Monthly Closing and Financial Statements
Monthly closing processes are some of the most important strategic tools for any business. Huntington Group can keep accurate and timely statements that provide key data to facilitate financial tracking, financial strategy, and costly error prevention, and to help stay on top of your finances come tax season.
In order to be effective, financial statements and end-of-the-month reporting need to be accurate. At Huntington Group, we use best practices and GAAP when preparing monthly closing reports and financial statements.
You need to close out your accounting system at the end of each month or accounting period in order to maintain optimal and accurate financial reporting. With Huntington Group, we help you balance your general ledger as well as all subsequent ledgers in order to record data, reconcile accounts, and prepare financial statements.
What do monthly closing processes and financial statement preparation processes from Huntington Group include?
- Record daily operational financial transactions in your daily ledger in order to maximize accuracy and minimize the potential to make mistakes.
- Reconcile accounting system modules and subsidiary ledgers in order to accurately record payables, sales, and investments.
- Record monthly journal entries in order to present a complete and accurate record of your finances by reflecting accrued expenses, amortization, and depreciation.
- Reconcile balance sheet accounts and cash accounts in order to locate incorrect and missing entries on a daily or weekly basis to accurately understand how much cash your business has on hand.
- Review revenue and expense accounts in order to confirm that all expenses have been recorded in the correct accounts and correct periods and that the accruals and prepaids are accurately reflected in the accounts.
- Prepare financial statements. Once our accountants are satisfied that all of your accounts are balanced and that the general ledger is accurate, we will generate financial statements that allow us to compare actuals with budget.
- Close accounting systems for the month. Once the statements have been prepared and reviewed, the accounting period is then closed so that no other transactions can be recorded for the period.
Let Huntington Group Prepare Your Financial Statements
At Huntington Group, we help you employ timely and proper monthly statements that give you insight into the financial health of your business. We help you sort through your financial records and accounting software and review your workflow in order to help you produce accurate and timely financial statements that can be used to paint a complete picture of your operation’s financial health. Drop us a line to find out how we can help your business with monthly closing and financial statements.