10 Essential Tips for Year-End Close with Sage Intacct

As 2024 draws to a close, ensuring accurate financial reporting and a smooth transition to the new year is crucial for your business’s financial health. Sage Intacct’s robust capabilities can streamline your year-end closing process when utilized effectively. Here are ten essential tips to help you navigate your year-end close with confidence.

1. Leverage Automated Reconciliation Features

Take full advantage of Sage Intacct’s automated reconciliation tools to ensure accuracy across all your accounts. Configure automatic matching rules for bank transactions and recurring entries to minimize manual reconciliation time. This automation not only increases efficiency but also reduces the risk of human error during this critical period.

2. Utilize Custom Close Checklists

Create comprehensive closing checklists within Sage Intacct to standardize your year-end processes. Include all necessary tasks such as reconciling balance sheet accounts, reviewing outstanding invoices, and verifying expense allocations. These checklists ensure consistency and help track progress throughout the closing cycle.

3. Implement Multi-Entity Close Management

For organizations with multiple entities, Sage Intacct’s multi-entity capabilities are invaluable during year-end close. Establish a standardized closing schedule across all entities, ensuring intercompany transactions are properly eliminated and consolidated financial statements accurately reflect your organization’s overall position.

4. Review and Update Revenue Recognition Rules

Before closing the year, thoroughly review your revenue recognition rules within Sage Intacct. Ensure all revenue recognition schedules are current and accurately reflect your company’s policies and accounting standards. This review is particularly crucial if your organization has introduced new products or services during the year.

5. Optimize Your Dimensional Analysis

Leverage Sage Intacct’s dimensional architecture to gain deeper insights into your year-end financial position. Review dimension structures and values to ensure they align with your reporting needs. This preparation enables more detailed analysis and supports better decision-making for the upcoming year.

6. Streamline AP and AR Processing

Clear outstanding accounts payable and receivable transactions where possible. Use Sage Intacct’s aging reports and dashboards to identify and address any unusual balances or long-outstanding items. This cleanup ensures your year-end financial statements accurately reflect your business’s financial position.

7. Validate Fixed Asset Records

Review your fixed asset module within Sage Intacct to ensure all assets are properly recorded and depreciated. Verify that all asset additions, disposals, and transfers are accurately documented, and depreciation calculations are current. This validation is crucial for maintaining accurate balance sheet presentations.

8. Configure Year-End Reports

Set up and test your year-end reporting package in advance. Utilize Sage Intacct’s customizable reporting features to create comprehensive financial statements, including balance sheets, income statements, and cash flow statements. Consider creating dashboard views for key metrics that stakeholders will need during the review process.

9. Archive Historical Data

Implement a systematic approach to data archiving within Sage Intacct. While maintaining access to historical records, archiving older transactions can improve system performance and streamline future operations. Ensure compliance with retention requirements while organizing your financial data effectively.

10. Document Process Improvements

Throughout the year-end close, document any inefficiencies or challenges encountered in your processes. Use Sage Intacct’s workflow tools to implement improvements and automate recurring tasks for future periods. This documentation creates a foundation for continuous process enhancement.

Looking Forward

A well-executed year-end close sets the stage for successful financial management in the coming year. By implementing these tips and leveraging Sage Intacct’s powerful features, you can create a more efficient and accurate closing process. Remember that your year-end close is not just about completing tasks—it’s an opportunity to gain valuable insights into your organization’s financial health and prepare for future growth.

Partner with Kernutt Stokes for Your Sage Intacct Success

For more than 75 years, Kernutt Stokes has been helping businesses optimize their financial operations and achieve their growth objectives. Our team of Sage-certified experts brings decades of accounting expertise and deep technical knowledge of Sage Intacct to every client engagement. We specialize in:

• Customized Sage Intacct implementation tailored to your industry requirements
• Comprehensive system configuration and optimization
• Personalized training and ongoing support
• Strategic guidance for maximizing your Sage Intacct investment
• Best practices for financial processes and controls

Whether you’re considering implementing Sage Intacct or looking to enhance your current system’s capabilities, our experienced consultants can help you streamline your year-end close and strengthen your financial management processes. With offices in Bend, Corvallis, Eugene, and Lake Oswego, we’re positioned to serve businesses throughout Oregon with the personal attention and professional excellence you deserve.

Contact us today for a free consultation and discover how Kernutt Stokes can help your organization grow with confidence through better financial management.