With the closing of the fiscal year Looking forward, accountants are getting ready to guide companies and individuals in this process.
To ensure the normative compliance and task optimization, the Alegra.com firm shares crucial aspects that should be considered.
The closing of the fiscal year is the process by which a company finalizes its accounting activities and financial at the end of a 12-month fiscal period, which in Costa Rica usually coincides with the calendar year.
The process, which has been seen as tedious and manual in the past, is undergoing a revolution in Latin America thanks to the adoption of advanced technologies.
According to the study “Radiography of the accounting professional in Latin America”, developed by Alegra.com, the smart accounting It has been positioned as a fundamental resource to enhance efficiency and accuracy in accounting tasks. This tool gives accounting professionals the ability to assume a strategic role in organizations by automating up to the 85% of daily accounting tasks.
Jahzeel Cordero, strategic leader of Alegra.com in Costa Rica, shared three recommendations that accountants and entrepreneurs must take into account to digitize and make the 2023 fiscal closing smarter.
- Automation of routine tasks. Digital solutions allow accountants to automate basic tax closing processes, such as data entry, bank reconciliation, tax calculation, financial and tax reporting, among others. This not only save timebut also significantly reduces the risk of human error.
- Data integration. The ability to integrate data from different sources is essential for tax closure. Accountants often work with information from various sources, such as electronic billingbusiness management systems, banks, among others, which must be able to be integrated simply and quickly in one place.
- Selection of appropriate tools: Accountants must carefully evaluate the software accounting and other technological solutions available on the market. They should look to adapt to their specific needs and those of their clients. The fiscal closing is presented as a space that allows the needs of each client to be evaluated and the appropriate solution to be found.
“The optimization of tasks through digitization “It is not just an option, it is a necessity for accountants today, since it not only simplifies the tax closing process, but also allows accounting professionals to do more and better tasks in less time,” Cordero highlighted.