Drive your business with numbers you can trust
During month-end close, we review the bookkeeping from the previous month and ensure all transactions were recorded properly and accurately. This guarantees you’re basing business decisions on accurate data.
Your staff handles the daily bookkeeping and we provide a professional review of the work for a true and accurate financial picture. We are happy to then close the books for you, or we can provide an expert accountant to assist your staff in closing them.
Month-end close procedures include:
Perform bank, credit card, accounts receivable, accounts payable, fixed assets systems, and debt reconciliations on general ledger accounts.
- Accrue Expenses
When your pay dates and pay period end dates don’t fall on the last day of the month, we’ll review the detail records, cost reports, and previous operating history to ensure all entries are recorded. We ensure your financial statement represents everything that occurred during the previous month. This includes accruing expenses, payroll, and sales invoices for work services or goods received into the proper period. This provides timely and accurate financial information for your reporting package.
We review the coding performed by either our staff or your staff to confirm the expense and revenue coding provides the right information in the right format. This provides you correct and critical information you need for important decisions.
- Actual versus Budget
The biggest mistake we see in many small to medium-sized businesses is how they maintain and compare their budget to an actual report. We work with you in preparing a budget that reflects historical operations with your future expectations. Then we develop a custom report comparing your actual month results versus the budget. Your management team can review this report in detail to determine cost overruns, trouble areas that need more of management’s attention before problems occur, and even areas that out-performed expectations.