Today at Decisions 2010, hotshot GP blogger Mark Polino made a presentation with tips to help people close the month faster. His theme was ‘Take Back your month’ – and have a life :)
Mark spoke about in detail what it takes to succeed in the goal of making a fast close –
- He discussed tools and ways in GP to shorten the close Process
- Disable Allow Account Entry
- Post Continuously
- Run Depreciation earlier
- Balance the Bank Account Daily
- Use Cycle Counts to reduce Inventory close time (pretty cool!)
- Automate Accruals and Deferrals
- Tips for Balancing Sub-ledgers quickly
- Use Control Account Management for centralized AP (and AR in GP 2010)
- Taking the advantage of Tasks, Reminders and Business Alerts in GP in closing
- Use Account Rollups for Financial Previews
- More Quick Tips
- Bill throughout the month
- Update reserves and estimates earlier
- Accrue earlier
- Use a Lockbox
I have put in links with tips on Mark’s website with details of some of the tips.
Do check out this presentation when it goes online on demand later today. Mark had lots of examples - show it to your controller or better the entire accounting department, and they will love you for it. He gave a secret mantra which would be available when you watch the presentation !
He gave another great resource regarding Fast Close Steve Bragg’s Book.