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Overview

As the core system for managing your bookkeeping client companies, Tight’s Bookkeeping platform is specifically designed to minimize the resources required to perform closings (aka reconciliations) and deliver monthly financial summaries, including optimizing the formerly painstaking process of gathering necessary information from the business owners.

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Use Cases

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Input from the business owner

Obtaining time-sensitive information from business owners is often a bottleneck for bookkeepers to perform closings. When additional context is needed to classify or reconcile transactions, Tight enables bookkeepers to start conversations directly on specific bank transactions. Business owners are notified via SMS, email, or your platform’s notification system, and can respond from the Financial Overview with explanations or attachments. This contextual, transaction-level collaboration minimizes follow-ups and keeps closings moving without requiring bookkeepers to leave their daily workflow.

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Monthly Closings

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Ongoing reconciliation

While many accounting platforms still require legacy manual bank reconciliation processes, Tight embraces the new era of ongoing reconciliation. Tight automatically pulls bank account balances on an ongoing basis and validates against corresponding General Ledger balances to detect discrepancies. When discrepancies are detected, Tight automatically flags the affected bank account so the bookkeeper can address issues as they arise. In most cases, where discrepancies do not arise, the bookkeeper is no longer required to do any manual labor. This approach allows bookkeepers to maintain accurate books throughout the month instead of back-loading reconciliation work at month’s end. At the end of the month, Tight automatically ingests bank statements and creates a monthly closing for each bank account. If the General Ledger balance matches the statement balance, the monthly closing is automatically reconciled, minimizing manual effort for the bookkeeper.

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Legacy bank reconciliations

For bookkeepers that prefer going through the popularized legacy reconciliation method of going through transactions line by line, Tight’s Bank Reconciliation UX requires zero learning curve for bookkeepers familiar with legacy accounting platforms like QBO or Xero. Tight enhances this experience by automatically pulling bank statements via its banking integrations where possible. When not possible, bookkeepers can upload bank statements for a given period and then move forward validating that the transactions in that period match those in the bank statement.

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Delivering the monthly summary

Once all bank accounts are reconciled for the month, bookkeepers can easily deliver a monthly financial summary for business owner review. Business owners access the summary from the Financial Overview, where they can review finalized financials in a read-only experience. Business owners can open a conversation directly on the monthly summary, enabling business owners to ask questions or discuss the books with their bookkeeper in a single, contextual workflow.

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Annual Closings

At the end of the year, Tight automatically creates an annual closing entry to close out the prior year’s Profit & Loss activity and prepare the books for the new fiscal year. Once a year is closed, books can be locked to prevent any further changes. Bookkeepers, provided they have the correct permissions, are able to reopen closed years to make adjustments as needed.