Month-end Close: Business Day 2

Updated: Jan 29, 2019

Good morning. Let me just say, if LeBron would’ve made that buzzer shot last night! I was going to bed after that but this Pelicans/Warriors drama is just TEW much of a laugh to miss. Draymond & Rajon, Draymond & AD, even Chuck was mad at Draymond (I was too lowkey)!

OK coffee, tea, water, notebook, pen, close calendar, conference room. Yesterday we entered revenue & expenses and we have preliminary numbers. Day 2 is when lots of questions start - depending on which side of the table you’re on. This is where the story of your business starts to take shape. Here’s what’s going down today:

  1. Complete AR to G/L Reconciliation (including associated accounts - discounts, allowances, etc.)

  2. Complete AP to G/L Reconciliation

  3. Check in with the team (daily). Field the barrage of questions.

  4. Download bank statements. Save this for last, we can look late afternoon or wait until Day 3. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀

PSA for entrepreneurs, solopreneurs, freelancers, start-ups: don't treat your small business like a small business UNLESS you are perfectly content with where you are now. As long as you're selling, you have the same problems as a global corporation. Therefore, reconciliations are a must.

Reconciliations are detective controls that identify variances between the G/L and sub-ledger and ensure accurate reporting. You learn a lot about what's happening in your business, from both a finance and controls perspective, when you consistently reconcile your accounts, especially those bank accounts. By the time we finalize close, we'll have reconciled the entire balance sheet. That’s the beauty of hiring us - 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 focus on building your business.

Have questions about your financials? Not sure how this accounting thing 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!

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