We’re a few months into 2024 and we’ve turned a corner on year-end reporting, hopefully, which means a few things. It’s time to get organized and prepare for audits by ensuring your financials are compliant and your reporting process has the proper controls in place.
Many data-driven, high-growth companies thrive on responding quickly to customer demands and market conditions, but unfortunately ensuring accounting controls are applied correctly to financials is an entirely different story. Achieving fully compliant revenue financials can seem daunting with high transaction volumes and a complex mix of disparate billing, payment, and order management systems.
This problem is further exacerbated when a large part of the revenue reporting and close process involves data manipulation in spreadsheets, causing a bottleneck for timely, compliant, and accurate revenue reporting. Even with documented accounting policies and rules, verifying that these policies are consistently and correctly applied to your journal entries becomes nearly impossible, especially when dealing with millions of rows of data and dozens of spreadsheets.
This difficulty in control creates a domino effect, impacting revenue recognition and reporting accuracy, compliance, and audits. Many accountants we’ve spoken to in the industry at Leapfin have experienced this frustration firsthand. They frequently need to reconstruct reports and journal entries to address concerns from skeptical auditors simply because they couldn’t "show their work" in Excel.
Leapfin offers a powerful and intuitive solution for managing accounting rules that enable you to codify and manage your accounting policies automatically. As a result, your data is organized in a single place so you can have accurate and timely reports, and ultimately more visibility into what’s happening in your business.
Here's how accounting rules management empowers your accounting team:
- Policy management: Create and manage your applied accounting policies in one place, guaranteeing consistent and accurate data and reporting.
- Confident reporting: clean and thorough accounting rules to help you ensure accurate, compliant, and timely reports based on balanced journal entries.
- Auditability: Easily view how your rules are applied to transactions for better traceability in daily operations and when audit time rolls around.
Gain control over your accounting processes and create accurate, compliant, and balanced journal entries every single time – regardless of transaction volume or transaction type – with the help of accounting rules management in Leapfin.
Ready to see it in action? Request a demo today.
