Smarter Week

How to automate it

How to automate “prepare recurring journal entries and accruals”

Here are 2 ways to spend less time on this, best first. Each comes with steps you can follow today.

120 min
typically, once a month
55%
of the time can be automated
Some setup
to set up

Fix 1 of 2

Software featureBest fix

Make recurring and reversing entries post themselves

Recurring, auto-reversing and allocation entries can be scheduled in your ledger so you only review them.

Typically saves about 50% of the time1 h to set up
  1. 1List the entries you book every month (rent, depreciation, prepaid amortization, accruals, allocations).
  2. 2Set them up as recurring or auto-reversing entries in QuickBooks, Xero, NetSuite or Sage Intacct.
  3. 3Use amortization schedules for prepaids instead of a manual spreadsheet.
  4. 4Review the posted entries in the close checklist.

Tools: QuickBooks Online · Xero · NetSuite · Sage Intacct

Fix 2 of 2

Software feature

Run the close from a shared checklist with owners and due dates

A close checklist shows who owns each step, what is late and what is ready for review, so the controller stops asking.

Typically saves about 25% of the time2 h to set up
  1. 1Write every close task with an owner, a reviewer and a due day (e.g. Day 3).
  2. 2Put it in FloQast, Numeric or BlackLine, or a shared Planner, Asana or Smartsheet template.
  3. 3Attach the support to each task so review and audit use the same place.
  4. 4After each close, note what slipped and fix one thing next month.

Tools: FloQast · Numeric · BlackLine · Microsoft Planner, Asana or Smartsheet

Who does this task

Roles in our library that list this as one of their common tasks. Each guide covers the rest of that role’s week.

Staff accountant

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Other common tasks for Staff accountants