
- Post Current Month’s Transactions
- Run Receivables Aging
- Remove Transactions Paid
- Evaluate Finance charges
- Billing and Statements Issuance
- Pay and Process Commissions
- Close the Month for Sales Series
If you are trying to accomplish all of this manually on the last Friday of every month you are probably drinking lots of coffee and pulling out lots of hair around the 28th. But with the right software, all of these processes can be automated to reduce your month-end closings to minutes. While most small business do not have the resource to deploy a traditional enterprise resource planning (ERP) solution, month-end automation can still be achieved with an affordable cloud based accounting solution.
By adopting a cloud based ERP solution, SMBs can unify their data in a central system, simplify reporting, and gain seamless integration with other software products they use such as Microsoft Office or CRM. Look for a solution that allows you to easily set up routines designed to automate routine accounting operations to simplify month end closings. Or for that matter, monthly, weekly or annual fiscal period closings. Also be sure the software comes with backstops and user level access restrictions to ensure your data is accurate and uncompromised.
myGPcloud offers affordable monthly pricing for Microsoft Dynamics GP, and comes with hundreds of standard reports. With easy to set-up routines in Microsoft Dynamics GP, SMBs can automate transactions postings, receivables aging, paid transaction removal, billing, commissions and more.
What’s more Microsoft Dynamics GP connects seamlessly with your Microsoft Office or Dynamics CRM data and lets you print or email reports directly from GP windows to save even more time. Even annual fiscal period closings are easy to close with myGPcloud.
Take a test drive free for 30 days to see for yourself, or watch this demo video to see Dynamics GP fiscal period processes in actions.
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The post How to Simplify Month End Closings for Small Business appeared first on myGPcloud.