Month-end close is the control point where daily activity becomes financial information management can rely on. A documented checklist is more dependable than one person remembering what to do.
Before close
- Confirm material transactions have been recorded.
- Review missing documents and exceptions.
- Reconcile bank accounts and payment channels.
- Review customer and supplier balances.
- Record accruals and recurring adjustments where required.
Before reporting
- Review unusual balances and material movements.
- Compare results with the prior period or budget where available.
- Document open items rather than hiding them.
- Clearly control who can reopen a closed period.
The objective
Month-end close is not a ceremonial accounting task. It is a financial-control point that improves decision quality and prevents errors from compounding over time.