Who is it for:
- Accounting and finance departments in organizations managing fixed assets, aiming to monitor, reconcile, and document these assets over time.
- Finance professionals seeking to enhance the reconciliation process and maintain precise records of fixed assets.
How to use it:
- Procedures: Document and follow the outlined steps each month to ensure a consistent and thorough reconciliation process.
- Rollforward: Adjust the date as required and input the prepaid expenses data to track changes over time.
- Amortization: Fill in details related to prepaid expenses, including vendor names, total amounts, and set the amortization schedule.
- Journal Entry: Record relevant journal entries for prepaid expenses, including date, amount, and description.
- Trial Balance: Monitor the monthly balances for the prepaid expenses account to ensure accuracy and consistency.
Why should teams use it:
- Efficiency: Simplify the reconciliation procedure, minimize manual work, and guarantee that fixed assets are appropriately logged and presented.
- Accuracy: Reduce potential mistakes and inconsistencies by adopting a structured method for reconciling fixed assets.
- Transparency: Offer clear insight into the fixed assets account, thus enabling more informed financial decisions.
- Audit Trail: Retain a thorough record of all operations linked to fixed assets, proving essential during audits and evaluations.
Why teams should use a close management solution
- Efficiency: By automatically calculating business day due dates, adjusting for holidays, automating email reminders, and managing complex financial workflows, close management software enables teams to spend less time on time-consuming, repetitive tasks and more time on strategic work. Faster closing times lead to quicker financial reporting, faster decision making, and happier teams.
- Visibility: Close management software ensures that all team members have a clear understanding of their roles, responsibilities, and deadlines, and enables team members to easily share information and coordinate their tasks. Real-time dashboards and reporting tools provide managers with an instant overview of the process status, including any bottlenecks or pending tasks, enabling quick and informed decision-making.
- Collaboration: Comments, review notes, and assessments can be easily tracked, maintaining a full audit trail and reducing the need for lengthy email threads. This fosters a culture of transparency and teamwork.
- Accuracy: By centralizing and standardizing the close process, the risk of human error is reduced, leading to more accurate financials. Issues can be identified faster and addressed promptly.
- Control: With best practices as a default and a controlled environment, close management software improves the team's compliance with financial reporting standards and regulations. The system creates an audit trail, detailing who did what and when, which is particularly valuable during audits and regulatory checks.