Accrual based accounting is widely used among various organizations large and small. However, it’s well-known to be time consuming and has plenty of room for error. Accrualify is aiming to change all of that by automating these time intensive processes.
A recent survey by consulting firm Protiviti found that some of the top concerns in 2016 for CFOs included more precision and efficiency in cash forecasting, period-end close, and reconciliation and consolidation activities.
“Wanted: a single, real-time version of the truth – To help strengthen overall business performance and strategic planning, and to drive value from the nancial data within an organization, nance functions want to develop better, more accurate and timelier data collection, data analysis, reporting, budgeting and forecasting capabilities. These corporate performance management processes are used to perform pro tability analyses tied to customers, products, operating units and geographies.”
— Protiviti 2016 Finance Priorities Survey
One of the gaping holes for faster and more accurate reporting lies with accrual based accounting. The tasks involved with accrual based accounting are repetitive and uncomplicated—in theory. However, with the rise of the service industry and more companies relying on outsourcing to various vendors, finance department staff is quickly bogged down with time consuming duties.
No matter the size of your organization, asking for and gathering accrual estimates from numerous vendors will be time consuming. There is also the risk of error during data entry. Some common pitfalls include, but are not limited to:
- Inconsistency of vendor communication
- Incomplete vendor analysis
- Sparse response rates
- Insufficient audit support
Accrualify’s founders and employees believe that as businesses scale, a spend management platform that allows transparent and measurable communication with their vendors is essential to an organization’s overall success. This is why we felt compelled to develop the Accrualify Purchaser Platform.
We promise to always strive to provide an enterprise-ready platform that easily integrates with your company’s accounting architecture, helps eliminate human error, and streamlines common processes associated with accrual based accounting.
Cheers to a more precise and productive 2016!