Welcome to the accounting world, where deadlines are tight and the pressure is high.
The year-end close is one of the most crucial times for accountants and bookkeepers. It demands extensive planning, accuracy, and attention to detail. But what if we tell you that you can simplify this process? Yeah, you heard me right. Introducing Xenett, the perfect solution to this hectic situation.
Xenett is a cutting-edge accounting tool that streamlines the reviewing and closing process. It saves time and energy and helps you have a stress-free and hassle-free reviewing process.
Simply put, it keeps you productive and frees time for your crucial activities.
This blog will explore how Xenett can help you have a smoother year-end close. So, sit back, relax, and get ready to learn how you can revolutionize your accounting process.
What is the year-end close?
The year-end close in accounting refers to the process of finalizing a company's financial statements and books for a fiscal year.
This process includes ensuring all transactions have been accurately documented, comparing bank statements, editing entries, and deleting temporary accounts. The year-end close is a crucial stage in the accounting cycle since it includes an overview of a company's financial standing and aids in finding any inconsistencies or mistakes that may have happened over the year.
The balance sheet, income statement, and cash flow statement are created using the data obtained during the year-end close. Making enlightened business decisions and adhering to legal and regulatory standards involve using these statements.
The year-end closure also stands as the beginning of the following fiscal year because it establishes the starting balances for the current year.
A business's finance or accounting department normally handles the year-end close process, which usually takes a few weeks to complete. Many companies outsource their accounting tasks to avoid overburdening their employees, especially during the busy year-end close.
Challenges that accountants face during the year-end close.
We know that the year-end closure is hectic for bookkeepers and accountants. There is nothing to worry about if the books are regularly updated at the end of each month. But if the books aren't kept up with regularly, you'll have to put in a lot of work.
During the year-end close procedure, accountants encounter several difficulties, including:
- Time constraints: Year-end close is often a tight deadline, with multiple tasks that need to be completed quickly.
- Data accuracy: Ensuring the accuracy of financial data is crucial, but it can be difficult to reconcile all the accounts and identify any discrepancies.
- The complexity of accounting standards: Keeping up with constantly changing accounting standards and regulations can be challenging.
- Collaboration: Year-end close often requires collaboration with multiple departments and stakeholders, which can lead to communication and coordination issues.
- Data management: Managing large amounts of data, especially if it needs to be better organized, can be challenging during the year-end close process.
- Resource constraints: Limited resources, including personnel and technology, can impact the ability to complete the year-end close process efficiently.
- Audits: The year-end close process often includes an audit, which can add additional pressure and complexity.
- Risk management: Identifying and mitigating potential risks, such as fraud or errors, is critical during the year-end close process.
Make the year-end close simpler, smoother, and faster with Xenett
If you're an accountant ready to overcome these obstacles, you'll need a convenient tool to help you through the frantic year-end close. The tool that will make it simple for you is Xenett.
With Xenett, you can still end your book more quickly than ever, even if you haven't kept it up all year. The days of painstakingly analyzing your books are long gone. Even if you spend longer than usual working on the book closing process manually, there will still be a lot of things that need to be corrected.
Xenett has a permanent solution to this problem. Wonder how? Take a look at this.
Sync QuickBooks Online with Xenett
Xenett is a web-based software that easily integrates with QuickBooks Online and Xero. You can log in to your Xenett account and connect your QuickBooks Online or Xero file to get started.
Activate speed mode
As soon as you open the accounting book of the client, You need to choose the review period from the calendar icon. The speed mode on the left panel gets activated once you select the review duration. It will immediately populate all the errors from your client's books so you can swiftly correct them on the go.
You can track the task's current progress in the form of percentages under the speed mode button. Thus, our objective will be to consider every review point, fix the errors, and achieve 100%.
Resolve the errors and discrepancies.
Xenett fetches the data from your client's book and displays all the review points on the left panel for you to analyze and resolve. It highlights all the errors, such as uncategorized entries, duplicate entries, unusual entries, entries without names, and so on.
It categorizes the errors and indicates the number of errors in the particular review point. To have a better understanding, here's an example.
Create your custom review points.
Xenett lets you create custom review points as per your requirement. So you can focus on the essential review points without wasting time on unnecessary ones. If any review point made in the book is not vital, you can delete it as it helps you stay productive and focused.
With a smart search, Xenett assists you in categorizing any number of uncategorized entries. You can fetch the transaction history of any vendor with just a right-click on the vendor name. It will display all the past transactions in front of you. So you can easily conclude and take appropriate action. It helps you save a tonne of time and effort.
Xenett enables you to do a bulk action if you have several uncategorized transactions. If you know exactly which category they fall under, you can select all the entries, search for the name of the category you want to add, and apply the changes. Bulk reclassification helps you make bulk changes to the entries while saving you time and energy.
Communicate efficiently with your clients.
As an accountant or a bookkeeper, when the year- end starts, you need to constantly stay in contact with your clients for any document required or feedback.
Typically, you email the client and wait for a response each time, whereas the client may find it rather annoying and sometimes would take time to respond to your query. For this critical challenge, Xenett provides a valuable solution in the form of a Client Portal.
You can enable a client portal in Xenett easily and invite your client to the client portal. Your client only needs to generate a 6-digit pin and provide their email address to log in. So, your client will get a notification and give you feedback whenever you ask any question, be it transactional or non-transactional. It saves you valuable time and energy.
View the attachment on a click.
The view option allows you to easily access any attachment made to a particular transaction without wasting your time and energy.
Click on the attachment icon next to any transaction if you wish to look at it in more detail or if you need more information on a specific entry.
Xenett is a helpful tool for accountants and bookkeepers seeking to simplify their financial reporting during the year-end close.
Xenett accelerates year-end close with its cutting-edge features and user-friendly interface, enabling you to close the books more quickly and precisely. For accountants and bookkeepers wishing to advance their accounting, Xenett is a wise investment.
So why wait? Take Xenett into consideration, and have a smoother year-end close.