Nicole, Here Are Your Articles for Monday, October 26, 2020
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Is This Your Situation: Worried About the Monthly Close


The monthly close process should be standardized. Start by creating a list of standard journal entries that will promote consistency in monthly closings. The following types of adjusting entries produce accurate financial books — the basis for correct financial statements:

  • Inventory counts to ensure accurate inventory levels on your books. It makes sense that inventory more prone to spoilage with a history of variances should be counted more frequently. Doing cycle inventory counts helps make sure that an adjusting entry reconciles the book value of the inventory to the true value determined during the inventory count.
  • Standard journal entries. Adjusting entries made to the general ledger every month balances account variances. Any differences that exist between numbers can be caught and corrected before the period is closed. You need to document each entry. Therefore, preparing a list of all standard journal entries that need to be prepared during the month-end close ensures that all entries are posted to the general ledger.

The preparation of financial statements can begin only after all adjusting entries have been entered into the accounting system. Your accounting system probably generates financial statements, thus reducing the workload. But be sure to review the income statement and balance sheet.

Your company also generates a statement of cash flows and other data-rich reports that can be particularly useful. We not only can simplify your monthly close but also can analyze the information to help you run your company more efficiently and profitably.

Call our office today — we will review your process with you and show you how we can turn mere numbers into long-term, helpful analytics.

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Siegel Solutions Inc
Siegel Solutions Inc
(781) 487-7000
144 Gould Street Suite 205
Needham, MA 02494
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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