Blog

(Free Template) The Month End Close Process And Cash Flow

Many business owners have either bookkeepers or staff accountants to handle the month end close process. Honestly, it's not a savory activity if you are not used to dealing with numbers.

Most business owners I know do not get involved much in the accounting practices of their businesses. What can occur is a gap in knowing some of the more important financial decisions that need to be made.

This can affect the solvency of a business if you are not part of the reporting process.

Each month, at the close of each monthly reporting activity, many of the bookkeepers end up making their final entries and run their normal reports. 

Not all business owners have accounting help though. So I thought I would help with this article.

I am going to offer a "how-to" article for small business owners on how to fill out a cash flow statement along with an optional template of a cash flow statement to get you started. 

Topics: Accounting Reporting Best practices

How To Use QuickBooks And Xero For Your Month End Close Process

Every business owner knows that managing their books is important. One of those tasks to keep their books in order is reconciling your accounts at month end. This is extremely important if you ever get audited by the IRS. 

Do you still do it manually?

If you are thinking of implementing a new accounting software or want to see how the month end close process works, we will review 2 different accounting software platforms to simplify the process for you with Quickbooks and Xero cloud based accounting software.

Topics: Financial Reporting Accounting Methodology Quickbooks Reporting Cloud accounting

Why Do I Need To Reconcile Accounts For My Month End Close Process?

If you run or operate a small business, it is  your sole responsibility to be financially healthy to operate.

To do that, certain bookkeeping and accounting activities must be performed - especially at month end.

From employee payroll, budgets, and expenses - your dollars in spending need to match what is in your books.

Your day may be uncontrollable with customers, orders, sales, and services needing your attention. Often times, business owners leave the books for "when they have time" or to someone they trust - usually a family member or dear friend.

Where this may work for you, you should be aware that errors do happen and when these errors occur, finding out months later can be a tricky web of columns, debits, and credits to unravel.

The last thing you need is to hire an accountant or CPA firm to "fix your books" and absorb the high dollar per hour cost.

How do you avoid this from happening?

Topics: Accounting Bookkeeping

Month End Close: Key Reasons For Financial Statement Analysis

Would you like to know how healthy your business actually is? It's more important for small business owners to know than ever before.

There is a tested process of uncovering the secrets about your business that has been passed on through generations and generations of accountants....

FINANCIAL STATEMENT ANALYSIS!

There are many benefits that come from a financial statement analysis, but the main one we will be focusing on in this article is revealing the health of your business!

Why is that important?

According to Chron.com, "Financial analysis determines a company's health and stability. The data gives you an intuitive understanding of how the company conducts business." (Griffin, Demand Media). 

Topics: Accounting Growing Your Business Financial Reporting Accounting procedures Advice