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Curious Context Labs

case study · Finance · Custom app

A calmer month-end close with fewer missed accruals

How a live checklist, balance checks and drafted entries and variance notes can support a small finance team's close.

business
Logistics and distribution
build
Custom app
timeline
2 weeks plus one parallel close
read
3 min

01 the business

Freight forwarding company

90 staff, finance team of three

The close lives in a spreadsheet checklist and the finance manager's memory. Accruals are sometimes missed, odd balances are spotted after the numbers have gone to the owner, and variance notes are rushed on the last day.

02 before

The problem

In a small finance team, the close lives in a spreadsheet checklist and one person's memory. Accruals get missed, odd balances are spotted after the numbers have gone to the owner, and variance notes are written in a rush on the last day.

  • The close takes ten working days.
  • Accruals are missed and corrected next month.
  • Variance notes are written in a hurry.

03 the build

What the AI does

  1. Step 1: Builds the close checklist for the month from your template and assigns each task an owner and a due date.
  2. Step 2: Pulls trial balances from Xero, QuickBooks or NetSuite and compares each account with prior months to flag unusual movements.
  3. Step 3: Drafts recurring accruals and prepayment entries from last month's schedule and open purchase orders.
  4. Step 4: Writes first-draft variance notes for the management pack, explaining the larger movements in plain words.
  5. Step 5: Shows a live view of what is done, what is blocked and what is waiting on someone outside finance.

paused: waiting for a person to approve

How it was put together

  • Built the month's checklist with owners and due dates.
  • Compared trial balances with prior months and flagged unusual movements.
  • Drafted recurring accruals and prepayments from last month's schedule and open orders.
  • Wrote first-draft variance notes and showed a live view of progress and blockers.

04 human in the loop

Where a person stays in charge

Your accountant or finance manager reviews and posts every journal. Variance notes are edited and signed off by the finance lead before the pack goes to the owner or board.

  • The finance manager reviews and posts every journal.
  • Variance notes are edited and signed off by the finance lead.
  • Draft entries show the source they were calculated from.

05 rollout

From kickoff to live in 2 weeks plus one parallel close

  1. Weeks 1–2Turn the checklist into a template and connect the ledger.
  2. Month 1Run alongside the existing close and compare.
  3. Month 2Use as the main close process.

06 after

What changes

The close follows the same steps every month, whoever is in the office. Odd balances come up early in the week, not after the numbers are out.

worked example · your numbers will differ

Assume three people spending 10 days on the close, and the close shortening to 7 days.

3 people × 3 days saved = 9 person-days a month, or about 108 person-days a year.

What to measure

  • Working days to close.
  • Adjustments made after the pack is sent.
  • Missed accruals.
  • Time spent writing variance notes.

07 evidence

What the research says

  1. In a study of 453 professionals doing writing tasks from their own jobs, access to ChatGPT cut the time taken by 40% and raised quality, as rated by evaluators, by 18%.

    Science / MIT, Experimental evidence on the productivity effects of generative AI (Noy and Zhang) (opens in a new tab) · 2023

  2. In a field experiment with 758 BCG consultants, those using GPT-4 on tasks within its abilities finished 12.2% more tasks, 25.1% faster and at over 40% higher quality, but did worse on a task outside its abilities.

    Harvard Business School / BCG, Navigating the Jagged Technological Frontier (Dell'Acqua et al.) (opens in a new tab) · 2023

08 lessons

Mistakes to avoid

  • Posting drafts without review.
  • Flagging every movement. Set thresholds that matter.
  • Generic variance notes. They should name the real cause.

09 questions

Common questions

Does it replace a close management tool?
For small teams it often does. Larger teams can use it alongside their existing tool.
Which ledgers does it support?
Xero, QuickBooks and NetSuite most often.

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