Build a more consistent month-end close
M. H. Jain & Co. | Chartered Accountants

General preparation checklist

Give the close a clear structure
[ ] List the recurring preparation and review tasks.
[ ] Assign an owner and reviewer where appropriate.
[ ] Identify the records needed before each task can be completed.

Check completeness before reporting
[ ] Confirm that the relevant transaction records have reached the accounting team. Keep a visible record of missing invoices, unprocessed items and questions about the reporting period. Discuss the appropriate accounting treatment with the responsible professional rather than relying on an unexplained estimate.

Reconcile key balances
[ ] Review bank and cash records.
[ ] Check customer and supplier balances.
[ ] Review relevant inventory, fixed-asset and other supporting schedules.

Review the story behind the numbers
[ ] Compare the period with relevant prior results or internal plans. Investigate movements that the team cannot explain and distinguish genuine business changes from missing or misclassified records. Keep a short commentary alongside the financial report so important context is retained.

Capture what to improve next month
[ ] Record recurring delays, manual work and unresolved items after each close. A small process change, such as a clearer handover or standard record format, may make the next cycle more consistent. These are general workflow suggestions; your reporting needs and accounting treatment should be established for your business.

General information only. Confirm your engagement requirements with your adviser.
Contact: jainmh@gmail.com | +91 22 3590 7618