As the year comes to an end, accounting teams face the demanding nature of the accounting year-end close. The accounting year-end close is a time to review your goals, plan for the upcoming year, and ensure that all financial transactions are accurately recorded, reconciled, and reported. The sheer volume of tasks needed during the accounting year-end close could overwhelm even the most experienced accounting teams. Let alone having to complete these tasks alongside normal day-to-day workloads.

By taking the opportunity to streamline your year-end close process, accounting teams can save valuable time and allow for more time to review yearly data and adjust business goals much sooner. Instead of placing the pressure and burden on your internal accounting team, consider outsourcing the year-end close to specialized firms who can provide support when you need it most. Keep reading for tips on how to manage the accounting year-end close process more effectively and why bringing in temporary staff might be the strategic move your organization needs.

Preparing for the Accounting Year-End Close

Making sure you are fully prepared for the accounting year-end close will help take the stress off your accountants and ensure that it goes smoothly. Planning and setting clear expectations for your team is an essential first step. Having a head start can make a big difference when year-end comes around. Make sure you have a to do list of everything that needs to be done, and by whom. This, followed by strong deadlines for each task can help streamline the process and avoid last minute time crunches.

Also, your monthly and quarterly closing procedures play a critical role in shaping your year-end outcomes. So, maintaining accuracy in your monthly closes and reporting will help you accurately and quickly collect data when it comes time to close the books for the year. Lastly, utilizing AI technology to help with your year-end close can significantly enhance efficiency and accuracy. Knowing how to use these tools can help with data entry, reconciliations, identifying discrepancies, and more. If you want to learn more about the role AI plays in accounting, click here.

Benefits of Outsourcing for the Accounting Year-End Close

To navigate the accounting year-end smoothly, many companies turn to temporary workers. Finance and accounting staffing firms such as ATHENA F&A can help provide HR resources to help accounting teams complete all the tasks required for year-end close.

Outsourcing can help you gain access to seasoned professionals who specialize in year-end closing processes. Also, it can provide a deep understanding of the tasks involved. This type of specialized staffing can ensure that your year-end close is completed accurately and on time. Partnering with a staffing firm also is cost effective. Because these highly skilled workers are temporary,  you avoid the long-term costs associated with permanent hires.

ATHENA F&A can quickly and efficiently provide organizations with the support and expertise of a team of experienced finance and accounting professionals to handle all aspects of the year-end close, allowing your company to maintain compliance and accuracy without the stress. If you want to learn more about the benefits of outsourcing to a staffing firm, click here.

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The accounting year-end close doesn’t have to be a stressful, drawn-out process. With careful planning, the right tools, and strategic staffing solutions, your organization can prepare for the accounting year-end close efficiently and accurately. To learn more about how ATHENA F&A can help you meet year-end financial close staffing needs, please contact us.