Month-End Close Process
You already know that the month-end close processes are very detailed and time-consuming, but you also know that this process must be done accurately and completely for your company to thrive. The month-end closing process can either hinder or help your company’s growth and success. When you choose Bridgeway Accounting to assist in this process, you can be assured that our experienced team is prepared to spend the time needed to get these tasks accomplished and taking care of the smallest details with the utmost precision.
Since the month-end close is such a vital part of the health of your accounting department, it benefits you a great deal to have accounting professionals handle this aspect of your company’s financials. Some of the steps involved in the close out process—that we can help with—include recording all incoming cash, counting petty cash, reconciling all accounts such as loans, checking and savings management, and checking revenue and expense accounts. These are just a few of the time-consuming items on the month-end process checklist that we handle with attention to detail and professional expertise.
Bridgeway Accounting also offers to include the following financial statements and more:
Profit & Loss Statement – Profit and loss statements include essential information about cash flow, such as revenue, costs of goods
sold, and operating expenditures for a particular period. It also shows the resulting net income or loss for that specific period. It’s a
vital piece of record keeping that your business needs for financial health.
Balance Sheet – The balance sheet outlines the liabilities, assets, and shareholder equity of your organization at a specific point in time. It’s an important overview of where your business stands and offers a glimpse at the most effective ways to move forward with confidence in your company’s financial future.
Cash Flow – Your business's total amount of money coming in and going out is included on the cash flow statement. This can be recorded and expressed in a few different ways, but no matter how you manage your capital, having a broad view of cash flow is an important indicator for your overall financial outlook.
Benefits of Month-End Closing
Effectively closing your books every month is crucial for good business management. It can give insight into areas that need improvement. It can also help prevent costly errors, help you make decisions about the business’s finances, and assist in preparing for tax time. Some of the ways our month-end closing process may benefit our clients include the following:
Prevents future accounting mistakes
Makes filing taxes easier
Offers a plan in the event of an audit
Gives a clear view of your company’s finances
Helps prepare for future financial decisions
Keeps your financial bookkeeping accurate
The month-end closing process doesn’t have to be a headache. You can count on the team at Bridgeway Accounting to handle each intricate detail to ensure optimal success and financial health for your company.
