The year-end financial close is a crucial milestone for CFOs and finance teams.
For organizations using Sage Intacct, it’s an opportunity to ensure accuracy, maintain compliance, and prepare for the upcoming fiscal year. With the right processes and knowledge of the tools, the close can be smooth, efficient, and insightful.
Helpful Sage Intacct Year-End Resources
Financial Audit Preparation
Closing Checklists
Additional Support and Services
Closing the Books in Sage Intacct:
Closing the books in Sage Intacct is the foundation of any year-end process. It ensures that all transactions are recorded, categorized, and reconciled accurately. This step is essential for producing reliable financial statements and setting the stage for audits and planning.
At the same time, generating and filing 1099s for vendors is a compliance-critical task. Reviewing vendor data to confirm the accuracy of tax identification numbers and payment amounts is a small but vital step to avoid errors and penalties.
Conducting a System Security Review in Sage Intacct:
Conducting a system security review in Sage Intacct is often an overlooked task. As the year ends, verify that access to Sage Intacct is restricted to authorized personnel and ensure user roles and permissions reflect current responsibilities. This proactive measure not only protects sensitive financial data but also demonstrates a commitment to compliance, especially valuable during audits.
Sage Intacct’s functionality can be leveraged to streamline year-end workflows.
For example, creating custom year-end checklists helps organize tasks, assign responsibilities, and track progress efficiently.
- Company > All Tab > Checklists > Add ( + )
Adjusting reporting periods to match your fiscal calendar ensures that financial data is presented accurately.
- Reports > Setup Tab > Reporting periods > Add or Edit
Similarly, modifying financial reports provides an opportunity to refine templates and align them with stakeholder priorities, allowing for more insightful analysis and planning.
- Reports > All > Reports Center or Financial Reports > Edit
As part of this process, reviewing price lists and tax rates is essential for maintaining accuracy in billing and compliance.
Sage Intacct makes it easy to update these rates to reflect changes in market conditions or regulatory requirements.
Additionally, creating or updating dashboards ensures that key performance indicators (KPIs) are readily available in real-time, empowering finance teams to monitor trends and make informed decisions.
Verifying Vendor Data in Sage Intacct:
Is another crucial step. Ensuring that contact details, payment terms, and tax information are up to date not only reduces the risk of errors but also streamlines compliance tasks like 1099 preparation.
- Accounts Payable > All Tab > Vendors > Edit
Audit Preparation in Sage Intacct:
Reviewing user roles and permissions is a critical step, as auditors often scrutinize access controls. Sage Intacct’s reporting capabilities can simplify this process by identifying inconsistencies and gaps.
Adjusting entries may be necessary to correct errors or align the books with year-end accruals, and Sage Intacct’s intuitive interface makes this task straightforward. Attaching supporting documents directly to transactions is another time-saving feature that allows auditors to access proof without the need for extensive back-and-forth.
Using transaction audit trails adds another layer of transparency. These records provide a detailed view of changes, making it easier to identify discrepancies and reassure auditors of the system’s integrity.
By focusing on these tasks and leveraging Sage Intacct’s robust tools, your organization can ensure an efficient, compliant, and insightful year-end close.
This preparation not only sets the stage for smoother audits but also positions your business for growth and success in the coming year.
If you have any year-end questions, or need assistance, contact our Sage Intacct team at 260.423.2414.
