Month-End is more chaotic and IMPORTANT than it may appear......
Month-End drives the accuracy of your books and is the entire basis of your financial reports. If you pull reports from the system throughout the month, not only will they be constantly changing, they will not be accurate. Apply this same concept to any month at all and your financials will never be stable.
We process and manage the month-end close on your behalf and work with your accounting team for confirmations and direction. As we do this, they can focus on their daily obligations and spontaneous asks instead of being hammered with the heavy requirements that month-end calls for. We don’t need to list the basics because they are all over the internet. What the internet doesn’t show you is how much time it takes, how much backup is needed, how much information is needed, and how many other tasks are hidden within others. The internet can’t tell you because the internet doesn’t know.
A small change in the business can seem simple, but the accounting treatment is usually anything but “simple”. Loans require statements, adjustments, amortization schedules, and accruals. Assets need granular details, tracking, and estimated depreciation. A receivable or payable means tracking and adjusting each transaction, finding and correcting discrepancies, and ensuring the connection between in-house and the related parties are in sync. Prepaids need to be confirmed, tracked, amortized, and split out in varying ways. Accruals need to be analyzed, followed up on, and changed with new information. Bills come in late, which then adjusts the accruals, prepaids, receivables, etc. And that doesn’t even scratch the surface if you get audited or want to sell the company.
Every change comes with another complexity. Those details are invisible to 99% of the workforce including management, executives, and owners. With changes and volume, come additional skills, more time, and more staff required to keep up. Luckily, we’ve perfected the skills, we make the time, and we have the people.
At the end of the day, accounting requires skills that most people will never understand. It requires insight into the logic behind how transactions and adjustments work together and how each segment of the business impacts accounting. We identify internal control risks to make sure your money isn’t being taken when it shouldn’t be, we support operations in areas that are only possible when the data is properly accounted for, and we provide the basis in which your tax filings rely.
The Financial Month-End-Close can make or break your business, and most businesses don’t even know it. So, while your in-house team might not have capacity, skillset, or insight, we do. This is why our foundational support service is this.
Click here if you think you might need your records cleaned up first.
Fill out the form below to inquire about our services.