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Month end close process checklist

 

Are You Ready for Year End?

The end of the year is upon us and for small business owners it is an important time of the year.  Review this list to see if you are ready.

Topics: Bookkeeping Best practices Accounting procedures Accounting

What does your month end close process consist of?

Why monthly bank reconciliation is imperative

In today’s business environment, knowing how much cash your business has readily available is critical to the success of your organization.  This starts with the bank reconciliation, which enables effective cash flow management.

Bank reconciliations compare a company’s records to their bank records, which authenticates cash activity.  The bank statement is the source document issued by your bank confirming cash movement for a specific time period.

Topics: Bookkeeping Business Advice Accounting procedures Accounting Methodology Cash Flow Management Accounting

Bookkeeping Tips: Why are Inventory Counts important?

So why are inventory accounts so important?  Making sure you have an accurate account, can make the efficiencies and customer service in a business the best. Although most counts are time consuming and drain you resources, they are very important.

Topics: Bookkeeping Accounting procedures

Why Reconciling Your Account Is Vital To Your Month End Close Process

 

Check Your Bank, Check Your Books

Reconciling your bank account is a fundamental month end closing process in accounting and is critical for your business and personal financial health.

If you are not reconciling your bank accounts on a regular basis you can’t be confident that what your balances show in your books is really what is in your bank.

At a minimum you should reconcile the bank statement to your records whenever you receive your bank statement, be it monthly or quarterly. Even better, reconcile it every day!

Topics: Accounting procedures Best practices Accounting

How I Choose Accounting Software For Small Business Clients

Having the right small business accounting software for your business can make all the difference in the world. Having it set up and using it correctly from the beginning will make your life easier especially when it comes to tax time and you need provide information to your CPA.

Topics: Bookkeeping Advice Best practices Accounting procedures Accounting