At the end of every month, company makes month end accounting checklist for knowing whether company's financial position and financial progress is OK or not. So, company will include all the important financial items in it for close monitor on the company.
In general view, following things will include in the month end accounting checklist :
1. Monthly Financial Statements
Today, all the accounting software have the power to show financial statement automatically and quickly after every record of transactions. Instead of finding what is wrong in the financial statement, accountant should print every month's financial statements. In these statements, profit and loss account, balance sheet and cash flow will be included. This reports will be included in our month end accounting checklist. It is used for previous month's comparison. We can find whether our financial position and progress is improved or not.
2. Sales and Inventory Reports
Sales and inventory reports are also important to review. So, for senior managers, these should be available in month end. In this report, information should be compared with previous month. So, company manager can understand whether this month company has grown its sales or not.
3. Review of Business Expenses
All the business expenses summery should be available in month end accounting checklist. Some, time, it may be more than our budget. So, for next time we can give more amount of such expenses in our budget or reject such expenses as per the priority of paying of our expenses.
In general view, following things will include in the month end accounting checklist :
1. Monthly Financial Statements
Today, all the accounting software have the power to show financial statement automatically and quickly after every record of transactions. Instead of finding what is wrong in the financial statement, accountant should print every month's financial statements. In these statements, profit and loss account, balance sheet and cash flow will be included. This reports will be included in our month end accounting checklist. It is used for previous month's comparison. We can find whether our financial position and progress is improved or not.
2. Sales and Inventory Reports
Sales and inventory reports are also important to review. So, for senior managers, these should be available in month end. In this report, information should be compared with previous month. So, company manager can understand whether this month company has grown its sales or not.
3. Review of Business Expenses
All the business expenses summery should be available in month end accounting checklist. Some, time, it may be more than our budget. So, for next time we can give more amount of such expenses in our budget or reject such expenses as per the priority of paying of our expenses.
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