Month End Close
Virtualizing the Month-End Close: Steps for an Efficient Remote Month-End Close
So far, 2020 has been full of surprises. It’s brought incredible challenges and changed the way we do just about everything. Companies have had to adapt quickly just to stay afloat and the more flexible and agile they are, the better their chances or survival.
Regardless of what industry you’re in, the accounting department is one that should be able to adapt fairly quickly. Although accountants aren’t historically known for being flexible, the technology is available to handle everything from day-to-day tasks to a virtual month-end close.
Recently, Ventana Research conducted a study about the best ways accounting departments can conduct quick, effective, and accurate month-end closes. Here are a few key takeaways.
Software Automation for Streamlined Accounting
The beautiful thing about automated processes is that they keep on working even when you’re not. If your team is forced to shut down for a few days or transition to work from home, automation will continue to run in the background during the transition so you’re set for success when you return.
Paperless Processes for a Virtual Month-End Close
Of course, working virtually is difficult if you’re still using paper. Someone needs to be in the office to pull files. If not, you’ll need to bring reams and reams of paper home with you to work from, which is neither safe nor convenient.
A paperless process is not only environmentally friendly, but it also makes for an easier virtual month-end close. Sign-offs and reviews can take place remotely without the team needing to pass off documents.
Electronic Collaboration for the People in Your Life
The people aspect is often the most challenging for companies going virtual with their accounting process. It’s a big change, for sure, and requires everyone to get up to speed on new technology and new workflow (if they weren’t already in place). Make sure you have communication and collaboration tools in place to make it easier. Everyone should feel connected and part of the team without being flooded by an overwhelming amount of communication duplicated across channels.
