Month-end close: How to keep employees and admins happy

If you've ever experienced the tedious sprint that is the month-end close (or the even more stressful year-end close) then you know the frustrations of chasing down expense reports from employees in order to close the books on time. To help ease the stress at the end of the month, we've shared six tips and tricks to help you not only survive but conquer this dreaded monthly ritual. Let's dive in and discover how to keep employees happy and admins sane during the end-of-month close.

1. Plan ahead and communicate: The key to a smooth month-end close starts long before the actual deadline looms and planning ahead is crucial. Make sure everyone involved in the process knows their responsibilities and deadlines well in advance. Send employees reminders in the form of calendar invites, New Expensify chats, Slack announcements, or whichever mode of communication you prefer, giving everyone ample time to submit their expenses before end-of-month. Include helpful tips like preferred categories and tags for specific expenses, or any other directions to help make your job as an admin easier. 

2. Automate repetitive tasks: One of the most significant sources of frustration during the month-end close is dealing with repetitive and time-consuming tasks. Fortunately, technology is here to help. Consider automating processes like receipt tracking, expense report generation, and reconciliations. Investing in a user-friendly expense management solution (like Expensify) paired with a direct accounting integration to a cloud-based system like QuickBooks Online, Xero, Sage Intacct, ANZ, or NetSuite, will help make submission for employees more straightforward, and reconciliation for admins less of a time-waster!

3. Streamline documentation and approval workflows: Documentation and approvals often slow down the close process. Using cloud-based collaboration tools like Slack, Google Workspace, or Microsoft Teams allows employees to work together on documents in real time, cutting down on email chains and ensuring that everyone has access to the latest information.

We also recommend setting up approval workflows for your business to speed up the process of expense submissions and approvals for both your employees and admins. Expensify offers custom workflow approvals and expense rules to help tailor your approval process to fit your company’s structure. By setting up custom workflows you can make sure that employees are submitting expenses directly to whom they need to (i.e. their manager, or directly to an accounting admin) to cut back on unnecessary delays on rerouting expense reports for approvals from the right person.

4. Provide Training and Support: Ensure that your team members have the skills and knowledge needed to perform their tasks efficiently. Regular training sessions and access to resources like tutorials or FAQs can boost confidence and reduce the anxiety associated with the month-end process. Be available for questions and provide support when needed. A confident team is a happy team.

5. Celebrate small wins: Don't wait until the end-of-month close is entirely wrapped up to acknowledge your accounting team's hard work. Celebrate small wins along the way. Recognize and reward achievements, whether it's meeting a milestone ahead of schedule or successfully tackling a challenging task. Positive reinforcement can boost morale and keep everyone motivated.

6. Commit to continuous improvement: After each month-end close, gather feedback from your team -- what worked well and what could be improved? Use this feedback to refine your processes and make the next close even smoother. A culture of continuous improvement not only reduces stress but also fosters a sense of ownership and empowerment among your employees. And remember, ongoing situational analysis can uncover further opportunities for optimization and efficiency.

Your month-end close process doesn't have to be a dreaded ordeal. With careful planning, communication, and the help of automation, the process can be reduced to hours instead of days! To start making your month-end process easier, check out Expensify for all your expense management needs today.