Month-end Close: Business Day 1

May 1, 2018


So you had a couple successful events this month, sold some courses, and your email list is poppin.’ Kudos to you for putting your business out there and generating revenue! Cheers to the Summer preseason weather and I want you to celebrate your success this Cinco de Mayo AND Derby weekend. But FIRST, we gotta close these books.


It’s Day 1! Make sure you have all receipts for expenses you paid in April because we need to record those today. If there are expenses you incurred but you haven’t yet received a bill, we need to record those as well (as accruals). We’re also keying invoices – the stack has gotten thicker since last month which is good. These are the most important things to get done today. 



As we enter a new month, let’s not get prior and current transactions mixed up. Of equal importance is making sure we properly categorize transactions as this will be key for the financial analysis we’re doing in a couple days.

Business Day 1 Tasks

  1. Review invoices and record expenses, accrue as needed

  2. Review invoices and record sales, accrue as needed

  3. Complete profitability analysis by product/service relative to trend and budget


Depending on your setup, your accountant can close your books with little to no intervention from you, meaning you focus your efforts on running your business. If you have systems in place where the documents needed are readily available, there’s not much you need to do. That’s the beauty of hiring an accountant - our goal at The Winston Accounting Group is to utilize our 15+ years of accounting, finance and risk management expertise to compile and analyze your financials so you can continue to build your business.


Have questions about your financials? Not sure how this accounting this is supposed to work?

Click here to email me, I'd love to partner with you and set your business up for success. The Winston Accounting Group specializes in general ledger maintenance, tax prep & planning, and financial consulting. We serve clients both virtually and in the metro Atlanta area. We are currently accepting new clients, schedule your FREE discovery session today


Information provided on this blog and website is not intended to be the rendering of accounting, tax or any other professional services. We expressly disclaim all liability regarding decisions made, actions taken or misinterpretations occurring as a result of this content.  

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