Your super-busy schedule makes it nearly impossible to prioritize things like monthly closings and other bookkeeping needs. That’s why our TFO Solutions team is here to help businesses in the Dallas/Fort Worth area with their month-end closing. This is a part of our offering of a wide range of bookkeeping services.
What is the Closing Process in Accounting?
A closing entry is a journal entry made at the end of accounting periods, typically at the end of each month. This process includes shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet. These temporary accounts are used to record activity during a specific period.
Permanent accounts track activities that extend beyond the current accounting period. It is considered the best practice for your business to keep separate tabs on your monthly spending. This gives you a better idea of what you spend on a monthly basis!
Why is it Important to Close Your Books Each Month?
The process of closing the books is a very standard monthly task. It’s the best practice for reviewing your monthly transactions to ensure everything is running smoothly. Reporting these numbers helps you in two different ways.
First, you are able to review all of your transactions. If something is listed incorrectly, you are able to catch it before it causes you bigger issues at the end of the year. Secondly, you are able to make adjustments to properly reflect your business’ activity for the month.
TFO Solutions Can Close Out Your Month
You have a far-too busy schedule to worry about monthly closing. Our team is ready to roll up their sleeves and help you! We take care of your month-end closing checklist to ensure that everything is running smoothly.
We also review your timeline to ensure that everything is listed correctly. Your monthly transactions are neatly organized, providing easy access if you need to look at them. While we take care of your monthly closing needs, we also want to be sure that the information is easily accessible to you.
Contact Today For Help
Our TFO Solutions team is here to help you with the work that you’re too busy for! We take the load off you by taking on the “not-so-fun-stuff,” like monthly closings. We work with businesses in the Dallas/Fort Worth area so give us a call today to find out how we can help you!