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Create a world-class month-end close process that is structured, comprehensive, and audit-read

Preparation Phase

  • Identify all tasks required for month-end close.
  • Assign deadlines for each task based on team capacity.
  • Create a visual calendar or timeline for clarity.
  • Distribute the calendar to all team members involved.
  • Regularly review and adjust deadlines as needed.
  • Draft a clear communication outlining the timeline.
  • Specify each team's responsibilities during the close.
  • Use email or team collaboration tools for distribution.
  • Set a meeting to discuss the timeline if necessary.
  • Encourage questions and feedback from team members.
  • Conduct a thorough review of existing policies.
  • Identify areas needing updates or clarifications.
  • Consult with relevant stakeholders for input.
  • Document any changes clearly and precisely.
  • Disseminate updated policies to all accounting staff.
  • Perform a checklist review of all software tools.
  • Test software functionalities relevant to month-end close.
  • Schedule updates or maintenance before the close.
  • Train staff on any new features or tools.
  • Establish a support contact for technical issues.

Data Collection

Account Reconciliation

Journal Entries

Financial Statement Preparation

Review and Approval

Documentation and Compliance

Communication

Continuous Improvement

Training and Development

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