A practical Q&A with Sam Smith, Senior Finance Consultant at Intact – on accounts payable, bank reconciliations, prepayments, and fixed assets so you can close faster with fewer errors.
Why are month-end accounts still a struggle for many finance teams?
Duplication. You’re re-keying the same information into multiple systems, chasing delivery notes, and reconciling numbers twice. With integrated software, when stock is received or a supplier is paid, your accounts, stock, and reports update automatically. Admin drops, errors fall, and your team can focus on margin, cash flow, and branch support.
Accounts payable can feel like endless paperwork. What helps?
Go digital. If your software supports document management, invoices can be scanned, emailed, or uploaded straight into your system. They’re automatically matched to delivery notes, exceptions are flagged, and approvals move faster. You get fewer mistakes, quicker processing, and a clear audit trail –
every change is tracked.
Bank reconciliations are a real time drain. Can automation really speed them up?
Yes – if your software supports bank feeds and matching rules. You import a statement, the system automatically matches most lines to the right transactions and can create entries for regular items like card fees or direct debits. Many teams cut daily reconciliations from 4–6 hours to under one, with 80–90% handled automatically and only exceptions to review. If your system doesn’t offer this, check with your provider about options or consider tools that do.
Prepayments, like insurance or electricity, often live in spreadsheets. Is there a better way?
Yes – if your software supports it, you can post a bill once and have the cost spread automatically across the year (e.g., a €12,000 insurance bill split into 12 monthly journals). If your system doesn’t offer this, ask your provider how to achieve it or consider a solution with automated prepayment schedules to save time and avoid missed months.
Fixed assets and depreciation can get complicated as you grow. Any tips?
Spreadsheets work – until they don’t. The more forklifts, vans, or IT equipment you buy, the harder it is to track. An integrated asset register keeps everything in one place, automates depreciation, and ensures journals are correct each month. When the auditors arrive, they can trace everything easily – no chasing files or patching formulas.
Where should a finance team start if they want to save time and resources?
Begin with the areas that eat up the most time each month. If your system supports it, look at automating accounts payable and bank reconciliations first – digital invoices, bank feeds, and rule-based matching can save hours. If those options aren’t available, ask your provider what’s possible or explore solutions that offer them. Once that’s in place, tidy up prepayments and fixed assets to smooth month-end. And keep reporting focused: cash position, aged balances, and branch profitability.
Final word for those still heavily relying on spreadsheets?
You don’t have to live in copy-paste mode. It’s always worth checking in with your software provider to see what’s possible – there may be tools to make approvals, reconciliations, or prepayments easier for your team. If gaps remain, look at solutions designed to automate those tasks. Integrated financials give you confidence in your numbers and free your team to add value – negotiating with suppliers, improving
margins, and giving branches useful insights. Start small, track the time you save, and build from there.
Want to go deeper?
If you’d like to see how GenetiQ – our latest, browser-based ERP – can help your finance team save time and money, or to join our topic-driven webinar series, just head to www.intactsoftware.com to find out more.
