21 April 2020

How to Handle Month-End Closing Efficiently with AP Automation

Month-End Closing Checklist

If you are working in accounting or finance, you would have experienced the dreaded and tedious month-end closing process. A survey has revealed that the pressure of month-end closing negatively impacts 88% of finance and accounting professionals.

The accounting professionals go through a lot of stress around the month-end to ensure that the financials are accurate, up-to-date, and reported correctly to the internal and external stakeholders.

Your month-end closing need not be so miserable. Technology is your best friend if you are looking to minimize manual efforts in accounting. Automation can help you handle many month-end closing tasks efficiently. However, not every software would be right for your requirements.

Hence, you need to identify your requirements and pick an AP automation software that addresses most of your pain points and is compatible with the nature of your business.

  • The AP automation software would help you automate cumbersome processes, which would, in turn, streamline your accounts closing process and eliminate manual errors.
  • The application also helps you save a lot of your staff’s time and resources. Especially at the month-end, automation would allow your team to focus on more productive tasks than redundant paperwork.
  • The visibility and transparency that AP automation software provides can help your company’s management track the real-time status of the month-end closing tasks. Hence, your management can make faster and informed decisions.
  • Bad quality data can hamper the month-end closing process. Accounts payable reconciliation is a vital task in the month-end closing. Data inconsistencies can cost a lot of time and money and hinder the entire reconciliation process.

Month-End Closing Checklist

AP Automation software helps you get automatic notifications in case of data inconsistencies. AP automation solution can also help you filter out bad quality data and make the reconciliation process seamless.

However, if you don’t select the right AP automation software for your business, you might not be able to optimize its utilization. Some software applications might still need considerable human intervention, which would again not make your month-ending closing any easy.

AP Automation software can help to digitalize data capture and validation, invoice matching, acceptance and approval process, and reporting and analytics. Apart from selecting a smart, versatile, and comprehensive AP automation software, there are effective ways to handle your month-end closing process with little stress and effort.

Ease the pain of Month-end

With the AP Automation software, you can make the process of month-end closing less painful for your staff. Apart from simplifying your staff’s work, better planning and smart automation can save your company a lot of money and resources. To-Increase MediusFlow can be your trusted partner in your tedious month-end closing process.

12 tips to handle month-end closing efficiently with accounts payable automation

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Marcel van den Brink,
Marcel van den Brink,
Financial Accountant

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