Did you know that more than 62% of organizations' financial processing is still a manual process? Doing the financial close by hand might look efficient for them, but if the right automated software is used, financial closure becomes much easier. So how does the expense management software make it easier for the finance teams?
That’s what we will discuss in our article.
What is financial close?
For the accounting process to conclude, a financial close needs to be performed before the conclusion of every tax year. The accounting system will review the company's influx and outflux of money, through the year, quarter, and month.
A proper and systematic procedure will help to maintain financial records that will be helpful in the future for being able to keep track of their expenses and profits.
The monthly financial close involves six important steps:
- Accounts receivable
- Accounts payable
- Account reconciliation
- Fixed assets
- Statements and reports
- Planning ahead
What good does automation bring?
Financial closing automation brings the benefit of allowing financial teams to focus on their decision-making because tasks are completed more accurately than if done manually.
The amount of financial data is so huge that managing things manually becomes a very complex and time-consuming task. Automation provides an easy way to put together different data sets, irrespective of the department, into one place in real-time.
Finance teams have quick integrations of the most popular accounting tools such as Zoho, QuickBooks, and Xero.
Discover how to streamline financial close with automated tools that reduce manual work and improve accuracy.
What are the 3 solutions Pemo offers to financial teams?
Financial teams who are busy, need to be efficient. And they need to provide results on time with manual hard work.
Enter Pemo, offering 3 solutions that could simplify and make the financial teams' lives much easier:
1.Automated Reconciliation Processes:
Pemo offers an efficient solution for manual processes through an automated system. The software will automatically reconcile your transactions, swiftly identify any anomalies within, and give you real-time visibility over the data you need.
This will help finance teams in largely reducing manual work for the reconciliation. The automation done by Pemo will increase effectiveness with time and remove the routine for teams to perform.
2.Real-time Collaboration and Communication:
The financial closure procedures are often prolonged because of miscommunication.
Through the centralization of various interactive collaborations among teammates, Pemo acts as a medium to provide solutions for this challenge. Teams will be able to work in a well-coordinated way and know about ongoing things if they have the same platform for documenting everything expense-related.
Pemo plays a vital role in improving team performance by enhancing communication and collaboration among different teams.
3.Data Analytics for Instant Reports:
Pemo differs from other basic financial tools by having a strong analytical system. Using such tools, teams can get the reports from their financial databases and after analyzing these elaborate datasets collect meaningful reports. This targets teams that are busy too, allowing them to recognize and remedy problems rapidly.
The ability to generate customizable reports and dashboards empowers finance professionals to make informed decisions quickly. Pemo’s analytics tools facilitate an approach to financial management, enabling teams to identify opportunities and challenges early in the process, ultimately expediting the financial close.
Explore more financial solutions for CFOs designed to help finance leaders make informed decisions faster.
In conclusion
Agility and accuracy are paramount for a headache-free financial close. Pemo is a great solution for teams that are aiming to close their financial activities in less time.
Wrap up your month as fast as possible now!
Book your demo: https://www.pemo.io/book-a-demo
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