Clean and accurate financials - each and every month!
Month-end closing procedures:
Discover the "accountants' secret" to closing your books,...
Qlean$tart® Accounting Solutions:
Month-End Closing Procedures
Achieve Accurate, Reliable Reports from QuickBooks – On Time – Each and Every Month,...
Tired of getting late, inaccurate, or confusing reports?
- Do you receive accurate, meaningful financial and job cost reports every month?
- Do your reports make sense? Are they helpful?
- Are your job costs properly assigned?
- Do your “Costs by Job” agree with your company totals?
- Are all of your bank and credit cards reconciled each month?
(Note: Banks won't cover fraudulent checks if you discover them after the bank's cut-off date…)
- Are your valuable accounting records backed up?
- Is your QuickBooks file formally closed (to protect against unwanted changes) each month?
- Are you aware of, and have you implemented, basic anti-fraud controls?
If you answered "No" to any of these questions, it's not your fault – unless you've been working with a professional accountant who helped you create closing procedures for QuickBooks, you probably haven't realized how a standardized, date-driven month-end closing process can act as a powerful tool to help you extract the accurate, timely results you need from your accounting system.
Can non-accountants learn how to dramatically improve
the quality and accuracy of QuickBooks financial reports?
Absolutely! If you (or your staff) can read and utilize a checklist, you (or they) can easily perform the steps outlined in these month-end closing, proofing, and balancing procedures. Simply set your target dates, and then perform the clearly-defined action steps each day until the prior month's accounting results are finalized ("closed"). You'll see an immediate improvement in the reliability and usefulness of your critical data.
Do all businesses need month-end closing procedures?
Every single transaction entered into QuickBooks (or any accounting system) contains a number of fields that need to be completed. No matter how diligent or experienced the bookkeeper or accountant, it's nearly impossible to enter the (usually thousands of) details perfectly every month. And because of time pressures, unless there's a clearly defined process in place to double-check results, bookkeepers seldom re-visit their work. The result? Books of record and reports that contain numerous errors – reports that leave business owners doubting the validity of what they see in their own company's records!
Accountant-designed process and solution...
Because, over the years, we observed so many businesses struggling with this issue, we developed this Month-end Closing Procedures system. In certain cases, clients ask us to perform these quality-control procedures on their behalf. But, in many instances, the better long-term solution is to help our constituents learn how to systematically self-review, self-correct, and protect their monthly accounting records, job cost reports, and valuable assets.
The result? Owners can finally count on seeing accurate, useful reports each and every month - without needing to rely on expensive professional accounting services.
What's the process to close the books at month end?
These closing procedures are organized progressively – so accounting actions and corrections taken during initial steps flow through to later steps. This helps to minimize “circular” re-work or undiscovered errors. You will also find it easy to establish and achieve internal target dates, assign accountability for specific procedures, and to add, delete, or modify steps to accomodate circumstances unique to your company. Review the steps, set the dates, and go!
Coverage areas include:
- Expenses & liability payments
- Preliminary review of key reports for reasonableness
- Final adjustments and allocations
- Preparation of standard monthly reports
- Final (owner's) reviews and resulting modifications if needed
- Month-end wrap-up (backups, file integrity checks, filing reports, closing dates)
- Basic accounting controls to help prevent and/or detect internal fraud
Sample Screen Shots:
For the best view, please maximize each screen…
- Month-end procedures overview
- Security hints, tips, and reminders included within procedures
- Includes owner's month-end review steps.
Note - Procedures file delivered via electronic transfer. License valid for one company and one computer. $67
Note 2 - Consultants & Accountants: We love working with consultants and accountants, but please note that this product is NOT licensed for use with multiple entities. If you wish to utilize this product for more than one client, please contact us for helpful insights and discounted licensing arrangements. We appreciate your consideration regarding legal intellectual property rights....