How Xenett can help you scale up your accounting business

Fellow accounting warriors, are you sick of staying up late looking for typos and misclassifications? Is the year-end like climbing Mount Everest in sandals? If your answer is a hearty "heck yes," come round, for I have news of a tech-powered savior: Xenett, the AI-powered clean-up tool poised to overhaul your accounting firm and help you scale faster.

Staying ahead in the fast-paced world of accounting demands not just experience but also the right tools. As accountants, all we need is a tool to assist us in reviewing our accounts, closing our books quickly and accurately, and connecting smoothly with clients. Xenett, an intelligent clean-up tool that uses AI-based technology to autodetect errors in accounting books, has emerged as a game changer for accounting professionals. Let's look at how Xenett can help your accounting business become more efficient and precise than before.

Reviewing books

Autodetection of GL misclassifications:

There will be no more sifting through transactions like medieval detectives. Xenett, like a heat-seeking missile, pinpoints lost entries, saving you hours of tiresome searching. You can find the GL misclassifications and fix them right away in your books.

Duplicate entries:

Do you know that there can be duplicate entries in your books? How do you find them? Most probably, you would go manually or use any other error detection tool, which may not be efficient. Banished! Say no to phantom transactions that inflate your accounts. Xenett detects and removes duplicates, resulting in clean books.

Uncategorized transactions:

You can still be relaxed if you have so many uncategorized transactions in your books. Because Xenett is a helping hand that knows how many uncategorized entries are there in your client’s books. Xenett helps you go from chaos to order.

Missing entries:

Are there any missing entries in your books that you are unaware of? Xenett follows them around like Sherlock Holmes. No more sleepless nights trying to figure out where that key transaction went. It detects gaps and helps you to close them, thereby completing the loop on a financial mystery.

Closing the books

Time is money, especially in the realm of accounting. Accountants may close their books 70% faster with Xenett than with traditional techniques. Let us investigate how this is feasible.

Dashboard for close status

The closing dashboard of Xenett streamlines the monitoring of your books-closing tasks, allowing you to stay informed about your work strategy easily at a glance. No more scrolling through numerous spreadsheets when working on closing chores - this dashboard serves as a clear signal, neatly managing your workflow. It allows you to simply follow your progress, removing the need to wonder where you left off or what chores are next in line.

Closing checklist

Implementing substeps or review checkpoints for each account is a simple technique that significantly streamlines the team's review process. Even when onboarding a new accountant, this strategy can help you avoid the need to explain every detailed stage of the closing procedure. The clarity given by these organized substeps ensures that the team can evaluate and manage activities efficiently without having to rely on comprehensive explanations.

Review note

Consider yourself in the middle of a task left unfinished by an unknown team member, reaching a point where the right response is uncertain owing to a lack of guiding notes. Recognizing this challenge, Xenett has developed a strong solution. You may now provide review notes that serve as justifying statements to explain the status of review points. This novel feature improves transparency in the closing process, removing the need for manual back-and-forth and making the entire process fluid and straightforward.

Internal comments and client questions

When cooperating within a team during the month-end or year-end close, the continual juggling of many emails and calls might be daunting. The repeated exchanges of emails, even for tiny issues, add to the feeling of franticness. Fortunately, there is a solution - no more endless emails or phone conversations. You can now simplify communication by writing internal comments and directing them to a specific member of your team for prompt resolution. This reduces the need for extended communication and ensures that any client inquiries or concerns are addressed quickly.

Workpapers

The tedious effort of sorting working paperwork for each account is one of the most challenging components of the closing period. Xenett comes to the rescue by eliminating the need to navigate through several spreadsheets and papers. You may now easily expedite this procedure by submitting supporting workpapers and necessary document links straight to the GL Rec in one place. This feature streamlines and centralizes the handling of supporting paperwork, making the whole record-keeping process much more efficient.

Time tracking

With Xenett, you can easily assign an anticipated time to any work and track the actual time it takes to complete it. This feature allows you to log working hours for each activity in a methodical manner, providing a simple technique for measuring team productivity. This function, in addition to measuring productivity, keeps you updated about the real-time status of each activity, offering vital insights into the progress and efficiency of your team's workflow.

Reconciliation Discrepancy

In some cases, your team members may make changes to the GL recs. without your knowledge. If you have previously reconciled and signed off on the GL recs, any future changes a team member makes generate quick alerts informing you of the reconciliation discrepancy. This proactive feature keeps you up to date on any changes made to previously reconciled data, allowing for quick reaction and resolution to maintain the accuracy and integrity of the financial reconciliation process.

Also read: How Xenett Can Help You Free Up More Time While Reviewing Your Accounting Books‍

Client portal to resolve queries

Xenett is about more than simply internal efficiency. It also bridges the communication gap between you and your clients, promoting a seamless, collaborative partnership.

Set auto-reminders

During the closing periods, additional involvement with clients is frequently required. The days of back-and-forth chasing your clients are finished! With Xenett, you can easily create email notification options and set up periodic reminders for each client. This ensures that you are always up to speed on their accounts without the need for repeated follow-ups. This simplified technique not only saves time but also improves communication efficiency during important closure moments.

Mobile responsive platform

Xenett provides a mobile-responsive client platform, allowing your clients to effortlessly access their accounts anytime you contact them with questions. This revolutionary approach ensures that you receive quick replies from clients no matter where they are. The mobile-friendly platform frees clients from reliance on PCs and allows them to react to your inquiries quickly. Say goodbye to waiting for replies; this intuitive mobile interface lets your clients easily interact and participate, improving communication efficiency.

Also read: How Xenett Can Help You Free Up More Time While Reviewing Your Accounting Books

‍The bottom line

This is only a sampling of Xenett's comprehensive capabilities. XenettGO, the Chrome browser extension, stands out among the numerous unique features as a tool that finds real-time errors in your books.

In summary, Xenett includes all of the fundamental elements required for any accounting firm to boost its growth. The features described in this blog have the potential to greatly improve your accounting efficiency. However, before incorporating any technology into your business operations, it is critical to have a thorough understanding of its capabilities. We invite you to join us for a demo call, which will allow you to explore and comprehend the scope of Xenett's solutions and how they may benefit your organization directly. Book a demo call now.