Vision33’s Carl Lewis and Avraham Litzman gave a web chat about the ease of month-end closing procedures in SAP Business One. Learn more now.
You probably don’t look forward to your business’s month-end closing process.
Collecting financial accounting information, reviewing it, and reconciling the records is challenging and time-consuming.
Luckily, technology makes the month-end close easier. Enterprise resource planning (ERP) solutions like SAP Business One eliminate manual processes and save time.
If your organization runs SAP Business One, you’re familiar with the system’s documentation for year-end closing. However, the month-end close requires a little help from the experts.
Here are some highlights.
Your Starting Point
List your monthly transactions. A few examples are:
- Payroll accruals
- Investment account revaluations
- Foreign currency revaluations
- Assets under construction
- Inventory write-offs
- Inventory cycle counts
- Depreciation and amortization
Watch the web chat recording for Avraham’s step-by-step instructions for getting your transactions into SAP Business One with reminders.
You have four choices in SAP Business One:
- Unlocked except sales
- Closing period
Avraham explains each posting period and how they’re managed by permissions in the web chat recording.
Reports to Run and Preserve
There’s no harm in saving month-end reports as PDFs. Talk to your finance team or a financial advisor about which reports you should save. They may include:
- Bank reconciliations
- Sales tax
- Account statements
- Check registers
Automations for SAP Business One
Automations for SAP Business One transforms manual tasks into automated workflows that prevent costly mistakes and save precious time. Each automation delivers specific business outcomes, such as improved cash flow, increased process efficiency, and less time spent on administrative tasks.
You can use Automations for SAP Business One in finance, inventory and production, sales, and service.
Watch the Web Chat Recording
Watch the recording to learn more about month-end closing procedures in SAP Business One, including how to review month-end financial results and what you should reconcile besides bank accounts.
And stay tuned for an upcoming web chat about year-end closing procedures!