In this episode, Leah McCool and Aminder Mann discuss theimportance of monthly accounting updates and the monthly close process. They outline the steps involved in closing the books each month, the tools they use to streamline the process, and common issues that arise in clients' accountingpractices. The conversation emphasizes the significance of maintaining accurate financial records for business growth and audit readiness, and how professional accounting services can alleviate the burden on small business owners.
Takeaways
· Monthly updates provide real-time insights intobusiness performance.
· A monthly close ensures reliable and cleanfinancials.
· Regular bookkeeping helps in making informedbusiness decisions.
· Using a structured process for month-end closeis essential.
· Tools like close trackers and client portalsenhance efficiency.
· Common issues include misclassifyingtransactions and ignoring undeposited funds.
· Separating personal and business transactions iscrucial for accuracy.
· Documentation is vital for maintaining auditreadiness.
· Diligence in accounting prevents costly year-endcleanups.
· Financial statements guide intentional businessmanagement.
Chapters
00:00 Introduction to Monthly Close Routine
03:03 Understanding the Monthly Close Process
05:47 Steps in the Monthly Close Process
08:24 Tools and Software for Efficient Closing
11:32 Common Issues in Monthly Closing
14:17 Best Practices for Business Owners
17:12 Conclusion and Call to Action
Keywords: accounting, monthly close, bookkeeping,financial statements, business growth, tax compliance, small business, financial insights, accounting tools, client management
Website: TheAccountingEdit.com
Aminder's Links
Website: sequoia-cpa.com
Instagram: @sequoiacpa
LinkedIn: linkedin.com/company/sequoia-cpa
Leah's Links
Website: orca-accounting.com
Instagram: @orcaaccounting
LinkedIn: linkedin.com/in/leahmccool