Guide to a One-Week Year-End Close

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Year-end close is an inevitable part of the accounting cycle that closes the books before opening a new chapter in your organization. Temporary accounts are reset to zero, the prior period’s balance is locked in, retained earnings are updated and the slate is wiped clean for a fresh quarter.

The quarterly and annual collection of data is not a mere formality but is used for spearheading insight for the upcoming year. Financial analysis can inform budgeting, forecasting and other financial decisions. However, year-end close financial statements are only valuable when accurate.

4 Ways Your Accounting System is Hindering Your Year-End Close

Lack of uniformity coupled with difficult data retrieval can complicate a speedy and accurate close. If your organization is still operating on an on-premise system or you have outgrown your current accounting software, you’re well aware of these complexities. Ultimately, legacy systems may be harming your business and its operations more than you think.

2021 Study

According to a 2021 study, though 26% of accounting systems are able to close in less than one week, over 34% take more than 16 days.

In our e-book, we dive into:

  • The four ways outdated accounting software is hindering your year-end close process.
  • The benefits of modern ERP when it comes to closing out your financial year.

To get the guide, simply fill out the form on the right. You’ll get immediate access to the e-book, as well as an email link for later use.

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