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Business Controller Monthly Closure Checklist

Revenue Recognition

Review revenue recognition policies and ensure compliance with accounting standards

Check revenue recognition policies against current accounting standards
Verify that policies are being followed correctly

Confirm accuracy of revenue recognition entries in financial statements

Check revenue recognition entries for accuracy
Ensure they are correctly classified and recorded

Analyze revenue trends and variances from budget

Compare current revenue trends to budgeted amounts
Investigate any significant variances

Review contracts and agreements to ensure proper recognition of revenue

Review terms of contracts for proper revenue recognition
Ensure revenue is recognized in accordance with contract terms

Perform a detailed review of deferred revenue and unbilled revenue accounts

Review deferred revenue accounts for accuracy
Review unbilled revenue accounts for completeness

Reconcile revenue recognized in the general ledger to supporting documentation

Match revenue recognized in the general ledger to supporting documents
Ensure all revenue is properly supported

Investigate any discrepancies or anomalies in revenue recognition

Investigate any discrepancies in revenue recognition
Determine the cause and rectify as necessary

Expense Analysis

Review expense accounts for accuracy and completeness

Investigate any variances from budgeted expenses

Identify cost-saving opportunities and make recommendations for improvement

Analyze trends in expenses over time to identify areas of concern or potential inefficiencies

Review expenses for compliance with company policies and procedures

Conduct a detailed review of all major expense categories to ensure proper allocation and classification

Collaborate with department managers to understand the drivers behind expense fluctuations and develop strategies for cost control

Evaluate the return on investment for major expenses and provide recommendations for cost optimization

Prepare variance analysis reports to highlight key drivers of expense fluctuations and communicate findings to senior management

Balance Sheet Reconciliation

Review and reconcile all balance sheet accounts

Investigate and resolve any discrepancies in balances

Ensure proper classification of assets and liabilities

Perform detailed analysis of each balance sheet account to identify any unusual or significant fluctuations

Review and update supporting documentation for each balance sheet account

Verify the accuracy of intercompany transactions and eliminate any intercompany balances

Conduct a review of accruals and prepaids to ensure they are properly recorded and classified

Reconcile any outstanding reconciling items and clear them in a timely manner

Review and assess the adequacy of reserves and provisions recorded on the balance sheet

Evaluate the impact of any new accounting standards or changes in accounting policies on the balance sheet accounts

Cash Flow Analysis

Review cash flow statement for accuracy and completeness

Analyze cash flow trends and identify any potential cash flow issues

Make recommendations for improving cash flow efficiency

Review cash flow forecast and compare to actual results

Evaluate cash inflows and outflows to optimize working capital management

Identify any discrepancies between cash flow statement and underlying financial data

Assess potential impact of cash flow issues on overall business performance

Liaise with Treasury team to ensure proper cash management practices are being followed

Financial Reporting

Review financial statements for accuracy and completeness

Ensure compliance with regulatory requirements and accounting standards

Make recommendations for improving financial reporting processes

Analyze key financial metrics and trends

Compare actual financial performance to budget and forecast

Prepare variance analysis reports

Review internal control procedures related to financial reporting

Coordinate with external auditors for financial statement review

Communicate financial results to senior management and stakeholders

Management Reporting

Prepare management reports detailing key financial metrics and performance indicators

Analyze and interpret financial data to provide insights to management

Present findings and recommendations to senior management

Develop ad-hoc reports as requested by management to support decision-making

Conduct variance analysis to explain deviations from budget and forecast

Collaborate with department heads to gather additional information for management reports

Review management reports with senior management to ensure understanding and alignment

Follow up on action items identified during management reporting meetings

Tax Compliance

Review tax filings and ensure compliance with tax laws and regulations

Coordinate with tax department to address any tax issues or concerns

Make recommendations for tax planning and optimization

Conduct a review of tax deductions and credits to maximize tax savings

Update tax provision calculations and ensure accuracy in financial statements

Stay informed of changes in tax laws and regulations that may impact the business

Coordinate with external tax advisors for assistance with complex tax matters

Prepare and file tax returns accurately and on time to avoid penalties

Audit Preparation

Prepare documentation and support for upcoming audits

Coordinate with auditors to provide requested information and resolve any audit queries

Ensure compliance with audit requirements and deadlines.

Review previous audit findings and implement any necessary corrective actions

Conduct a thorough review of financial statements and supporting documentation to ensure accuracy and completeness

Perform a self-audit to identify any potential issues or discrepancies before the external audit begins

Schedule regular meetings with audit team to provide updates on audit preparation progress and address any concerns or questions

Maintain a detailed audit trail of all financial transactions and adjustments for easy reference during the audit process

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