You’re a finance professional. It’s the end of the month… you know what that means—the month-end close scaries are creeping in.
You spot transactions lurking in spreadsheets that haven’t made it into your ERP system yet, patiently waiting for Linda to reconcile accounts manually. Meanwhile, Dan in the Dallas office seems to follow a completely different reporting process than Bob in Buffalo. It looks like another long night in the office.
But you’re better than this! We care about you and your team too much to let you continue stressing over data accuracies, time-consuming processes, and a lack of real-time visibility.
Let us introduce you to automated financial integrations—solutions that seamlessly connect your finance systems, allowing data to flow automatically, and reducing human error.
Here are five ways integrations can simplify your month-end close.
1. Streamlined Time Tracking and Approvals
Time tracking and approvals can be a bottleneck in the month-end close process, leading to delays and frustration. With automated integrations, time entries from various departments can flow directly into your accounting system without the need for manual input. This means no more chasing down managers for approvals or manually reconciling timecards. Instead, you can track time in real-time, ensuring accurate and instant visibility into your workforce’s productivity.
2. Efficient Expense Reporting
Traditional expense reporting methods often involve tedious back-and-forth emails and manual data entry. Automated integrations allow employees to submit expenses directly through an online platform, which are then instantly routed for approval and automatically recorded in your financial system. This not only speeds up the reimbursement process but also enhances compliance by ensuring all expenses are captured and categorized correctly.
Example: Automating the American Psychiatric Association’s expense report processing turned a time-consuming, paper-heavy task into a streamlined, digital workflow. By integrating Chrome River with Sage Intacct, APA’s finance team eliminated manual data entry, reduced errors, and sped up approvals with real-time access to receipt images. This integration saved nearly 1,000 hours annually, allowing the team to focus on more impactful financial planning.
3. Simplified PTO Requests
When PTO approvals are scattered across various emails and spreadsheets, it’s easy for requests to fall through the cracks. With automated integrations, you can implement a centralized system where employees submit PTO requests, and approvals flow directly into your scheduling and payroll systems. This creates a clear picture of availability, allowing you to plan effectively and avoid staffing shortages during crucial periods.
4. Synced In-House & Outsourced Processes
Automated integrations can bridge the gap between both in-house and outsourced processes by ensuring that data from both sources is synced and aligned. This means you can leverage the benefits of outsourcing while maintaining control over your financial data, leading to more accurate reporting and faster closes.
5. Minimized Month-End Delays
What causes delays in the month-end close? It could be anything from late submissions and manual reconciliations to differing processes across locations. By embracing a "clean as you go" mentality and utilizing automated integrations, you can keep everything tidy and up to date throughout the month. This proactive approach prevents the last-minute rush and allows you to close the books with confidence.
Orion Companies Case Study: Enhancing Month-End Close Efficiency
Orion Companies faced significant challenges in measuring growth and profitability across its numerous independently operated business units, each using separate instances of QuickBooks for accounting and TSheets (now Quickbooks Time) for time tracking. To address these inefficiencies, CFO Thomas Cochran spearheaded a digital transformation, transitioning to a cloud-based finance management tool, Sage Intacct. However, difficulties arose with the new payroll solution, prompting the need for a custom solution linking TSheets and Sage Intacct.
The integration revolutionized their payroll process, allowing real-time syncing of employee timesheets, which saved Orion approximately 200 hours monthly and eliminated the need for manual payroll processing across multiple entities. The streamlined approach not only improved accuracy and timeliness but also freed up resources for higher-value tasks. Ultimately, the enhancements provided Orion with the scalable infrastructure necessary to support future growth, ensuring efficient project assignment and better job profitability tracking, positioning them for continued success in the competitive real estate market.
Conclusion
Embracing automated financial integrations not only simplifies your month-end close process but also empowers you and your team to focus on what truly matters—strategic decision-making and driving growth. Say goodbye to the stress of manual processes and fragmented data, and hello to a seamless, efficient workflow that allows you to reclaim your evenings!
Ready to transform your month-end close experience? Let’s chat about how Venn Technology can help streamline your financial operations and set you up for success!
-1.jpg)