A better month-end starts with these six habits
Month-end is easier when the work is shared across the month. A consistent routine helps you understand the numbers while they are still useful for decisions.
1. Keep source documents together
Save sales invoices, supplier bills, receipts and credit notes in a consistent folder structure. Record the transaction date, supplier or customer and purpose so each entry can be traced back to its evidence.
2. Reconcile every business account
Match bank, credit card and payment gateway balances to the ledger. Investigate unmatched items, duplicated entries, fees and settlement timing differences instead of carrying unexplained balances forward.
3. Review amounts owed to you and by you
Look at customer ageing and supplier balances. Confirm disputed invoices, expected collection dates and upcoming payments so the cash position is understood alongside profit.
4. Check cut-off and recurring adjustments
Review expenses and income around the period-end. Maintain schedules for prepayments, accruals, depreciation, inventory and employee-related balances, where relevant.
5. Connect tax records to the ledger
Reconcile tax control accounts and retain supporting invoices. Flag uncertain treatments for review rather than assuming every transaction follows the same rule.
6. Read the reports before closing
Compare the profit and loss, balance sheet and cash flow information with prior periods and expectations. Explain unusual movements, document corrections and agree the close before sharing management reports.
A realistic closing calendar gives each task an owner and a completion date. Marugdha can help establish the routine and support the recurring close.
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