The financial close process involves reconciling all of the company's activity over a set period of time. This process can be completed on a monthly basis, quarterly basis, yearly basis, or any other predetermined period.
Some businesses will often try to close the books in a speedy manner to get financial statements together quickly, but the desire for speed must be balanced with the need for accuracy. As with anything in running a business, rushing things can lead to sloppy results, so time must be spent on the closing process in order to yield the results a business owner desires. However, there are technology solutions out there to help make the closing process quick and accurate.
The Importance of a Financial Close
With a financial close comes a consolidated and accurate record of the financial activity for the desired period. Both internal departments and external stakeholders rely on the statements that a close generates.
Owners and managers within a business utilize these statements to conduct financial analysis, forecast future income and expenditures, establish and adjust budgets, generate key performance indicators (KPIs), and more after an accurate and timely close. But with that comes the sense of urgency for the close to be completed in a timely manner.
Streamlining the Financial Close Process with Tipalti
A major step in streamlining the financial close process is streamlining the processes that feed into it. With a system like Tipalti and NetSuite working together on accounts payables automation, businesses are provided with an automated solution to implement seamless supplier onboarding, execute domestic and international payments, provide a centralized source of information for audit tracking, and ultimately reduce the time it takes to complete a financial close. On a monthly basis, Tipalti helps business close their books 30-40% faster than with their previous processes.
Tipalti’s robust integration with NetSuite helps businesses achieve increased oversight of the invoice approval process—allowing reviewers to access bills and dispute them when necessary. The increased visibility improves the tracking of invoices and eliminates payment errors.
Reach out to AccountingDepartment.com today to learn more about how our client accounting services, paired with Tipalti's NetSuite integrations, can help you and your business.
