In accounting, a monthly close is a series of steps a business follows to review, record, and reconcile account information. Businesses perform a month-end close to keep accounting data organized and ensure all transactions for the monthly period were accounted for.
Before you can begin closing your books, you need to round up some information. Each business’s month-end accounting procedures can vary depending on the type of business, accounts, and accounting method. To keep on top of your monthly accounting responsibilities and cut down on time spent closing your books, create a monthly financial calendar. Your calendar can help you prepare for closing your books for the next month. And, your calendar can help you avoid falling behind on your books.
On your calendar, plan out when you’re going to collect reports, record transactions, and close your books. Establish a closing date by which all expenses and income must be posted. Be sure to communicate the closing date with anyone who has access to adjusting the ledger. As time goes on, you can tweak your calendar if you find a process and order that works better for you and your business.
Closing your books monthly is essential for your business. It can show you your business’s financial information and what areas you need to improve in. Closing your books monthly can also help you make decisions about your business’s finances, prevent costly mistakes, and prepare you for tax time.
Benefits of Our Month End Services
Keeps Your Financial Statements & Books Accurate
Makes Tax Filing Simpler
Backs You Up During An Audit
Gives You A Clear Snapshot of Your Business’s Financial Condition
Prepares You For The Future
Prevents Future Accounting Mistakes
Need some accounting advice? Call us. We can help.
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