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(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

Small Business Bookkeeping Tips: Important Items For Year End

 

End of year bookkeeping tasks you should be doing

How often do we come across something we push aside for another day? Wikipedia uses this definition of procrastination: " is the practice of carrying out less urgent tasks in preference to more urgent ones, or doing more pleasurable things in place of less pleasurable ones, and thus putting off impending tasks to a later time, sometimes to the "last minute" before the deadline”. 

We put together a list of our best practice items for year end preparations. Check with your bookkeeper to make sure they are hitting all the right areas for an accrual based accounting system in your books. 

Topics: Reporting Accounting