Many companies assume they have an efficient month-end close process, accepting long hours and high pressure as par for the course. Luckily, they’re mistaken.
Recently I was speaking to a friend of mine about his decision to go to college to become an accountant. The answer he gave me was the one I think many accountants would agree with – we have an uncanny love for numbers and logic, and an appreciation for business processes, analytics and – of course – financial spreadsheets.
However, it was his follow-up comments that threw me for a loop. He told me about the universal fear of accountants about the time, effort, and frustrations of the month-end close process. In other words, did I realize that most have to work long hours for days at a time, working nights and weekends to complete the month-end close? I vaguely remember talking about how long that process took. However, nothing could have prepared me for what it really entailed until I experienced it.
“It’s not just about closing the books faster – it’s about making the entire process more efficient.”
Given that I’ve experienced all kinds of accounting situations with all types of companies, I was able to take a step back and put the challenges of the month-end close process into perspective. Rather than focusing on how treacherous those monthly processes were, I decided to find ways of making them better. This comprised making the processes not only faster, but also more efficient.
Continue reading Why Do Accountants Accept Long Hours and Late Nights in Every Month-End Close?