Month-end close typically fills financial professionals with dread. They need to post accruals for unsettled transactions, reconcile balance sheet accounts, generate last-minute invoices or post payments, round up and get approvals on open expense reports, and then generate the income statement — tasks that are typically expected of staff that have other responsibilities. These processes together represent a frustrating endeavor that may take a week or two, which means people end up spending a considerable chunk of their time on closing.
IOFM partnered with BILL to explore options for streamlining the month-end closing process. The fact is, automation can take the pain out of month-end by capturing transaction information and updating the general ledger behind the scenes, meaning staff no longer have to do it manually. Expense reports can also be handled by automation through a specially designed app that alleviates the need for tracking down receipts and handling exceptions to policy.