Monthly Closing Process

Our experts take care of the correctness and timely completion of your company's financials, so that the company's management has access to up-to-date financial information throughout the year.

The monthly closing process brings together all aspects of financial management into one entity. It is important to close the accounts in a timely manner as soon as possible after month end. When the process is carried out on a monthly basis, the information on the company's financial situation is correct and up-to-date throughout the financial year.

If some items are recorded on a quarterly basis or only in the financial statements, the picture of the company's actual financial situation during the year may be distorted. Up-to-date and accurate information helps management make financial decisions. In the monthly closing process, all daily sub-processes - sales invoicing, sales ledger, purchase ledger, inventory transactions, changes in fixed assets - are recorded as soon as they occur before the last day of the month. At the end of each month, the accounts and ledgers are reconciled and all necessary accruals, provisions and depreciation are recorded in the accounts. The automation of various stages of the process, as well as pre-mapping, enhance the completion of the monthly closing process on a pre-set schedule.

Once the monthly closing report is complete, the accuracy of the accounting is verified through an analytical review by checking the logic of changes in the income statement and balance sheet, the recording of expenses for the correct month, and the reasonableness of appropriate provisions. The checks performed include comparing the monthly accounts with the budget or the latest forecast prepared by management. The company's result is then reported to management and / or the board for review and the month can be closed in the accounts.

Greenstep at your service

Our experts have extensive knowledge of accounting and the development of financial management processes. We can take care reliably of the smooth progress of the various stages of your company's accounting and, if necessary, help to define a schedule for the entire process, so that the monthly financial result is completed on time and with the right information.

We can help to identify factors that make it possible to make the process more efficient e.g. through automation. In addition, with regard to the application of the company's accounting policies, it is good to ensure that they give a true and fair view of the accounts on a monthly basis. We can also ensure with you that the result is presented to the extent that the business needs are met (cost centers, business reporting, project monitoring).

We do not oversize our work but consider the size of your company when managing the financial reporting processes.