Month-end close is the common practice of closing and finalizing all financial activities of a business at the end of each month, including recording income and expenses, reconciliations of bank statements, and presentation of financial reports.
Regular month-end closes keep the financial records sharp and accurate, enabling businesses to find and fix errors early so that final reports reflect what is really going on. A systematic month-end close process makes year-end financials and taxes infinitely less painful with fewer errors and a smaller chance of audits to sweat over.
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