Month-End Close
Our firm provides month-end close and financials for up-to-date reporting. If there is a need to get financial information in a more timely manner, we also look at processes to minimize the time it takes to close the books. We also provide more in-depth analysis, including setting up budgets and comparative reporting.
Our firm is flexible as far as our involvement in the accounting process depending on need and can set up our services based on those requirements. Our focus is to provide services based on the situation, as we understand that every company’s needs are unique.
The Importance Of Month-End Close
Bookkeeping is recording and tracking all financial transactions of a business. Reports compiled by bookkeepers reveal how the business is doing financially. Bookkeeping is essential in order to be able to measure the growth and profitability of a business. However, it’s important to conduct a month-end close to finalize and close out all financial activity from the preceding month after your bookkeepers have input all the data in order to ensure that your books are accurate.
The success and growth of your business depends on complete, accurate, and timely month-end closes. A proper month-end close is a crucial part of running a business, as you must keep track of all financial information, including transactions, expenses, and more. It helps you see where you’re spending your money in order to optimize expenditures, while minimizing accounting mistakes.
Month-end accounting:
- Prevents future accounting errors while catching any issues before they become costly.
- Keeps your records in order, for easier tax filing and in the event of an audit.
- More easily displays your financial information.
Our month-end services streamline the process and allow you to focus on your business. We focus on your business’s objectives and address all the fundamentals in order to help your business thrive.
We work closely with you in order to understand the hurdles your business faces and what you need to overcome them. Our month-end services are accurate, up-to-date, and complete, so that you can better understand your position and what is needed in order to evaluate your performance, create future goals, and continue to advance your business.
What Is Included In Professional Month-End Close Services?
After your bookkeepers have done all the entry, we’ll provide you with efficient, accurate month-end close accounting services.
Our month-end services are adjusted in order to meet the unique needs of your specific business. Some companies may need to track inventory, while others have office costs to consider.
Generally, though, the month-end close process includes:
- Accounts receivable
- Accounts payable
- Account reconciliation
- Fixed assets
- Statements
- Planning ahead
A proper month-end close helps you understand how your business is performing. In order to get the complete picture, you need proper records that are current. Not only that, but month-end accounting also ensures that you have accurate records in the event of a tax audit.
Why Outsource Your Month-End Close?
You have enough on your plate running your business without having to worry about closing your books in a timely manner too. On average, the month-end process can take between 5-10 days. While crucial to your company’s financial system, your accounting team focusing on the closing process takes their attention away from money-making tasks that can add value to your business.
Outsourcing your month-end close to experienced CPAs gives you the freedom to focus on your job while we do ours, with the peace of mind that nothing will be missed. When you work with the dedicated CPAs at Golub, Senitt, Rosenberg & Co., not only do we record and manage your business’s financial information, we can also help you to develop strategies to improve your business and streamline the process.
Hiring a professional for your month-end close allows you to rest assured that your business’s financial assets and liabilities are recorded and managed efficiently. Accurate month-end closes helps a company see their cash flow, decide where to allocate their funds, and other internal business decisions. It can also impact external business decisions, such as whether or not an investor decides to invest in your company.
More Than Month-End Closes
Looking for a fractional CFO, financial consulting, tax planning, or another type of accounting service? Golub, Senitt, Rosenberg & Co. takes pride in helping companies in and around Glendale, CA achieve their fullest potential with our detail-oriented work. To learn more about our month-end close services or any of the other services that our CPAs provide, please don’t hesitate to contact us today.