How accounting automation can speed up your month-end close

Depending on the size and complexity of your modern business, you may spend as long as 5 to 10 days each month simply closing out your books from the previous month. For many finance teams, closing month-end accounts is a time-consuming, stressful process that often leaves them working with outdated data. 

The quicker you complete your month-end closing, the sooner you can address financial discrepancies, cash flow problems and performance gaps, allowing you to make informed decisions and steer your company toward growth. That’s why so many finance teams are now leveraging automation to make the process faster, more efficient and data-driven.

Common issues with the month-end close

Closing month-end accounts is one of your finance team’s most important responsibilities. Even though it occurs once a month, you’ll still inevitably run into common issues. Gathering the necessary information from various departments and systems can be slow, leading to delays and potential errors. When your team is forced to work with outdated data, you lose the ability to react quickly to urgent issues like overspending, declining profit margins and market changes. 

This lag can result in missed opportunities, inaccurate forecasting and a general sense of playing catch-up rather than driving the business forward. To keep ahead, it’s important to have up-to-date financial data, so you can generate actionable insights like identifying cost-saving opportunities, optimising pricing and forecasting demand for better strategic decisions.

How to speed up your month-end close

There’s no reason to let accounting slow you down. Solutions like Juni let you automate time-consuming, repetitive manual tasks while keeping your financial data accurate and up to date. They integrate seamlessly with your existing accounting software like Fortnox and collect the necessary data to close your books, so you never have to enter the same information manually in more than one system. They also help you maintain a clear overview and perform effective data analyses that can guide you towards better financial decision-making from month to month.

Below, we discuss some of the most effective automation features that can help transform your month-end process.

Automation and accounting integrations

The main purpose for automating your month-end close is to eliminate time-consuming, error-prone manual tasks. With a modern solution like Juni, you can automatically collect, scan and process receipts and invoices, significantly reducing the manual effort required to keep accurate records. 

For example, Juni Match, an AI-powered spend management tool, collects and scans attachments with 100% accuracy. This means you’ll never miss a receipt or invoice again. Juni also makes it easy to match receipts and invoices to the correct transactions automatically. By simply forwarding your attachments to a dedicated Juni inbox, Juni Match can create a new invoice to pay or match the receipt to the right transaction, all with minimal input from your team. Collection is also made easier as you can send reminders if an attachment is missing. This hands-off approach to reconciliation not only saves time but also ensures that your records are always up to date and accurate.

Real-time financial information

Real-time financial information is essential for effective spend management in commerce because it allows for timely adjustments, ensuring resources are allocated efficiently and potential issues are addressed immediately. Using a solution like Juni, you can connect and import transactions from various payment networks and gateways, providing a unified overview of your cash flow. By integrating your legacy bank account directly into your Juni account, you can track all your funds in one place, making it easier to monitor cash flow and make informed decisions based on the most current data.

This real-time insight is particularly valuable for managing spend before month-end. With Juni, you can accurately assess your expenses even before the books are closed, enabling you to adjust your strategies as needed. Whether managing ad campaigns, inventory purchases or supplier payments, access to up-to-date financial data helps you stay ahead of potential issues like budget overruns, stock shortages or payment delays. It also enables you to seize opportunities such as optimising ad spend, securing better inventory deals or negotiating favourable supplier terms.

Seamlessly sync your accounting software

When selecting an automated solution to speed up your month-end close, it’s important to consider whether it will integrate with the accounting tools you and your finance team are already using. Juni, for example, is designed to seamlessly integrate with popular accounting software like Fortnox and Exact Online. This integration allows you to effortlessly sync transactions, pull dimensions, set up custom rules and export data with 100% accuracy. For finance teams, this means no more errors in your exports and no more hours spent manually entering data into your accounting software.

Juni’s custom rules streamline your accounting process by allowing you to create templates that automatically link card transactions to specific accounting dimensions, such as departments or project codes, and add merchant names and customer descriptions with just a few clicks. This automation not only saves significant time by eliminating repetitive tasks but also ensures that your financial records are consistent and accurate across all transactions, reducing the risk of errors when reconciling your accounts​

When it’s time to export your data, Juni makes the process simple and efficient. You can easily export data from Juni into your preferred bookkeeping tool via CSV or SIE formats for easy journal creation and reconciliation. And if you need to download statements in other formats like Datev, MT940 or CAMT053, Juni offers a custom format builder for that.

Streamlining invoice management

Managing invoices can be one of the most time-consuming aspects of the month-end close, but there are many solutions that can help speed up your process. Juni, for example, allows you to collect, pay and finance invoices in seconds, eliminating the need for manual invoice processing. Our invoices solution also lets you automatically match paid invoices to the correct transactions, so your records are always accurate and up to date.

Another advantage to our solution is that we can help ease cash flow pressure by giving you up to 120 days to repay invoices. This solution was designed to meet the needs of commerce businesses who often need to manage large outlays for inventory or ad spend while waiting for sales to come in.

Switch to Continuous Accounting 

Continuous Accounting is a modern way of handling your financial data, where you record and analyse it continuously during your accounting period, instead of monthly. Continuous Accounting removes the lag between month-end close and generating actionable insights as you always have an up to date picture of your finances. But, to make this change, you’ll need an easy way to have information at your fingertips. Automating tasks and centralising your financial data with a solution like Juni can help you make the switch.

Ready to speed up your month-end close?

As ANI Jewels and EYTYS show, streamlining your accounting processes with automation solutions reduces the time and effort it takes to close your books. By automating manual tasks, integrating seamlessly with your existing accounting tools and providing real-time financial insights, Juni helps your finance team work more efficiently and make better-informed decisions. Whether you’re managing complex ad campaigns, inventory or supplier payments, our automation features keep your financial records accurate and up to date, so you can focus more on growing your commerce business and worry less about repetitive manual tasks.

Learn more about how Juni can transform your month-end close.

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