The month end close is a critical component of a well ordered accounting function and ensures your books are being maintained in accordance with GAAP. Closing the books generally entails recording all financial transactions, recording any corporate credit card activity, recording any revenue generated, calculating appropriate accruals and prepaids, addressing any technical accounting issues such as deferred revenue, reconciling the bank accounts and finally preparing balance sheet reconciliations. Once the month end close process is complete it's time to review the income and expense accounts versus budget and for any unusual variances and to prepare and present financial statements. The more efficient and repeatable this process is the more time you have to prepare for your board meetings and any other reporting requirements you may have.
The ability to produce timely and accurate financial statements within a reasonable time from the end of the previous month ensures that the executive team has a clear view of operations going into the next month. Financial statements are critical to management's ability to make decisions in a timely manner. Before the financial reports can be generated the monthly close must occur. The more efficiently financials transactions and information can be transferred, processed, and formalized the more expedient the monthly close and financial reporting cycle can be. Countsy's team and systems are integrated with your operations resulting in an impressive streamlined experience.