In a recent article posted on the AICPA website, Maria Murphy offers tips for a better and faster month-end close. A few questions she addresses to help consider if your close cycle needs to be quicker are:
- Is anyone complaining about the length of the monthly close?
- Who will benefit from a quicker close?
- Can the close go faster without sacrificing accuracy?
- Is there specific information that can be disseminated before the close is finalized?
- Can nonfinancial data, such as human resources or production data, be used to close more quickly?
The tips Murphy offers for a shortened close are:
- Break the close process into pieces
- Perform a risk analysis
- Change mindsets from looking backward to looking forward
- Evaluate close areas that can be done in different time periods
- Use technology
- Communicate
At Brickley DeLong, we assist many clients with the monthly, quarterly, and annual period-end financial closings. We pride ourselves in being dependable when it comes to preparing your tax returns and other required filings. For more information on our accounting services, click here, or contact Brian McFarren at (231) 726-5815 or bmcfarren@brickleydelong.com.
Brickley DeLong is a West Michigan Accounting Firm, offering personalized accounting services with offices in Muskegon, Hart, and Grand Rapids, Michigan.