Last updated:
May 9, 2023 5:30 AM
min read

Sailing Through the Year-End Close With Eleven

Less time, less errors, less stress. Discover how Eleven can help your accounting team cut down on extra hours during the busiest season of the year.

Illustration showing an accountant sailing through the year-end close process

Looking back at the recent year-end close hassle, ask yourself: is your accounting software an enabler or a false friend? If it's not actually saving you time or reducing errors, it may be time to consider alternatives like Eleven. Designed for professional accounting teams, it helps accountants navigate the busiest season with ease and efficiency.

In this article

01 | AR & AP reconciliation flow

Year-end closing involves verifying the balances of accounts receivable (AR) and accounts payable (AP) to ensure that all transactions are accounted for and all the docs are in place. During the AR and AP reconciliation process in Eleven, you can select document types such as vendor or customer invoices and identify those that lack supporting documents.

Eleven is one of the few accounting software systems with a built-in document management module which allows you to keep all the docs next to the corresponding entries. No need to integrate third-party apps or pay extra fees.

Once you find a missing document, you can upload it, and if it's in foreign currency, you can reconcile it with the payment. The unrealized gain and loss will be automatically generated: select the period, and Eleven will re-evaluate accounts to create a real entry.

a gif showing unrealised gain and loss entry generation
Automatic UnGL entry generation with Eleven.

To save your time on searches, the app will also add the code of the account which generated the unrealised gain and loss, to the entry description.

👉 Learn more about Eleven's AR & AP automated workflows

02 | Bank reconciliations and accruals

It's also crucial to verify that your bank is reconciled. In the general ledger (GL), you can easily check whether your bank entries have been reconciled or if anything is missing. You can also review specific entries to examine your accruals which are easy to create and reverse.

A gif showing reversing accruals with Eleven accounting software
Reversing accruals with Eleven: the process is very straightforward and visual.

You don't have to worry about slow performance, lags, or errors with Eleven GL. The app is capable of supporting up to 20,000 transactions without compromising on speed or efficiency.

We understand that accounting firms work with clients of varying sizes, some with just 10 transactions and others with hundreds or even thousands. That's why we adopted a coding language used in large bank systems. With Eleven, you can be sure that our software can handle it all, delivering fast and accurate results every time.

👉 Learn more about Eleven's Scalable General Ledger

03 | Statutory reporting and audit

Once you have verified and reconciled all transactions, you can prepare your reports and complete the year-end closing process. Eleven has a built-in standartized reporting module, allowing to get your P&L, Balance Sheet, Account Detail, Statement of Account, General Ledger, Aged Payable & Receivable ready in no time.

A reporting dashboard of the Eleven's accounting software
Eleven has a built-in reporting module with all the necessary statutory reports at hand.

To facilitate auditing, Eleven has a record tracking system, much like blockchain. Any changes made are always recorded, so you always know the latest and previous amounts. Tracking activities makes auditing easy, and auditors can easily access the system to view all the transactions and verify or make comments. All the supporting documents are already attached, so auditors just need to have a browser and log in.

👉 Learn more about Eleven's reporting

04 | What about time and cost?

The time it takes to close out the year can vary greatly depending on factors like transaction volume and document organization. But with Eleven's automation features and multi-company interface, you can significantly reduce the time spent on routine tasks and minimize errors.

The multi-company interface is a major advantage of Eleven, allowing you to access all your accounts from a single interface without the need for constant switching. This is especially useful when reconciling books for a multi-subsidiary company, as you can open separate tabs for each entity and easily verify the balances and entries.

In terms of pricing, Eleven is an ideal solution for handling small year-end accounts like holding companies with around 20 transactions. Our per-accountant pricing model allows you to handle as many of these companies as you need for a flat rate of $190 per month. This means that if you're handling 80 year-end accounts, the cost per entity is less than $3, which is just 10% of the regular subscription for other popular cloud accounting apps with per-entity pricing.

Accounting software that doesn't hurt your margins

The only cloud accounting software with per-accountant pricing, Eleven is perfect for year-end accounts. Check out our plans and book a demo today!

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