5 Productivity Hacks on Closing the Month-End
Before we can talk through those all-important productivity hacks, we’d better cover what the hurdles are that are holding you back from super efficient month-end processes. Here are some of the most common obstacles that CFOs and HoFs have to sale each and every month:
- Outdated processes and systems
- Manual data entry tasks
- Missing receipts and necessary documents
- Unidentifiable payments
- Human errors that take hours to resolve
- Predictable, basic questions from colleagues
Sound familiar? A CFO or HoF’s role has never been more crucial, and the time spent on tasks like these would be so much more productive spent on the bigger tasks, such as cash flow reporting, forecasting, and budgeting. So, let’s walk through some productivity hacks.
1. Spend Management Systems
One of the worst things about month-end is having to deal with colleagues’ information that's either been provided in a confusing manner or even worse, lost altogether.
The best way to avoid confusion and missing information from colleagues is to introduce a spend management system that deals with expenses quickly and easily. We recommend one which allows employees to digitise their receipts the moment they receive them.
2. Introduce mid-month planning
A great way to make life easier and save a load of stress is to incorporate mid-month planning to prepare for the month-end. This makes human errors and unidentifiable payments less of a head-ache with uhm-ing and ah-ing, as these will be fresher in the mind and are likely to have a more swift resolution.
3. Get a back-office function
By far the best way to boost productivity for the month-end is to introduce a back-office function to take over the data entry, classifications, and reconciliations. Plug and play allows you to get back to those value-added tasks while being safe in the knowledge that the key data and tasks are being taken care of. Super secure and seriously accurate, back-office function is a tool that helps hugely to boost productivity.
4. Opt for real-time data from one system
There’s nothing worse than an out-dated system. Our integration software system provides real-time data in one, user-friendly dashboard. Wave goodbye to those pesky multiple logins and long-winded searches for a streamlined system that makes reporting and forecasting a breeze.
5. Digitalise the invoice processes
Digitising your invoicing process makes month-end go so much more smoothly, and you’ll find your productivity will sky-rocket. Paper-free is not only great for the environment, but it helps reduce human error and manage the process quickly and hassle-free.
Get in touch
So, there we have it, productivity never seemed so simple! Here at Accountancy Cloud, we’re dedicated to making your role as a CFO or HoF easier, find out more about how we help or get in touch today.
Are you ready to introduce AI to your bookkeeping? Download our E-guide to discover how AI, with machine learning, can transform the way you work for the better.