Different activities performed in month-end closing include closure of the accounting period in Xero (or any software used), accrual entries of un-entered income & expenses, bank/credit card reconciliations, mortgage & insurance entries, reconciling inventory discrepancies, comparison of budget vs. actual, and analyzing and preparation of reports as per the requirements of management.
At PIKOHANA, we produce monthly accounts closing for clients. To reduce, if not eliminate, any delays in the Book Closing process, we adhere to the following general guidelines:
- Establish a Closing Cadence with the client. With a closing date established, we are able to plan the proper timeline to prepare the deliverables by which expenses and revenues are posted.
- Closing Cadence falls on a holiday or weekend. If the closing reporting cadence falls on a Public Holiday or a weekend, the reporting will be scheduled for the next business day.
- Review Expense fluctuations and trends. Verify and detect any errors or issues on huge differences (either increase or decrease) in figures.
- Issue Resolution. Any Book Closing issues are immediately brought to the attention of the leaders. We have quick morning huddles with the team to address issues such as this. If necessary, a meeting is arranged with the client to resolve the issue.
We also have established Book Closing policies and procedures specific for the following accounting processes: