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Closing financial month-end is an essential process for businesses, no matter the shape or size.
“Closing the books” can be a time consuming process, with finance teams collecting, reviewing, and reconciling all the financial accounting and data for the month to allow their company to keep accurate records throughout the financial year. However, any extra or unnecessary time spent when closing for month-end is time spent away from commercially growing your business.
Our own finance team uses the Equals Money product, and we’ve designed our cards, mobile app, and account to include features that streamline our own efficiencies. As we roll out the new Equals Money online platform, finance teams can trust we’ve built our product with them in mind.
Our Director of Internal Reporting, Nilesh Bodalia, shares his tips for how to shorten your month-end using Equals Money, so you can get back to what’s important: growing your business.
Stop estimating accruals with total visibility over all transactions across your business.
With an Equals Money account, you have access to real-time transaction data, so you know exactly what your teams and departments are spending and where. Additionally, prevent any potential overspending and accurately forecast spending with individual card limits, ensuring employees can only spend within their allowance.
Gain certainty and control over business spend.
With Shared cards and Balances from Equals Money, departmental spend has clear purpose, limits, and reporting.
Shared cards are the first iteration of virtual cards from Equals Money. For now, you can keep track and name each Shared card for its specific purpose, and they’ll all pull from the same account balance.
Soon, you’ll be able to attach your Shared card to specific Balances, a money management feature coming soon to the Equals Money platform.
Balances are segregated ‘pots’ of money that can be created and loaded to define clear spending channels for departments, teams, projects, and more. For example, if you have a specific balance that you’ve set aside for your marketing team, you can create Shared cards within that Balance for a specific use-case such as ad-platforms or online subscriptions.
Allow the other teams and departments within your business to do their own reconciliation by viewing spend, loads, and transfers on one centralised platform.
With the Equals Money online platform, employees can upload photos of receipts to our mobile app and annotate them to make reconciliation that much easier. Additionally, because employees can make purchases directly with their own physical or virtual Equals Money cards, you don’t have to worry about the hassle of reimbursements.1
Spending is clear, transparent, and accounted for - no matter how wide spread your team or business is.
Streamlining expense management is just one of the ways we can help you focus on growing your business.
With physical and virtual cards for employees, and an easy-to-use online platform, an account with Equals Money makes it easier to shorten the time spent when closing financial month-end with visibility and convenience.2
1Receipt upload and annotations coming soon to the new Equals Money platform
2Fees may apply to issue cards