A month-end close is the process of reviewing and finalizing a business's financial transactions for the completed month. It usually includes reconciliations, transaction review, AR, AP, payroll, and financial reporting.
What should be included in a month-end bookkeeping checklist?
A month-end checklist typically includes recording transactions, reconciling bank and credit card accounts, reviewing receivables, payables, payroll, loans, owner transactions, and reviewing financial statements.
Do small businesses need a month-end close?
A regular month-end process can help small businesses maintain cleaner records, catch errors earlier, understand financial performance, and reduce year-end bookkeeping problems.
How often should bank accounts be reconciled?
Many small businesses reconcile their bank and credit card accounts monthly. Higher-volume businesses may review activity more frequently.
Can QuickBooks close the books automatically?
QuickBooks offers tools that help with reconciliations, reporting, and closing periods, but the underlying transactions still need to be reviewed for accuracy.
What if my books are several months behind?
If multiple months are unreconciled or contain errors, bookkeeping cleanup may be needed before a normal monthly close process can begin.
Can Simon Bookkeeping handle monthly bookkeeping remotely?
Yes. Simon Bookkeeping serves businesses in Bergen County, NJ and also provides secure remote bookkeeping support nationwide.
