Shagun Malhotra, former Fortune 100 auditor, process consultant & CEO of SkyStem, discusses how small businesses can benefit from month-end close automation. These tools can help identify and eliminate errors quickly and potentially save countless hours. 40% of respondents in an EY survey said they wanted a higher degree of automation in accounts payable, accounts receivable and general accounting processes. Cloud-based solutions can track bills and automatically code recurring transactions, while accounting software can help streamline the process. Disclosure management tools can also help in the reporting process, particularly when regulatory requirements are more stringent. Small teams can use key performance indicator (KPI) dashboards for real-time monitoring, which helps them to identify and address any issues immediately.
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