Quicktake

How Finance Teams Can Streamline Taxes & Reconciliation

These two processes can be time-consuming for businesses—but they don't have to be.

Let’s face it: Paying estimated quarterly taxes is the price of doing business. Of course, getting those taxes done can be extremely stressful and time-consuming.

Another essential process slowing teams down: reconciliation. According to a survey from the Institute of Management Accountants, it takes seven days on average for finance teams to complete the monthly reconciliation process.

And these are just two of the tasks that finance teams have to accomplish. So what would help alleviate the stress that comes with a quarterly close? In a Navan survey, 27% of the accountants polled said “closing the books on time.” Only one other answer, “having more time,” ranked higher.

And here’s the thing: Finance teams can get more time, because for many companies, the processes of estimated taxes and reconciliation can be done much more efficiently.

Discover how to help relieve two of the biggest headaches for finance teams by checking out these Navan guides:

How to Make Estimated Tax Preparation Less Painful

It can be a race against the clock every time estimated quarterly taxes come due.

That’s why streamlining the process is essential. Doing it with a modern T&E solution not only cuts down on the amount of time required, but also gives your team the ability to focus on everything from implementing short-term goals to planning for long-term growth.

And Navan can help. As you’ll learn in the guide, the Navan solution “integrates with QuickBooks and brings together all the elements accounting teams need to succeed, including process automation and real-time visibility into spend.”

Plus, by using a Navan corporate card, finance teams even have an easy way to pay estimated taxes.

Want to make tax preparation less painful? Download the Insider’s Guide to Streamlining Estimated Quarterly Tax Payments

Significantly Shorten the Reconciliation Process

Like estimated tax preparation, reconciliation can involve an inordinate amount of work—and an equal amount of wasted time.

In a Navan survey of finance teams, 33% of survey respondents said they spend at least one-quarter of their time on manual tasks, such as corporate card reconciliation, gathering documentation, and interim financial reporting for teams outside finance.

But the guide offers a solution to this pain point:

“While reconciliation may be a necessary evil, it doesn’t mean it has to take multiple days each month to complete. With granular policy controls that allow for automatic approvals, Navan enables finance teams to drastically cut the time required for this process.”

And companies across industries have benefited. As Vik Shah, Zoom’s former Corporate Controller, says in the guide, “Navan Expense is a major time saver…We have been able to reduce reconciliation time from weeks to under an hour each month.”

Want to put time back on your calendar? Download the Navan guide: How Finance Teams Can Cut the Reconciliation Process to Minutes

More Than Just Faster Estimated Tax Preparation & Reconciliation

There’s more to Navan than helping your finance team pay quarterly estimated taxes efficiently and making quick work of reconciliation.

This innovative, end-to-end travel, corporate card, and expense management solution can transform the accounting process in many other ways, thanks to features like:

Discover how your finance team can streamline estimated tax preparation and reconciliation—as well as day-to-day processes—by downloading these Navan guides:

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