A process is a series of steps that lead to a desired outcome. A month-end financial process is a series of steps that ensures you have accurate numbers in your financial reports.
The month-end financial process can be presented in the form of a checklist, indicating what task to do, when to do it, and who is responsible for completion.
The process checklist should contain all the necessary steps to close the books for the month in order to ensure the accuracy and completeness of the information. For example, all payroll journal entries should be made on the 1st day of the new month and all bank statements should be reconciled by the 5th business day of the month.
Below is an example of a month-end financial checklist:
To create a financial process for your brewery, use this month end checklist.
Update the document with the specific tasks done in your brewery, then implement the process. Follow the checklist, step by step, to ensure accurate numbers. Your financial reports will thank you.