Start with complete records
Bring together bank and credit card statements, sales reports, bills, payroll reports, and other agreed source records. A consistent cutoff helps distinguish the period being closed from the work still ahead.
Reconcile the accounts
Match ledger balances to supporting statements and schedules. Record unresolved differences and assign responsibility for follow-up instead of allowing them to disappear into the next month.
Review the financial picture
Review the profit and loss statement, balance sheet, outstanding invoices, supplier balances, and significant movements. Ask whether the reporting reflects how the business actually operated.
Finish with a short action list
A useful close leaves the owner with clear next steps: resolve an old balance, follow up an invoice, review a cost category, or improve a recurring process. Agree on when the next reporting package will be ready.
General information only. This guide is not individualized accounting, tax, legal, or investment advice. Discuss your circumstances with an appropriately qualified professional.