Standard Month-End Close Checklist

Who is this for?

Accounting departments in organizations of all sizes or external accountants managing multiple clients across industries.

What is the template for?

This template is designed to provide a structured and adaptable closing process that fits any business model. It includes fundamental financial close procedures, recommended timing for an efficient close, and flexibility to add or remove steps as needed. The checklist covers key tasks such as:

• Preparing and reviewing financial statements.
• Conducting budget and forecast analysis.
• Completing journal entry reviews and reconciliations.
• Verifying payroll records and employee expenses.
• Managing receivables, payables, and accruals.
• Reviewing tax obligations and regulatory filings.
• Ensuring compliance with internal controls and reporting standards.
• Finalizing the period close and setting up the new period in the accounting system.

How do you use this template?

You can get started with this template for your next close in just a few minutes by following these steps:

1. Customize – Adapt the checklist to fit your organization’s specific needs. Add or remove steps based on your industry and reporting structure.
2. Share – Assign tasks to the relevant team members, including accounting staff, finance teams, and external partners.
3. Start – Use the checklist as a guide for an efficient and standardized close process.
4. Iterate – Adjust as necessary. Numeric makes it easy to refine the checklist as you identify additional items to track.

Why teams should use a collaborative close management product

• Efficiency – Automate due dates, reminders, and workflows to speed up closing and free up time for strategic work.
• Visibility – Gain real-time insight into progress, bottlenecks, and outstanding tasks with dashboards and reporting.
• Collaboration – Maintain a full audit trail, track reviews and comments, and eliminate unnecessary back-and-forth emails.
• Accuracy – Reduce human error by standardizing the close process and centralizing financial data.
• Control – Ensure compliance with best practices and regulatory requirements, with built-in audit trails for accountability.