Close Management Software for Sage Intacct
Close Management Software, also called financial close software or accounting close software, is software built to help you more quickly and easily complete your financial close process. Close management software provides one place to manage the checklists, documents, and communications related to month-end or year-end close and also offers workflows to help standardize the process.
Typical close management software will:
- Manage task assignments
- Track individuals’ progress and deadlines
- Provide status alerts and notifications
- Streamline reconciliations
- Manage close workflows, checklists, and schedules
- Store close-related documents and previous close data
You might consider close management software if you’re looking to reduce your time to close, improving the experience and freeing up staff to focus on more high-value functions. Close management software typically links with Excel and accounting or ERP solutions to facilitate communication across all systems.
Top 7 Benefits of Close Management Software
Reduced time to close. Close management software eliminates or streamlines many of the manual tasks that make closing the books so time consuming, like manually entering data in Excel for reconciliation. It also gives your team access to all information related to the close in one place, so you can spend less time in status meetings, or emailing back and forth, and more time doing the work itself.
Improved accuracy. By passing information between your Excel workbooks and accounting or ERP software, close management software allows you to automatically tie out your reconciliation workbooks to your trial balance, or update your tie outs automatically as journal entries are posted. Because there’s no manual data entry, there are fewer errors, and you can even auto reconcile certain accounts. The software will also lock down folders to prevent accidental changes.
Better collaboration. Close management software offers everyone on your team a big-picture view of the close process so they can see where their tasks fit in and work together. Remote employees have access to the same information your in-house team does, at the same time.
Audit capabilities. Close management software keeps track of everything related to the close, from documents to approvals to notes. You never have to go digging through paper files or your inbox to track down the information you need.
Reduced paper and emails. With all documents saved as digital files in the close management software, you eliminate the need for binders or filing cabinets full of paper, or tons of email attachments. Most close management software has comment functionality so your team can have conversations directly in the system, where they are recorded with the associated tasks or transactions, instead of over email.
Standardized processes. By setting up checklists and workflows in close management software, you standardize the way your team handles the close. This helps new team members learn the process and provides more flexibility for your staff during close.
Time to focus elsewhere. By streamlining the close process, close management software frees up hours or days for your team to focus on more high-value tasks, like strategic planning or analysis.
FloQast for Sage Intacct
As a Sage Intacct Premier Partner, Cargas strives to provide the best tools to support your accounting and finance needs. By partnering with other industry-leading software providers, we can offer you a large selection of solutions to build your ideal financial system.
We partner with FloQast to provide close management software for our customers. FloQast is a solution created by accountants for accountants to close faster and more accurately. FloQast’s integration to Sage Intacct provides access to your Sage Intacct GL information directly within FloQast, alerts you if your reconciled workbooks no longer tie to Intacct, and connect your Intacct balance sheet to your supporting documents in Excel to help automate the reconciliation process.
Ready to Learn More?
If you’d like to learn more about close management software, FloQast’s solutions, or how the integration between FloQast and Sage Intacct works, we’d love to help. Contact us to connect with our expert consulting team.