The end of the month is a busy time for accounting departments. Preparing for the month end close process requires accounts receivable, accounts payable, and billing and cash receipts among other financial data to be properly accounted for and recorded. For companies with robust accounting departments it’s all part of day to day, but for those with less resources it can be a very stressful time—every month.
Month end close is a complex process that requires more than accounting software. It’s important for standard journal entries and adjustments to be made, reconciliations to be completed, and variance analysis conducted, as well as completing the trial balance reviews and financial statement preparation. The reality is not all companies have the resources needed to manage this process effectively or efficiently which leads to extended delays. To help Chicago area companies, Selden Fox offers month end close services to reduce closing cycle delays and produce effective and timely financial reports for leaders of the organization.
Our month end closing services include:
- Reconciliation of balance sheet accounts
- Posting of journal entries including manual accounting entries and accruals
- Variance analysis of revenues versus expenses
- Trial balance review
- Financial statement preparation
- Financial statement compilations
The Right Fit
There is no shortage of firms in the marketplace that offer month end closing services. The challenge for business owners and management is to find a provider with the right balance of experience, service, and knowledge to drive the process. Many companies work with Selden Fox because of our ability to act as a resource in various capacities even beyond the month end close process. Our accounting solutions team is experienced in all areas of outsourced accounting and can offer insights, guidance, and best practices to streamline your company’s systems.
Month end close is a complex and time-consuming process that often requires more staff time and experience than some accounting departments have available. If you need help managing your month end closing process, Selden Fox can help. For additional information please call us at 630.954.1400, or click here to contact us. We look forward to assisting you soon.