How Xenett Can Help You Streamline The Year-End Close

Howdy, accountants and bookkeepers!

We know that this time of year-end might be stressing you out with plenty of pending tasks, a sea of workpapers, spreadsheets, and strict deadlines.

Imagine a world where the year-end close is so effortless that it feels like a gentle breeze on a summer’s day. Where there is no stress about financial reporting, reviewing and closing the books with high accuracy, and other complex accounting tasks. Think up how much easier and stress-free your life would be if year-end close were effortless.

Well, it is all possible now! You might have tired of following the same old pattern of year-end close that is often inefficient and time-consuming. But you don’t have to worry about it because Xenett can help. Xenett is a tool specially designed by accountants, considering the tasks that accountants perform during the year-end and month-end close.

Xenett makes all accounting tasks easier and more efficient. Xenett also automates many repetitive tasks, saving you hundreds of hours during year-end close. Moreover, Xenett’s powerful clean-up module autodetects errors in your books, so you don’t need to spend hours reviewing the books in the busy year-end close(the time) when you are already running out of time.

Xenett has made it easier to manage and sort financial records by streamlining the process of reviewing and closing them. The platform includes modules created expressly for year-end close chores, offering a more efficient and straightforward approach to this critical financial procedure. Do you want to learn more about it? Let’s see what Xenett has to offer and how it can help you streamline the year-end close.

Fix errors in your books

With the help of Xenett, you can review your books effortlessly and find errors that might have gone unnoticed while reviewing manually. Xenett's robust AI-based checks automatically detect errors and inconsistencies in your books. It eliminates the hassle of manual efforts and saves you hours of time each month. It can help you detect errors such as GL misclassification, uncategorized transactions, duplicate entries, entries posted to the parent GL, missing entries, etc.

Also, you can select multiple months to review, even if you haven’t reviewed your books since January. You can select the range starting from January and extending to the specific month for which you want to review the books.?

Ask questions on a transaction level

While reviewing the books, if any query arises regarding the transactions, you can ask questions to your internal team about the same. Furthermore, you can tag a particular team member and resolve them quickly. This makes it super easy for you and your team to review books, ensuring that no single transaction goes unnoticed.

Create custom closing tasks or checklist

To go smoothly with the closing process, creating a standard close checklist is crucial so that your team can stay on the same page. The close checklist allows you to be meticulous about every task involved in the close process. You don’t need to remember all the tasks every time. Xenett allows you to create custom substeps and review checklists for any account.

Assign preparer and reviewer roles

If you are managing closing tasks in Xenett, you can effortlessly segregate duties with the built-in preparer and reviewer roles with due dates and sign-offs for each. This streamlined approach empowers your account team to operate precisely, ensuring you are consistent with the deadlines. As the preparers complete their assigned tasks, the reviewer can efficiently assess and take appropriate actions, ensuring that every step of the year-end close is executed flawlessly.

You can rely on Xenett for a well-structured and efficient workflow that suits the specific needs of your year-end closing procedure, leaving no space for error or delay.?

Drop review notes for any closing to-do

If you're working on any task and need to provide feedback or additional information for your internal team to reference, you can use Xenett's review notes tool. These remarks explain and justify the present status of the closing task, making the year-end close process more visible. This improved communication and documentation procedure results in more efficient and effective internal collaboration.

Put internal comments on any closing tasks

If you encounter any closing tasks requiring your input or notes while collaborating, you can make internal comments on those closing tasks. This enables the prompt handling of client questions or any other issues. Furthermore, you can expedite internal communication by tagging a responsible team member to resolve the queries or issues. This little act promotes transparency and straightforward communication among your internal team members.

Ask questions to clients and resolve them instantly

As accountants, we understand that handling email correspondence with clients may be difficult, especially during the year-end close, when the volume of emails increases. It's easy to lose sight of critical questions that were asked previously, causing both accountants and clients to get frustrated. To make this procedure easier, Xenett provides a well-organized platform that eliminates the mess. You can address both transactional and non-transactional queries to your clients, assuring quick resolutions and maximizing your collaboration efforts. The client can give a suggested GL, a class for any transactional queries, which helps to streamline communication.

Know the status of all the questions

During the year-end close, we ask various questions to our clients to gather important information. It is not rare, however, for some of these queries to go unanswered or unsettled. Without an organized platform for tracking and managing the status of these questions, the situation can soon devolve into chaos, resulting in frustration.

This is where Xenett enters the picture. You can access a full overview of all client questions, complete with their current statuses. This platform makes it simple to identify questions that the client has already addressed and those that have been effectively handled. Xenett simplifies the year-end closing process by giving this systematic way to manage client inquiries, resulting in a smoother and more efficient experience.

Invite the client to the client portal with a magic link

Xenett offers a client portal that is totally mobile-compatible, ensuring a consistent user experience regardless of the device your clients are using. When you need to invite your clients to the client portal to resolve issues or receive updates, you can use a "magic link."

The magic link helps you eliminate the hassle of exchanging login credentials with your clients. You can quickly send a magic link, either with or without a password, that will enable your clients to access the client portal. This strategy is intended to make collaboration more convenient and hassle-free for your clients, regardless of where they are situated.

Set email reminders for client

Instead of sending your clients random and frequent emails, you can set up email reminders and timetables for each client's needs to establish a more organized and effective communication strategy. This technique ensures that you are always up to date on their accounts and develops a smoother and more collaborative working relationship, minimizing haphazard and chaotic interactions.

Also read: How To Close Year-End In QuickBooks

Attach working papers

Xenett makes it easier to attach supporting work papers and respective document links to the GL rec. If you are a reviewer, this eliminates the need to track down and ask for the status of supporting materials and working papers from your team, streamlining the process and removing the hassle of juggling between several spreadsheets.

Update close status

When dealing with multiple tasks and a heavy workload, especially around the year-end close, staying organized is critical to accomplishing these tasks efficiently. Xenett provides an amazing platform to manage the process of closing tasks effectively while also providing effective tracking of their status.

As you accomplish each task, you can update the closing status: "Yet to start," "In progress," "On hold," "Stuck due to clients," or "Finalized." You'll also get a visual progress of the close process in percentage. It gives a visual representation of progress in percentage terms, allowing your team to acquire a clear and instant knowledge of how tasks are progressing.

Import the transactions in bulk

Xenett also makes it easy for you to make bulk changes. You can effortlessly Import the transactions in bulk, lists such as vendors, customers, items, etc., from Excel to your QuickBooks Online file.

Also read: Year-End Close: Why It Matters And How To Do It Right

Delete the transactions in bulk

You can delete thousands of transactions and lists with a click.

bulk update

Fetch transactions and lists from QuickBooks Online to the Excel format and update them in bulk.

XenettGO: The Chrome browser extension

It's very striking when you get a bonus benefit, such as a Chrome browser extension. XenettGo is an extension that works inside your QuickBooks and Xero accounts. More information about its features and functionalities can be found on this blog.

Read more: A Paradigm Shift In The Accounting Activities

The bottom line

Over 5,000 accountants have made the wise decision to use Xenett to streamline their year-end and month-end closing operations. You no longer have to put up with the time-consuming and arduous manual accounting tasks that frequently precede year-end closings.

The time has come to transform your workflow. Switch to Xenett, and close your books well ahead of those looming deadlines. If you'd like to learn more about our solution, please contact us for a personalized demo call .