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March 14, 2024

Optimizing Month-End Closing with Deltek Costpoint and IBM Cognos Analytics

by Colin Quinn

Month-End Close Header Blog - Computer with Finance Data

The financial close at the end of each month is a pivotal process for any organization, ensuring that all financial activities are accurately recorded and reported. However, inefficiencies in this process can lead to delayed and inaccurate financial reporting, impacting decision-making and financial management. In this blog, we'll delve into the basics of month-end closing, along with five warning signs of a flawed process and how to address them.

Understanding and Managing Month-End Closing

What is the Month-End Closing Process?

The month-end closing process encompasses a series of steps undertaken by a company's finance department to conclude financial activities for the month. This involves reconciling accounts, recording necessary adjustments, and generating financial statements to reflect the company's financial position accurately.

Managing Month-End Closures with Deltek Costpoint and IBM Cognos Analytics

Efficient management of the month-end closure process requires meticulous planning, coordination, and execution. Deltek Costpoint provides comprehensive tools for creating account reconciliations, journal entries, and financial statement preparation. IBM Cognos Analytics complements this by facilitating seamless reporting for enhanced collaboration among team members, ensuring that all tasks are completed accurately and on schedule.

Deliverables of Month-End Closures

The deliverables of month-end closures include a set of financial reports and statements that summarize the company's financial performance. These typically include income statements, balance sheets, cash flow statements, and various schedules and reports. Deltek Costpoint and IBM Cognos Analytics enable organizations to generate these deliverables efficiently, providing valuable insights into revenue, expenses, assets, liabilities, and cash flow.

5 Warning Signs of a Flawed Month-End Close

5 Signs Your Month-End Close is Flawed - Calendar with Month-End Circled

Sign 1: Unreliable or Late Reporting

Inconsistent or delayed reporting is a clear indication of a flawed month-end close. Investing in accounting software that supports real-time updates and integration with other financial systems can substantially enhance the precision and timeliness of reporting. Deltek Costpoint and IBM Cognos easily address this issue by providing real-time reporting capabilities, automating data collection, and streamlining reporting processes. This ensures that financial statements are generated promptly, fostering confidence in the accuracy and timeliness of the data.

Sign 2: Manual and Error-Prone Procedures

Relying on manual processes during month-end closures can lead to errors and inefficiencies. Implementing a robust ERP like Deltek Costpoint offers capabilities that automate tasks such as data entry, reconciliation, and calculations, reducing the risk of human error. This ultimately enhances accuracy and efficiency in your month-end close processes, mitigating the potential for costly mistakes.

Sign 3: Stress and Overtime for the Finance Team

Excessive stress and overtime for the finance team during month-end closures indicate inefficiencies within the process. The best thing to do in this situation is to evaluate the team’s workload and associated procedures for the month-end close. Deltek Costpoint offers capabilities that can lighten the workload by automating revenue recognition, thereby streamlining the flow of information between the project management and finance departments, allowing team members to focus on higher-level analysis and decision-making while promoting employee well-being and productivity while ensuring a smooth month-end close.

Sign 4: Lack of Financial Performance Visibility

A lack of visibility into financial performance throughout the month can hinder decision-making and delay the company's understanding of its previous month's financial performance. Embracing a solution like IBM Cognos or Costpoint BI will allow you to create customizable dashboards and reporting features that offer real-time visibility into key financial metrics. This enables stakeholders to monitor performance and make proactive decisions based on real-time data, rather than having to wait for month-end reports.

Sign 5: Frequent Changes in Successive Periods

Consistently making substantial adjustments in the periods following the month-end close suggests inaccuracies in the initial month-end close. Deltek Costpoint helps ensure the accuracy and completeness of the initial close through reconciliation processes and rigorous controls. This reduces the need for subsequent adjustments, saving time and resources. Costpoint also creates an audit trail so you can see what changes or adjustments were made to which project or period.

The Bottom Line:

Deltek Costpoint and IBM Cognos can streamline your month-end closure process, enhancing accuracy, efficiency, and overall financial performance. By addressing warning signs of a flawed process and leveraging these powerful solutions, organizations can optimize their financial operations, make informed decisions, and speed up their month-end close. Ready to optimize your month-end closing? Contact us today to learn more!


Register for Our Upcoming Month-End Close Webinar

Deltek Costpoint Coffee Break - Kinetek Month-End Close

In addition to optimizing month-end closures with Deltek Costpoint and IBM Cognos, we're excited to announce our upcoming Costpoint Coffee Break Webinar focused specifically on mastering the month-end close process. Whether you're looking to refine your existing procedures or explore new tools and strategies, this webinar is designed to provide valuable insights and practical guidance.

Join us as we delve deeper into the intricacies of month-end closures and explore how to streamline your financial operations. Our expert speaker Steve Fruitman, will share best practices, real-world examples, and actionable tips to help you enhance the accuracy, efficiency, and overall effectiveness of your month-end close process.

Don't miss this opportunity to learn from industry experts and connect with fellow finance professionals. Mark your calendars and register now to reserve your spot for this insightful webinar. We look forward to seeing you there!

Date and Time: April 18th, 2024 @ 02:00 PM Eastern Standard Time


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