The Monthly Close Checklist Every Growing Business Needs

Why the monthly close matters

If your accounts close 45 days after month end, every decision you make is based on stale numbers. A disciplined close gives you management reports while they are still useful.

The checklist

1. Reconcile every bank and e-wallet account.
2. Match supplier invoices to purchase records and accruals.
3. Review debtors ageing and chase anything past 30 days.
4. Post depreciation, prepayments and accruals.
5. Review gross margin by service or product line.
6. Issue the management report pack with commentary.

Getting to a 7-day close

Automate bank feeds, standardise how documents reach your accountant, and agree a fixed cut-off date with your team. Most of our clients move from a 30-day close to a 7-day close within one quarter.