Proven Strategies for Improving Close Efficiency

As someone with extensive experience in accounting and financial management, I’ve witnessed firsthand the challenges accounting teams face during the closing process. Tight deadlines, reliance on manual tasks, and coordination across multiple departments often create bottlenecks that jeopardize accuracy and timeliness. Over the years, I’ve helped numerous teams overcome these obstacles by adopting practical, effective strategies to streamline their workflows and improve performance.

Below are three proven tips – leveraging automation, standardizing processes, and fostering collaboration – that have consistently helped accounting professionals meet their close requirements with confidence and efficiency. These insights are based on tried-and-tested practices that I’ve implemented successfully in my work and with others to improve their ability to meet close requirements effectively:

1. Leverage Automation Tools

• Why: Manual processes can be error-prone and time-consuming, delaying the close. Automation tools reduce errors and speed up routine tasks.
• Action: Implement software that automates reconciliations, journal entries, and data consolidation. Tools like BlackLine or Oracle NetSuite streamline these processes.
• Result: Reduced workload on repetitive tasks allows more time for analysis and ensures deadlines are met.

2. Standardize and Document Processes

• Why: Process variability can lead to inefficiencies and miscommunication within the team.
• Action: Create a standardized close checklist and ensure every team member knows their roles and deadlines. Use workflow management software like Jira or Asana to monitor progress.
• Result: Increased visibility into the close process and fewer delays due to missing steps or misaligned priorities.

3. Enhance Cross-Department Collaboration

• Why: The close process often requires input from other departments (e.g., Operations, HR, Marketing). Delays in receiving data can disrupt timelines.
• Action: Set up regular pre-close meetings to address potential bottlenecks and use shared platforms like Microsoft Teams or Slack for real-time updates.
• Result: Faster resolution of issues, better data accuracy, and a more predictable close timeline.

By focusing on automation, standardization, and collaboration, accounting teams can transform the close process from a stressful deadline into an opportunity for operational excellence. Drawing on my experience, I’ve seen how these strategies not only improve efficiency but also build a foundation for long-term success in financial reporting. Implementing these approaches will enable accounting teams to stay ahead of the curve, deliver greater value to your organization, and significantly improve their ability to meet close requirements.

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About Sherrika

With over 15 years in corporate accounting within PE-backed and privately held organizations, Sherrika Sanders established Transform the GAAP (Goals Assigned Achieving Purpose) to leverage her knowledge and experience as an accomplished corporate accountant to develop accounting teams and high-performing women accountants, equipping them with the essential skills required to excel in any professional setting and advance their careers from stagnation to strategic growth. She helps realign accountants with who they are (values), how they show up (beliefs), and how to thrive in any professional setting (promotion) as they advance in corporate America. Sherrika was once in this same predicament and learned how to use her voice to get respect, recognition, and pay increases that aligned with her promotions. She wants to help other accountants do the same. Sherrika holds a Bachelor's in Accounting, an MBA, and a Master's in Organizational Leadership.

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Sherrika's passion is to equip accounting professionals with the skills necessary to thrive in any setting. Visit https://www.transformthegaap.com/ to learn more.

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The Transform Tuesdays newsletter was created to help professionals navigate the world of corporate America by overcoming the hurdles hindering them from growing to the next level in their careers, including knowing their value, using their voice, and being authentic to themselves.

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