Month-end Archives - YC Partners

Pro Tip: Month-End Close

Nicole Sithithavorn Blog Financial Reporting, Internal Controls, Month-end, pro tip

Why does it matter if you have a defined month-end close process? Because you need to have consistent financial reporting practices in order to have reliable financial reporting results. The top three issues we see that indicate a lacking month-end close are:

1. Inconsistency in prior period balance sheet account balances. This means that items are being recorded in prior periods after the fact.

2. Unreconciled items outstanding from prior periods in bank/credit card activity.

3. Stagnant accounts on the balance sheet period after period.

These items could indicate that your data is inaccurate!