Automation can help streamline the process, improve accuracy, increase efficiency and reduce stress.
Sponsored by SkyStem, a CUES Supplier member
Let’s face it: The month-end close process can be a real pain for your accounting team. With so many tasks to complete, it can be overwhelming to handle everything. And just as soon as one month is done, it seems the next one is already at your doorstep. Fear not, because month-end close automation is here to save the day! Here are the top five signs that your credit union is ready for automation.
1. Your Accounting Team Is Drowning in Work
If your team is working long hours and feeling like they’re swimming in paperwork, it’s time to consider automation. By automating repetitive tasks like simple reconciliations, your team can work much faster and relieve burnout at the same time. Plus, they’ll have more time to dig into the analysis that all too often gets neglected.
2. Your Forms and Processes Are All Over the Place
When accounting teams rely on unstandardized forms, they are playing a risky game. By standardizing your forms and processes, you’ll improve accuracy and reduce the risk of errors. You’ll also ensure that your team members are all on the same page, which makes it easier to collaborate.
3. Your Accounting Team Has Zero Visibility
It’s a big red flag if your team has no idea what’s going on during the month-end close. With automation software, you can have real-time updates that give you and your team better visibility and control over the entire process. This will help identify issues quickly and prevent delays. Unsurprisingly, it’s much better for office morale when everyone knows what’s happening without having to ask a million times or chase down a paper trail.
4. Your Credit Union Is Growing, and So Is the Complexity
As your credit union grows, the month-end close can naturally become more complicated. With more accounts, transactions, and data to manage, manual processes can become a huge burden. Automation can help you manage this complexity by streamlining the workflow and shouldering some of the activities.
5. Your Accounting Team Is Running on Empty
If your team is feeling overworked and stressed out, it’s time to give them a break. Manual work can be time-consuming and require a lot of mental bandwidth from your accounting team. With automation, you’ll reduce the workload and free up time and resources for other important tasks. This will improve efficiency and reduce stress levels for your team. Happy accountants make for more accurate financial reporting.
In conclusion, if your credit union is struggling with time-consuming, unstandardized processes, a lack of visibility and control, and increasing complexity with limited resources, it might be best to consider month-end close automation. Automation can help you streamline your close, improve accuracy, increase efficiency, and reduce stress levels for your accounting team. By implementing automation, you’ll position your credit union for future growth and have more time to do fulfilling, value-added work. Cheers to that!
Ally Mason is a marketing specialist at CUES Supplier member SkyStem, a month-end close SaaS product for accounting teams that helps them close the books with ease and confidence—and without drowning the team in administrative and compliance work each month.