Month End Close
Tips to streamline your month end close
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1 Jan 2025
Matt Rowan
Matt Rowan
Published on 15 Jan 2025 | 8 mins
Accountants have long been burdened with the tedious tasks of matching receipts to transactions and waiting for clients to provide details about various purchases, such as Amazon parcels. Automated bookkeeping is the solution, paving the way for accountants to finish work early and spend more quality time with their families.
Automated bookkeeping represents the seamless integration of human expertise and cutting-edge technology. It involves automating labour-intensive tasks, allowing accountants to step in only when the system encounters issues it cannot resolve on its own. This technology leverages AI to streamline processes that previously required significant manual effort.
Accountants are already familiar with several aspects of automated bookkeeping, often without realising it. Features like creating rules in QuickBooks Online (QBO), integrating bank accounts for direct bank feeds, and generating financial statements are standard practices. These elements have become so ingrained in daily workflows that they are almost second nature.
However, with the advent of artificial intelligence, automated bookkeeping has evolved significantly. It has progressed from merely fetching bank feeds to checking off nearly every item on the month-end close checklist. This includes tasks such as categorizing transactions, reconciling accounts, and ensuring compliance with accounting standards.
While automated bookkeeping offers many benefits, it has its limitations:
At Dunlin.ai, we are transforming the financial close process from start to finish. Our categorization algorithms boast an impressive accuracy rate of up to 90%, ensuring that most transactions are correctly classified with minimal effort. For the remaining transactions, our advanced flagging models bring any uncertainties to your attention, allowing you to make necessary adjustments quickly and efficiently.
Not just that, we also automate the reconciliation process and integrate with your billing and invoicing tools, we automate the management of deferrals and accruals, ensuring that your financial records are always up-to-date and accurate.