Month-end close
Close the month without checking every line by hand
Your records are matched for you. Your controller only sees what needs a call.
Built forQopia FinancialJSI Systems
Sound familiar?
“We can’t trust the numbers until someone checks them”
Today
- Someone exports the bank statement and the ledger.
- They tick off every line in a spreadsheet.
- Then it all happens again for payables.
With Milo Works
- Bank, ledger and payables are matched for you.
- Every cleared line is logged.
- Your controller sees only what doesn’t agree.
A day a week of checking is 416 hours a year.
Work out your hours
How it works
Every line checked before your controller looks
- The systemReads both recordsbank and ledger
- The systemClears the lines that match
- The systemLists the lines that don’twith what it compared
- A personDecides what to do with thoseyour controller
- INV-20418 · 1,240.00 against 1,204.00Same reference. The amounts differ by 36.00; a bank fee is the likely cause.Decide
- INV-20433 · in the ledger, not on the statementPosted on the 31st; the bank shows it on the 1st.Decide
- TRF-0091 · on the statement, not in the ledgerNo reference. Nothing to match it against.Decide
Proof
Already running at another firm
At JSI Systems, each supplier dispute is matched to its purchase order, delivery record and contract before anyone opens it. Only the ones that need judgment reach a person. Month-end matching works the same way.
Your options
Month-end close automation: 3 ways to do it
Option 1
Buy software
Best whenYour close is standard, and a product fits it.
Option 2
Build it in-house
Best whenSomeone in finance can build and maintain it.
Where we fit
Bring in a partner
Best whenThe matching crosses systems, or nobody can own it.
Software worth looking at first
FloQast, BlackLine and Numeric for the close, BILL, Ramp and Stampli for payables, and the matching rules in QuickBooks, Xero and NetSuite each cover part of it.
What each one costs, and who keeps it running
- Buy software
- CostA subscription per seat, plus setup time.
- UpkeepThe vendor, and whoever owns it on your side.
- Build it in-house
- CostTheir time now, and each time something changes.
- UpkeepThat person.
- Bring in a partner
- CostA monthly retainer.
- UpkeepThe partner, with a named owner on your side.
Questions about month-end close automation
Does this replace our accounting system?
No. It reads the records you already keep.
Can it post journal entries on its own?
It prepares them. A person posts anything that changes the books.
What if our records are in spreadsheets?
That’s common. First we agree with you which record wins when 2 disagree.
Often fixed alongside this
- Daily reportsDone before the day starts.
- Data entryEvery system tells the same story.
- Process automationThe routine work runs on its own every day, and we keep it running.
- Accounting and bookkeepingA faster close, and client documents without the chasing.
- Manufacturers and distributorsOrders into the ERP without the re-typing.
Your brief · 1 of 3
What brings you here?
See what we’d build first at a firm like yours.
Start with one process.
In one working session, we map how this runs at your firm and show you what it’s worth to fix.