What is Close Management Software?

Are you tired of spending long hours reviewing and closing the books during the month-end and year-end close? Do you wish there would be a better way to streamline and automate the closing process so you can always close the books with high accuracy? If so, you need nothing but perfect close management software. By using cloud-based close management software, you can end the tedious manual tasks and optimize the year-end close process.Succinctly, close management software helps you streamline your month-end and year-end closing tasks and expedites your closing processes. Let’s see how valuable it is if you are an accounting professional.‍

Eliminate labor-intensive manual tasks

‍There can be a number of drawbacks when we follow the traditional way of closing the books. Reporting can be time-consuming and prone to errors; tracking changes over time can be difficult, and overall efficiency can be low. Close management software works as a missing link here.

With the implementation of the close management software in your routine closing tasks, you can automate the majority of the closing tasks. You can get a closing status dashboard where you can easily take a look at the client list and the closing status with a due date. This makes it easy for you to stay on track and close the books on time. Also, you can create a close checklist to ensure you are not missing out on anything important while month-end or year-end close. Moreover, you get instant alerts when there are any changes made to the GL rec you have already reconciled and signed off on. This keeps your auditor happy because this approach always ensures the accuracy and consistency of your financial data.

Standardize documentation

Excel has long been the go-to tool for accounting professionals, covering a wide range of functions ranging from checklists to documentation. However, when it comes to sharing and managing these documents, the traditional way can appear overly cumbersome.

Close management software automates the documentation process, ensuring uniformity and easy completion of document-related tasks. It enables you to create thorough checklists, make internal comments, and attach working papers without juggling many spreadsheets. Everything is readily consolidated, which is useful when a team member is unavailable due to unforeseen circumstances or an emergency. With the close management software in place, anyone may step in and continue operations without interruption.

Close management software not only allows you to keep your current workflow but also gives you the ability to handle diverse document management jobs quickly.

Collaborate like never before

Collaboration is usually a more time-consuming and ineffective approach in traditional accounting practices. Although exchanging information via phone conversations, emails, or paper documents is not intrinsically a bad idea, why not use specialized management software to improve it?

With the use of close management software, you can collaborate effectively with your accounting team members. You can drop notes or create internal queries about transactions, GL reconciliation, to-do lists, or accounts across the platform. Also, you can assign questions to particular team members for a quick resolution. Additionally, the cloud-based close management software streamlines client communication by enabling you to ask transactional or non-transactional questions on a mobile-responsive platform.

Also read: How To Close Year-End In QuickBooks

Close faster and more accurately

There is often a compromise between speed and accuracy when using the conventional method of closing financial books. A top-notch close management tool, however, can actually assist you in achieving both goals. A good close management tool can help you do both. You can close your books 80% faster with improved accuracy.  It is possible because the close management software allows you to break the tasks into smaller sub-tasks and lets you work collaboratively and systematically.

Focus more on the strategic work

You have the luxury of allocating more time to strategic planning and in-depth analysis when you use effective close management software to speed up the closing process. Implementing a close management tool not only helps you stay more aware of your prior mistakes but also encourages a cycle of ongoing growth. By completing closing tasks quickly, you can free up critical time to train and teach your less experienced employees, fostering their professional development and enhancing the effectiveness of your company as a whole.

Choose the best solution in the market

At this point, you likely have a solid understanding of what close management software is and how it can be an effective tool for streamlining and accelerating your closing process. Why wait when you can have Xenett, a priceless solution?

Leading accounting firms use Xenett to improve their close processes, which enables them to review and close the process faster than earlier. The fact that Xenett was created by accountants, for accountants, and with every accountant's needs in mind, makes it unique. You can Book a demo call right away to learn more about Xenett.