Month-end headaches are real, especially for those companies still relying on antiquated systems and manual processes. The best way to get rid of the pain? Implement Acumatica cloud ERP.
Modernize your financial close with Acumatica
The blog describes the symptoms experienced by accountants relying on disconnected, legacy systems and manual processes and explains why cloud ERP software is the cure. Let’s look at three of the seven symptoms through the eyes of two cloud customers.
Kelly Products, Inc. is the parent company of 13 individual businesses in the agriculture and farming industry. Before implementing Acumatica’s cloud ERP software, the company’s legacy ERP solution was unable to scale with their incredible growth.
They suffered through various challenges, including the first three symptoms of the financial closing illness: Manual work and duplicate data entry; delayed financial reporting; and incomplete or erroneous transaction entries.
Specifically, they were having different people handle the accounting duties for the 13 businesses; dealing with manual intercompany transfers, reconciliations, and consolidations; and experiencing delays in monthly reporting due to paper-based processes and time-consuming data entry along with manual-entry errors, missing paperwork, and occasional system crashes.
After implementing cloud ERP, Kelly Products digitally transformed their operations, which resulted in:
- Automated financial reporting, inventory transfers, vendor payments, cash management, and inter-company transfers across multiple companies
- Eliminated manual entries performed by multiple data entry staff by connecting internally developed inventory system to their accounting system
- Received real-time access to critical financial data
And there was one more incredible benefit: They reduced their month-end close from two months to one week.
This impressive month-end time reduction is not a one-off. Many customers have enjoyed the same benefit, including Power Storage Solutions.
Power Storage Solutions is located in Dallas, Houston, Detroit, and Lake Mary, Florida and provides DC-power back-up systems. They install and service them for Data Centers, Telecommunications, Utilities, and Petrochemical companies. They were suffering from multi-platform fatigue and operating on five different operating systems, which was even more of a headache than month-end.
Trying to get the systems to communicate, operating efficiencies decreased due to data not matching up between systems and inventory, along with time and expenses trailing in accounting. Management was constantly being surprised by something that came through in financials.”
With Acumatica Financial Management, Acumatica Customer Management, and Acumatica Intercompany Accounting, the company improved communication for better decisions and eliminated about $50,000 worth of waste from lost revenue, time, and information.
They also reduced their month-end close by more than 15 days. By the fourth month, they were closing in five days.
Imagine reducing month-end from months to days
Can you imagine reconciling, adjusting, accruing, and correcting for your financial closing in just days? How about receiving updated and accurate financial results on a daily basis? And having every department work from a single source of truth?
As the blog notes, “With the right automated system, month-end can become just another flip of the calendar. The pressure for accountants to hurry up and get everything reconciled is eliminated. The books are always right, and records are all in one place. Closing is no longer a stand-alone process but part of the normal daily process. Accounts are always in balance.”
Don’t just dream about a smooth, streamlined, and stress-free month-end anymore. Instead, make it come true by downloading Take the Pain Out of Month-End: Modernize Your Financial Close with Acumatica and contacting our team to set up a demonstration.
