Bookkeeping Month-End Close Checklist
A checklist for finance teams to ensure a timely and accurate month-end financial close process.
The Month-End Close Process
A disciplined month-end close ensures you have accurate financials to make timely decisions. A best-practice process can be completed within 5-7 business days.
| Phase (Timeline) | Key Tasks | Purpose |
|---|---|---|
| Phase 1: Reconciliation (Days 1-3) | Reconcile all bank accounts, credit cards, and payment gateways. Record all pending invoices and bills. | Ensures all transactions for the month are captured accurately. |
| Phase 2: Adjustments (Days 3-5) | Post adjusting journal entries for prepaid expenses, accrued expenses, deferred revenue, and depreciation. | Ensures revenue and expenses are recognized in the correct period (Accrual Accounting). |
| Phase 3: Review & Reporting (Days 5-7) | Review the trial balance, generate the three financial statements, and prepare the MIS report for management. | Provides management with a clear, accurate picture of the company's performance for the month. |
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