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GovCon Expert Kim Koster Shares Tips for Faster Year-End Accounting

By Kim Koster, Vice President of Industry Marketing at Unanet

2024 has come to an end. You’ve closed your books and moved on to 2025.  

Before you look ahead, however, one question: How did your year-end accounting process go? Was it smooth and painless, or did an inefficient process and disorganized data cause you headaches? 

Keeping your business running smoothly means having accurate and timely information and sound financial management. Faster year-end accounting is about making smart decisions and keeping operations efficient. A faster accounting close tidies up your books while helping you save time, reduces costs and makes things like billing and cash flow management a whole lot easier.

Here are some simple steps to help speed up your accounting close:

Identify the Problem

Start by figuring out what’s slowing you down. Analyze your current processes to identify bottlenecks, inefficiencies, or outdated methods that may be holding you back. Understanding the root cause is the first step toward improvement. 

Get Leadership Support

Make sure your leaders are on board with improving the process. Leadership buy-in is critical for securing the resources, support, and alignment needed to implement meaningful change. 

Work as a Team

Bring together key people to brainstorm and implement improvements. Collaboration is essential—gather input from different departments and ensure everyone has a voice in shaping the new process.

Make a Plan

Create a clear plan to keep everyone on track. Outline specific steps, set timelines and assign responsibilities to make sure the process is organized and nothing falls through the cracks. 

Update Policies

Ensure your processes reflect how your business operates today. Review outdated policies and customize them to match the needs of your current workflow for better alignment and clarity.

Choose the Right Tools

Find tools that work for your business. Don’t settle for something that doesn’t fit. Research software and systems that simplify your work and make it easier for your team to stay efficient without unnecessary complications. Start by looking for solutions purpose-built for your industry, and go from there. Those solutions will be more likely to have the accounting capabilities you need. 

Compare With Others

See how quickly other companies close their books to set realistic goals. Benchmarking against industry standards can give you a better idea of what’s achievable and inspire new strategies for improvement. 

Train Your Team

Make sure everyone knows the new processes and tools inside and out. Proper training ensures that everyone is confident and consistent in using the new systems, reducing errors and ensuring a smooth transition.

Match Skills to Tasks

Assign jobs based on strengths for better results. Evaluate your team’s individual skills and delegate responsibilities strategically to maximize efficiency and output. 

Set Goals

Track progress with simple metrics to measure success. Establish key performance indicators that clearly show improvement over time, helping you stay focused on achieving your objectives. 

Keep Improving

Look for ways to make this process even better over time. Continuous improvement ensures your processes stay relevant, efficient, and adaptable as your business grows and changes. Regularly review and refine to ensure ongoing success.

Your year-end closing doesn’t have to be stressful if you plan ahead and have your people, processes and tools aligned. Solutions like Unanet can simplify this process by helping you not only close out the current year but also set up for the next fiscal year. From updating cost rates to configuring budgets and forecasts, Unanet ensures your business is ready to transition smoothly and focus on future growth.

In short, improving your year-end accounting process with sound financial management strategies is worth it. Identifying issues, making changes and using the right tools allow you to simplify your work, save time and set your GovCon up for success. With the right plan in place, you’ll find 2025’s year-end close will be a lot smoother. 

Looking to make business easy while freeing up more time to do the work that matters? Learn how Unanet can help. Schedule a demo today.

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