How to Gain Financial Clarity from Month End Close
As a business owner, do you have timely information to run your business? Or do you feel like you are in jail, lacking the freedom to run your business with financial clarity? I admit it – we accountants can be very black and white. Some accountants feel the need to turn the month end close process to a detail-mining analysis of minutia, requiring detail that is not relevant to the big picture and decision-making. The time and expense involved with a long, drawn-out month end close is expensive, with the most expensive part being the opportunity cost of management not having the proper information to make the right decisions to run the business. I can show you that the month end close process should take no more than 5 days. Each month a post-close meeting with all involved in the process can help identify areas to reengineer that will accomplish a 5-day time line. Each Journal Entry should be analyzed to determine if it can be made earlier in the process. In most cases, there are ways to accomplish this. Mindy Barker & Associates can assist with analyzing the process and helping you achieve a 5-day month end close.