How to Streamline Month End Close Process

Last quarter, I witnessed our accounting team implode during month-end close: - Reports to the CFO delivered days late. - Three critical journal entries completely missed - Bank reconciliations with $14,000 in unexplained variances. The consequences were severe: weekend overtime, auditor findings, and eroding trust from leadership. This wasn't just an organizational issue. It threatened our financial integrity and the team's professional reputation. After analyzing what went wrong, I implemented a comprehensive month-end control system: 1. Documentation First:  → Created detailed process maps for each closing task. 2. Tiered Checklist System:  → Developed role-specific checklists with dependencies clearly marked. 3. Verification Points:  → Established key checkpoints requiring senior approval. 4. Digital Integration:  → Built automated notifications for missed deadlines or variances 5. Review Cadence:  → Implemented daily close meetings with visual tracking The result? Within one quarter: - Zero missed journal entries - All reports delivered on schedule - Unexplained variances reduced to under $500 Even our most experienced team members now rely on this framework. They've realized that "doing it from memory" isn't professional confidence. it's unnecessary risk. Is your accounting team still closing books without a comprehensive system? #monthend  #checklist  #finance  

How We Cut Our Month-End Close From 12 Days to Only 5 When I was a Controller, month-end close used to be our team's biggest pain point. The late nights, the scrambling for documentation, the endless reconciliations. But we transformed our process and cut our close time by more than half. The game-changer? Microsoft Project We mapped every single close task by function, department, and individual owner. Every person had clear deadlines. Every task had accountability. No more guessing. Here's how we transformed our process: 1. Built a Master Project Plan We documented every close task in Microsoft Project - from bank recs to accruals to reporting. Each task was assigned to a specific person with a hard deadline. 2. Daily Stand-ups During Close My team updated me every morning on their progress. These 15-minute check-ins kept everyone aligned and surfaced bottlenecks immediately. 3. Tracked Progress Religiously Microsoft Project's dashboards showed us exactly where we stood. When someone fell behind, we knew instantly and could reallocate resources. 4. Standardized Everything Templates for recurring journal entries. If you're manually entering the same JEs every month, you're wasting precious time. 5. Close Throughout the Month Don't wait until day 31. Reconcile cash daily, review AR/AP weekly, and address variances as they arise. 6. Implemented Hard Cut-offs No exceptions. Expense reports due by the 25th means the 25th. Period. Your team will adapt. 7. Automated Bank Reconciliations Modern tools can match 95%+ of transactions automatically. Stop doing this manually. 8. Pre-close Analytics Run variance reports on day 28. You'll spot issues before the chaos begins. 9. Centralized Supporting Documentation One shared drive. One naming convention. Stop the treasure hunt for invoices. 10. Conducted True Post-Mortems After each close, we identified bottlenecks and refined our Project plan. Continuous improvement was key. Month by month, we slowly closed the gap. The daily updates created accountability. The visibility drove efficiency. What once took 12 days now takes 5. Has anyone else used project management tools to transform their close process? What has worked for you? —--------------- Hi! I’m Nathan Liao, Founder & CEO of: ⭐ CMA Exam Academy dot com - Pass the CMA exam on your first attempt! - 16-week Accelerator program ⭐ CPE Flow dot com - Are you a certified accountant?  - Earn your annual CPE credits ➕ Follow me for accounting & finance insights

Want to cut your month-end close time in half? Start with a checklist. It sounds simple — and it is. But it's also one of the most effective tools I’ve used to help clients reduce close times by 30–50%. When you're juggling deadlines, documentation, and team coordination, even small details can slip through the cracks. A standardized accounting month-end checklist brings structure, consistency, and accountability to the process. Here’s what an effective checklist should include: ➡️ Every task required for close ➡️ The team member responsible for each step ➡️ Expected completion dates ➡️ Space to document issues or delays You don’t need fancy software. You just need a clear, repeatable process that your team can rely on month after month. The result? Faster closes, fewer errors, and more reliable financial reporting. Is your team using a month-end checklist today? If so — what’s made it most useful? If not — what’s holding you back? _____________________________________________ 👋 I'm Melissa Armstrong, CPA*, fractional controller, and founder of SteadyHand Accounting & Advisory.   *𝗡𝗼𝗽𝗲𝗅 𝗜 𝗱𝗼𝗻'𝘁 𝗱𝗼 𝘁𝗮𝘅𝗅