5 WAYS TO REDUCE YOUR STRESS AT MONTH-END

How To Reduce Your Stress at Month-End; It’s always hard to close the books at the end of the month. Whether you’re an employee, a business owner, or a controller, you might be dreading the first day of the month.

After all, burning the midnight oil and working weekends aren’t exactly what you want to do when it comes to this job.

Here are five ways to make it easier to close the books at the end of the month.

START PLANNING TO REDUCE STRESS:

• The organization is the key to improving your system’s efficiency. If you can’t find what you’re looking for, it will be hard to implement other strategies to improve the efficiency of your system. In a digital world, everything is just a click away. If you’re constantly searching for ways to improve your workflow, you should know there are plenty of ways to make your life easier.
• A month-end checklist is a must-have for any pilot. It ensures that all tasks are completed and in order before the plane takes off.
• According to Vince Lombardi, a former professional football player, practicing doesn’t make perfect. Just because you’ve already completed a task doesn’t mean that you’re better. Instead, focus on improving the process and implementing a game plan to accomplish each task. You’ll be surprised by how much time you can save.
• Timing is also important when it comes to completing tasks. For instance, if you’re planning on completing a bank reconciliation, it might take a day or more to get it done. With online banking, you can easily complete a small bank reconciliation at any point during the month to free up time at the end of the month.
• One of the most important factors that you should consider when it comes to improving the efficiency of your organization is ensuring that your staff is trained. Even if an emergency or a staff member gets sick, don’t let it get to you. Instead, try to make your job easier by having a plan and encouraging constructive criticism.

AUTOMATION:

• Although technology is constantly changing, we believe that it is important that you take advantage of the latest tools to improve your efficiency. One of the most effective ways to do this is by setting up automatic entries for various types of transactions, such as recurring batches, prepaid, and expense allocations. If you are fine with having balances that are not always perfect every month, then automating some of your monthly adjustments is a great way to improve your financial situation.
• With the click of a button, many accounting software can now update spreadsheets by adding or modifying parameters. This can help speed up the process of calculating and reviewing financial statements.
• Are your accounts synchronized with other systems? With the ability to add and code transactions using a few buttons, digital currency transactions can be easily brought in and out of your accounting system. This eliminates the need for manual data entry and helps ensure that your credit card and bank account balances are always consistent.
• Some systems can also sync with credit card processing services, which can allow them to automatically post transaction fees, debit orders, and credit card transactions. These can help speed up the process of making and reviewing financial statements.

OUTSOURCE TO REDUCE STRESS:

• Many small accounting departments are understaffed, and there are many tasks that can be done by other staff members. If you have data entry issues, there are other people who can help you.
• The sales team can help you with any sales-related issue that you may have. They’re knowledgeable about deals and can help you calculate your unearned revenue.
• If you’re not sure about how to handle month-end financial transactions, consider consulting an outsourced accounting company. This professional can help you with a variety of tasks and services, such as bank reconciliations and asset management.

COMMUNICATION:

• Do other departments within your organization understand the importance of the role they play in preparing financial statements? If not, it’s time to get them all on board. Your financials are an integral part of your company’s success. If you’re constantly waiting on information from other teams within your organization, there is room for improvement. Is there anything you can do to return the favor?
• Let’s take a pause and think outside the box. Are the tasks you’re completing actually adding value to your business? Do you clearly understand what is expected from the users of the financials? Too often, I see clients doing a lot of unnecessary or extra work. When I ask why, they often do not have an explanation other than telling me, “That’s what we did last year.”
• At the end of the day, determine what’s important. If management doesn’t care for a certain task or number, you’re probably not adding much value internally by spending substantial time on it. On the flip side, you could look like a hero by staying engaged in what really matters!

MONTH-END DOESN’T HAVE TO BE STRESSFUL:

• Most employees dread the end of the month-end process, as it can be stressful. In most cases, it’s best to take a step back and reassess your situation. There are many ways to reduce stress levels during the closing process, but the most effective method is to start with one area and work toward improving it over time.