How to achieve a stress-free month end close
When was the last time your finance team actually enjoyed a stress-free month end close? If your answer is “never,” you’re definitely not alone.
Why closing the books quicker matters (and how bad things really are)
A survey of 1,000 finance decision makers at medium sized UK organisations reveals just how long month end close takes.
- 86 % say it takes more than three days to complete
- 55 % report over a week
- Nearly 30 % experience two weeks or more
- 10 % take more than three weeks to wrap up
This dragging process isn’t just inefficient – it costs time, money and morale. Many teams spend the first half of a month wrapping up the previous one. Senior stakeholders are often making decisions using stale data and a worrying 40% of finance staff report feeling stressed often or always.
What’s slowing you down?
Insight from experienced finance leaders, shows key challenges to be:
- Missing data -information siloed across departments or stuck in paperwork.
- Manual tasks – managing accruals, VAT and intercompany journals using Excel.
- Fragmented systems – disconnected software and paper-based workflows forcing re-entry and delay
Five strategies to close the books faster and easier
1. Document and standardise your process
Create a detailed month end checklist, covering every task from bank reconciliations to accrual entries, with deadlines and assigned owners. Use collaboration tools such as Teams, Slack, Trello, monday.com or dedicated close management software, to coordinate accurately and consistently.
2. Automate wherever possible
Automated accounting systems can reconcile accounts, post journals and generate reports – all without manual intervention. Automating asset depreciation and intercompany postings can shave hours or days off your closing timeline
3. Reconcile continuously
Don’t leave reconciliation until the last day. Instead, review bank and credit card accounts regularly throughout the month so your final reconciliation is quick and far less prone to errors.
4. Foster collaboration across teams
Maintain ongoing communication with budget owners and stakeholders to ensure invoices, expense claims and revenue data flow in before month end. This proactive approach prevents lastminute scrambling.
5. Learn and refine
After each close, conduct a mini review. What bottlenecks occurred? Where did errors crop up? Update your checklist and process to reduce repeat issues the following month.
How an iplicit solution from partner Cimpli can help
If you’re seeking tools to streamline your month end close, Cimpli, an Authorised iplicit Partner, can support your journey to success. iplicit cloud accounting software helps finance teams in several ways:
- Automated reconciliation: iplicit’s finance software automates bank and credit card reconciliations, reducing manual tallying and errors.
- Close ‑management tools: Use iplicit to build, assign and track month ‑end checklists with full audit trail.
- Real‑time reporting: Generate accurate profit & loss, balance sheet and cash‑flow statements anytime. Before deadlines loom.
- Intercompany & VAT handling: With structured workflows, iplicit handles VAT adjustments and intercompany journals systematically.
Find out how finance teams across the UK have accelerated close times and reduced stress. View our iplicit customer success stories.
Close faster and smarter, every month with iplicit
Month end close doesn’t have to feel like a race against time. With the right processes, collaboration and automation, finance teams can transform it into a predictable, efficient and even stress-free routine.
Follow our 5 simple steps and achieve a successful, stress-free month end. In summary:
- Plan & document – Build a detailed, assigned checklist and schedule
- Automate routine tasks – Use modern finance software for recurring entries
- Reconcile early – Perform reconciliations throughout the month
- Collaborate early – Engage stakeholders so data flows in on time
- Review & refine – Learn from each cycle and optimise your process
iplicit lets you close faster, smarter, and with confidence – every month.
Want to talk through how Cimpli can support your finance team’s efficiency goals? Contact us or view our on-demand iplicit tour today.
