Year-End Closing in Acumatica
Posted on: December 20, 2022 | By: Jim Bertler | Acumatica
With the 2022 fiscal year coming to a close, many companies are beginning their year-end closing process, where they review and update all accounting records for that fiscal year in order to ensure the financial statements that are reported accurately reflect the company’s business activities.
Year-end closing is crucial not only for delivering proper financial reports to investors, but it also helps companies determine proper budgets for the next fiscal year.
Acumatica comes equipped with a powerful financial management module that makes the management of assets, income, and expenses an easy process and can be the perfect solution for your company as you wrap up your finances this year!
Users are able to streamline financial operations through the usage of automated and customizable workflows. Moreover, rather than just having year-end closing, users can enable continuous closing, reducing workloads and ensuring that the books are closed faster.
The General Ledger, Accounts Receivable, and Accounts Payable are all equipped with intuitive tools to ensure that users have full capabilities to manage critical financial data. Moreover, users can generate comprehensive reports using the Financial Reporting tool to aid in any necessary analysis.
Acumatica’s cloud-based ERP allows users to access this financial information from anywhere, at any time, on any device, which is especially useful during the holiday season when many people are working from home or traveling.
To read more about how Acumatica’s Financial Management software can take the stress off of your company during year-end closing, check out their page here.
2020 Nucleus Research Report on ERP Technology