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- The month-end close process is a systematic way of maintaining financial records1. The process involves reviewing and reconciling financial documents to prevent errors and get an overall picture of a company’s financial health1. The process can take a lot of time, but it’s important to optimize the process steadily to keep errors at bay while reducing the close time1. The following are the steps involved in the month-end close process2:
- Record Incoming Cash and Receivable
- Review Expenses and Payable
- Reconcile Accounts
- Review Fixed Assets
- Prepare Financial Statements
- Count Inventory
- Evaluate Financial Documents
- Review All Information for Accuracy
Learn more:âś•This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Key Takeaways
- The month-end close process is a systematic way of maintaining financial records and involves reviewing and reconciling financial documents to prevent errors and get an overall picture of a company’s financial health.
www.highradius.com/resources/Blog/what-is-mont…Step-by-Step Guide to Month-End Close Process
- 1. Record Incoming Cash and Receivable The step involves recording all cash transactions and updating accounts receivable records. ...
blog.peakflo.co/en/finance/month-end-close-process - People also ask
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