What a complete monthly close actually includes. Use it to see whether yours is a real close or just "the bookkeeping is caught up."
| Reconciliation | Bank & credit card accounts reconciled to statements | |
| AR / AP | Accounts receivable reviewed and current | |
| AR / AP | Accounts payable reviewed and current | |
| Cutoff | Revenue recorded in the correct period (accruals/deferrals) | |
| Balance sheet | Prepaid expenses and fixed assets/depreciation handled | |
| Payroll | Payroll fully recorded, including accruals | |
| Review | Balance sheet reviewed for accounts that don't make sense | |
| Review | P&L reviewed against prior month and budget for surprises | |
| Output | Financial statements produced (P&L, balance sheet, cash) | |
| Timeliness | Close completed by the target date |
Check what your close currently includes. A tool from The Finance Seat — an independent finance resource for the EOS community. Free to use and share. More at financeforeos.com.
Run this against your own close process. Gaps here — skipped reconciliations, no balance-sheet review, no target date — are usually why numbers arrive late or distrusted. For the full picture, read what a good month-end close looks like.