It’s the end of the month, which means it's time to see how your business did. All you have to do is run the magical reports out of your accounting system, and you get to see how much money you made, right? Probably not. Technology has made things a lot easier and gives us quicker access to our information, but there are still certain items that need to be taken care of, or at least looked at, when each month ends.
Every organization should strive to be able to produce timely and accurate financial information within a reasonable period of time after a month has ended. This information is vital to understanding your business and allows you to make informed decisions—that’s what you want, right? The best way to do this is to create a monthly close process. The process should be thoughtful, documented and communicated to all parties involved.
How to Create a Monthly Close Process
Following these steps will get you on the way to your goal: Generating accurate and timely financial records. It puts the right information into your hands and allows you to make informed business decisions. If this sounds too intimidating, we’re happy to help. We have the expertise and technology to help ease the headaches.