Accounting Month-End Close Procedures

Five Steps for the Accounting Month-End Close

accounting month-end close

The month-end close is an accounting procedure that occurs near the end of the month to close out a posting period.  It is essential that this report is completed in a timely manner, in order to allow management to review and make better business decisions.  The details of the accounting month-end close can be managed more effectively when processes and procedures are set-up within the accounting department and followed by the organization.

The common accounting month-end close tasks include:

  1. Record all financial transactions
  2. Reconcile balance sheet accounts
  3. Review of income & expense accounts
  4. Prepare financial statements
  5. Financial review with CFO and management

A best practice tip for the accounting month-end close is to develop a checklist.  By following an accounting month-end checklist, it is easier to analyze a company’s profitability and progress on a regular basis.  The checklist enables for a logical process to follow and relieves some of the complexities of properly accounting for the business.

View accounting month-end close checklist

TAG provides outsourced accounting services for growing companies in Southern California and throughout the United States.  Plumb has the capability and experience to fully outsource internal accounting functions from basic bookkeeping and data entry to CFO-level strategy and expertise.  Plumb provides a cost-effective and scalable solution to outsource accounting month-end close and controller-level services.

Outsourced Accounting Deliverables Include:

  • Month-End Close
  • Monthly Financial Statements
  • Key Performance Indicator Tracking
  • Industry-Specific Reporting & Analysis
  • Cash Flow Forecasts
  • Budgeting and Forecasting
  • Financial Planning and Analysis
  • Cash Management
  • Accounts Payable
  • Invoicing and Accounts Receivable

Take a look at our 7-Step Process to view accounting month-end close procedures.

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