month-end close

with automation

HOW TO RELIEVE THE ACCOUNTING DEPARTMENT DURING THE BILLING cycle?

Month-end close doesn't have to be associated with laborious, lengthy entering data and posting invoices provided by customers. Sending documents to the general ledger, creating and confirming accounting records and generating reports is a sequence of processes that a robot is more than able to handle. It can perform step by step actions performed by accountants or use dedicated APIs. It will include in process the customer verification, order of documents posted and deadlines. The robot will perform successive operations that have so far been performed by the entire team divided into roles.


Closing Book Process

– the fear of many companies

The month-end close can take from 3 days to even 10 business days. Accountants spend most of their time laboriously sorting out invoices to complete the month. There are many complications during these days. Two scheduled days for summing up the last month turn into an endless period. Month-end close month too often extends to the maximum time allowed. Such a situation reduces the efficiency of accountants, as well as the effectiveness of the entire company. Accountants stay out of daily business. Operational decisions don't play any role for them then, which often causes problems in the following days. There are difficulties in contacting clients and the possibility of organizing a meeting between the financial director and accountants at the management level.

Month-end close in accounting

THE MONTH-END IS ALSO:

CALCULATION OF THE MONTHLY TIME
OF EMPLOYEES
AND COLLABORATORS


CALCULATIONS OF COSTS AND REVENUES ACHIEVED BY THE COMPANY


EXPOSURE
OF CYCLICAL

AND ONE-TIME INVOICES FOR CUSTOMERS


VERIFICATION THAT
ALL INVOICES HAVE
BEEN ENTERED
FROM THIS MONTH


SUMMARY OF

SALE TRANSACTIONS


LIST OF MONTHLY VEHICLE MILEAGE RECORDS


PREPARATION OF SUMMARY REPORTS


GENERATION OF TAX DECLARATIONS


OPTIMIZATION AND AUTOMATION OF FINANCIAL AND ACCOUNTING PROCESSES

Without automation, accountants focus only on performing one task. They don't work effectively, but passively strive to meet the month-end closing.

How do accountants understand this period? As an obligation to enter an endless number of documents into the system and prepare summary reports. And also as a necessity to calculate revenues and costs of the company and prepare settlements for clients.

BENEFITS for accountants THANKS TO THE AUTOMATION OF MONTH-END CLOSE

- They will automatically export and import documents between systems.
- They will minimize the risk of errors in bills/invoices/documents.
- They will avoid missing invoices.
- They will be sure that the summary reports are consistent with the invoices issued.
- They will monitor the progress of ongoing operations.
- They will receive insight into the results of completed tasks.

WHAT WILL THE ROBOT DO IN THE MONTH-END CLOSING PROCESS?

The closing of the billing period in each company may be different.
Therefore we meet with accountants and talk about the process that they undertake. 
And only after analyzing the processes, we move on to the preparation of the automation project.

Month-end closing automation
- a tailor-made project
for each company

1. We discuss the month-end closing process flow for the robot

- we save a list of steps to be taken and the dependencies between them

- we list the data that is necessary to complete the process

- we define the maximum deadlines
for the realization of tasks by the robot



2. We determine what conditions are necessary
to complete the process

- we prepare a road map in which we indicate the stages of the robot's operation and its connections with selected systems

- we set the starting and ending
point of the process

- we define exception handling -
the possibility of the robot's behaviour with insufficient data to complete
the process



3. We are preparing 
a dedicated month-end automation project

- we test the correctness and effectiveness of the robot's operation

- we verify how the robot will behave
in various cases

- after the client's approval, we introduce the robot to service of the month-end



HOW A ROBOT WILL SUPPORT THE ACCOUNTANTS
DURING THE MONTH-END CLOSE?

Finance under control




The current times require a change of approach - closing the month should be perceived
as conducting analyzes that will show
incorrect data and indicate, how to avoid
them in the coming months.



You can confidently entrust the tasks related to the closing of the month/quarter/year to dedicated robots as part of the RPA solution. Analytical, settlement, calculation or reporting tasks thanks to automation will be performed faster, more efficiently and without errors.

If you want to learn more about financial automation, follow our profile or contact us!

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Jana Dekerta 24
30-703 Kraków

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