How to close your books faster

Financial statements are important in organisations. They come up very often: when trying to process financing, in discussions with shareholders and potential investors, and even when taking a loan. This is why closing your books at the end of every month is recommended. When you do this, you can make better decisions through the data that is available to you, and you have a clear reference concerning your finances. Whether your are managing your finances internally and getting the help of external accountants, the following steps can help you improve your process.

1. Make sure your data is organized and easily accessible

Having to look around look for important data at the end of every month can be a hassle. Instead, you can save that time by storing your data in a clean and easy to understand way. This means having a clear breakdown of your company spend by different metrics: department, team, or team member. Allawee organizes data in an intuitive way, allowing you to determine the origin of a transaction at a glance. You can also tie transactions to individuals, teams, or team members.

2. Take advantage of transaction details

Bank statements usually include vague descriptions for your transactions, especially when the person closing your books is not necessarily the same person that made the transaction. Allawee solves this problem by letting you add more information and context for transactions. You can include receipts, track transactions approvers, and even see reasons particular expenses were requested.

3. Take control of your expenses

Keeping track of company spend may be easy at the beginning when there are only a couple of people. However, as the team grows, this can quickly become more complicated. Pocketful of receipts, wasted money, and wasted time are some of the ways this problem can rear its head. With Allawee, you can take total control of your company expenses. You can issue virtual cards, physical cards, and wallets to team members, teams, or departments. From the dashboard, you can control spending limits, review transactions, track spending trends, approve actions, among other things. This allows you create ease for your managers, greater room to operate for your employees, and overall greater insights for account managers.

4. Save time with account statements

With Allawee, you receive monthly account statements which you can use as a financial statement.