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Nika

Monthly Close: A Real-World Example

This example follows a 25-person SaaS company through its monthly close. Manually, the close takes five business days: the controller waits for late invoices, posts accruals for unbilled SaaS usage, reclassifies mis-coded transactions, reconciles accounts, and produces the management pack. With Nika, every transaction is coded and reconciled throughout the month, so the close is a two-day review of pre-populated schedules — and the cost is {price} per processed document, not a fixed retainer.

Before: manual process

A 25-person SaaS company closes its books on the fifth business day of each month. The controller's routine: Day 1, chase the three departments that have not submitted their expense reports. Day 2, enter the 40–60 late-arriving invoices and receipts that were not coded during the month. Day 3, post accruals — the AWS bill has not arrived yet but usage was €3,100, so she accrues; the annual insurance of €4,800 needs a €400 monthly entry. Day 4, reclassify the inevitable miscodes — software in Office Expenses, a board dinner in Travel. Day 5, reconcile the bank and credit cards, produce the P&L and cash-flow summary, and send the pack to the CEO. Five days of skilled controller time — at €45/hour, roughly €1,800 a month — spent on compilation rather than analysis.

After: with Nika

The same company runs a continuous close with Nika. Invoices and receipts are coded and reconciled as they arrive throughout the month, so there is no Day 2 data-entry backlog. The AWS accrual is suggested by Nika on the last day of the month: she sees no invoice has arrived, checks the usage pattern from prior months, and proposes a €3,100 accrual entry for the controller to confirm. The annual insurance amortisation is posted automatically each month. Misclassifications are caught at receipt, not at close — so Day 4 reclassification does not exist. On the first business day of the new month, the controller opens a pre-populated close checklist: bank reconciled, schedules updated, P&L drafted. Her job is to review, sign off, and send the pack — two days, not five, and the time saved goes to variance analysis the CEO actually asked for. Cost: {price} per processed document.

Workflow

  1. 1

    Continuous coding

    In: Invoices, receipts, and bank transactions arriving throughout the month
    Out: Each coded to the correct GL account and cost centre on arrival
    Saved: Eliminates the Day 2 data-entry backlog entirely
  2. 2

    Accrual suggestions

    In: Month-end: invoices not yet received vs. known usage patterns
    Out: AWS accrual €3,100 proposed; insurance amortisation €400 posted automatically
    Saved: ~1 hour vs. manual accrual calculation and posting
  3. 3

    Reconciliation

    In: Bank and credit-card statements for the month
    Out: Accounts reconciled continuously; month-end review confirms zero unmatched
    Saved: ~3 hours vs. manual month-end bank reconciliation
  4. 4

    Close pack

    In: Coded, reconciled, accrued records
    Out: Pre-populated P&L, cash-flow summary, and close checklist ready for review
    Saved: 5 days → 2 days; controller time shifts to analysis

Cost comparison

MethodCostTime
Manual — controller close (€45/hr, 5 days)€1,800 / month in labour5 business days
Outsourced month-end (accounting firm)Typically €800–2,000 / month for this company size3–5 days turnaround
Nika (per processed document){price} / document × monthly volumeContinuous; close is a 2-day review

Key takeaways

  • The close shifts from compilation (entering, accruing, reclassifying) to review (checking pre-populated schedules).
  • Accruals are suggested from usage patterns, not estimated in a panic on Day 3.
  • Miscodes are caught at receipt, so the Day 4 reclassification pass does not exist.
  • Five days of controller time becomes two — and the saved time goes to the analysis the CEO actually wants.

Questions

Does Nika replace my controller or accountant?

No — it changes their job. The controller still reviews, approves accruals, signs off the close, and produces the analysis the business needs. What disappears is the data-entry, reclassification, and reconciliation labour that fills the first four days of a manual close. Nika does the compiling; the controller does the thinking.

What about accruals and prepayments — can Nika handle those?

Yes. For recurring items (annual insurance, software prepayments), Nika posts the monthly amortisation automatically. For usage-based accruals (cloud hosting not yet billed), she proposes an accrual based on the prior months' pattern, and the controller confirms or adjusts the amount. The judgement is yours; the scheduling is automated.

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