Our Monthly Financial Close Process Checklist includes two sample checklists comprising various leading practices, which, when adhered to, can enhance the efficiency of month-end close procedures. It promotes the use of integrated systems and analytical software tools to minimize manual data entry, ensuring accuracy and ease in data flow from subsidiary ledgers to the general ledger. This checklist also helps identify areas for potential improvement by examining current practices. By following this checklist, organizations can reduce finance function costs, provide more time for strategic activities, and illustrate that their controls and systems are well-organized.

Sample checklist items from this tool:

• Perform an annual assessment for impairment
• Discuss any changes during the period with management 
• Obtain supporting documentation for changes during the period
• Perform quarterly assessments for impairment
• Obtain supporting documentation for changes to intangible assets during the period
• Contact relevant process owners to request information regarding required period-end accruals