The financial close process can be time-consuming and prone to error, especially when relying on manual methods.
UniFi, a next-gen platform for accounting, finance, and business process automation, offers a suite of tools that can transform your financial close into a streamlined, efficient, and accurate process.
Here are six ways UniFi can help you automate and improve your financial close.
1. Recording Transactions
Recording transactions manually is not only tedious but also prone to errors that can complicate the financial close process.
With UniFi’s automation capabilities, you can automatically capture and post accounting transactions directly into your finance system.
This automation reduces manual data entry, minimises errors, and ensures that all transactions are accurately recorded in real-time, setting a solid foundation for the financial close.
2. Reconciliations
Reconciliations are often one of the most time-consuming tasks in the financial close process.
UniFi automates reconciliation processes by integrating real-time data from multiple sources.
The platform further enhances this process by automatically matching transactions, flagging discrepancies, and routing them for review.
This not only speeds up reconciliations but also ensures that they are done accurately and consistently.
3. Adjusting Entries
Adjusting entries requires careful review and approval, which can cause delays in the financial close process. UniFi’s automated workflow streamlines the approval process for these entries.
Journal approvals are routed through predefined workflows, ensuring that they reach the right people at the right time.
This reduces bottlenecks, accelerates the approval process, and ensures that all adjustments are properly documented and approved before closing the books.
4. Review and Analysis
The review and analysis phase is critical to ensuring the accuracy of your financial statements.
UniFi’s Business Intelligence (BI) tools provide real-time visibility into your financial data, allowing for more efficient and accurate reviews.
Detailed and customisable dashboards provide insights that help you identify and resolve issues quickly.
With real-time data at your fingertips, you can make informed decisions and complete the review process faster.
5. Final Reporting
Generating comprehensive financial reports can be a time-consuming and error-prone process, especially when dealing with multiple data sources and manual formatting.
UniFi addresses these challenges by automating data retrieval and report generation.
With UniFi, real-time data is pulled in from various sources and seamlessly converted into a unified format, reducing manual intervention and the risk of errors.
This streamlined approach not only saves valuable time but also enhances accuracy, ensuring that your financial reports are always reliable and aligned with your strategic needs.
Conclusion
UniFi offers a comprehensive platform to automate and improve every step of the financial close process.
By integrating the above features into your financial close process, you can achieve a faster, more efficient close, allowing your team to focus on higher-value tasks.
Ready to transform your financial close process? Book a demo today to see how UniFi can revolutionise your finance department!