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About This Automation
Month-end close requires a bookkeeper to manually reconcile bank and credit card feeds, review balance sheets, and coordinate close documentation for each client. Manual reconciliation is time-consuming and error-prone, with bottlenecks in transaction matching and account verification.
Automation handles transaction reconciliation, balance sheet validation, and close checklist updates without manual intervention. The bookkeeper receives a verified close summary and exception report, reducing cycle time from 3-5 days to 1 day.
Key features:
Automatically match bank and credit card transactions to ledger entries and flag unreconciled items
Validate balance sheet accounts and verify accruals are recorded before close
Update close checklist as reconciliation and review steps complete
Generate close summary with adjustments and outstanding items for client delivery
Notify internal team and client when close is ready for approval
The issues teams report most often with this process
#
Friction point
Companies Report This
1
Unmatched transactions delay close
Bookkeepers spend significant time investigating transactions that do not automatically match between bank feeds and ledger entries.
80%
2
Balance sheet verification is manual
Reviewing account balances and verifying accruals requires manual inspection of multiple reports and ledger entries.
67%
3
Close checklist requires manual updates
Bookkeepers manually mark off checklist items in a spreadsheet as they complete each reconciliation step.
53%
4
Multi-step close notification process
Creating close summaries and sending notifications to clients and internal teams involves copying data across multiple tools.
40%
5
Rework on reconciliation errors
Errors discovered during manual review require backtracking and re-reconciliation, extending the close cycle.
26%
DisclaimerAll data is based on anonymized FullSpec mapping sessions and proprietary industry research. Learn more
Automation readiness
How well-suited this process is for automation
Process Pain Score™Manual reconciliation is repetitive, error-prone, and creates a 3-5 day close.
8.9/ 10
AI Fit Rating™Transaction matching and balance sheet validation are rule-based tasks.
8.6/ 10
Automation Lift Index™Automation reduces close cycle time by 60-70% and catches more reconciliation.
8.2/ 10
Hidden Overhead™Context switching between clients and tools, plus rework on reconciliation.
6.9/ 10
How The Automation Works
The full workflow, from trigger to completion.
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1. Month-End Close Triggeredtrigger
On the last business day of the month, the automation checks the accounting software for a complete transaction set and initiates the close workflow for each active client.
2. Pull Bank and Card Feeds
The automation retrieves all bank and credit card transactions from the accounting software and checks that feeds are complete through the last business day.
3. Reconciliation Analyzes Accounts
The automation compares cleared transactions to ledger entries, identifies unmatched items, and flags discrepancies for review. It generates a reconciliation summary for each account.
4. Verify Balance Sheet Integrity
The automation pulls the balance sheet, checks for unusual balances, and compares key accounts to prior month. It flags accounts outside normal ranges for human review.
5. Populate Close Checklist
The automation updates the close checklist, marking reconciliation and balance sheet review as complete and adding timestamps.
6. Generate and Send Close Summary
The automation creates a close summary email with the balance sheet, trial balance, and checklist status, then sends it to the client and internal team.
7. Post Close Status
The automation sends a message to the accounting team confirming the close is complete, listing any flagged items, and providing a link to the close checklist.
Everything you need to know before mapping this process.
The automation flags unmatched transactions for the bookkeeper to review and investigate. The system learns client-specific patterns over time, reducing false flags and improving matching accuracy.
QuickBooks Online
Google Sheets
Gmail
Xero
Slack
Microsoft Excel