Of course this is a simplification that sounds easy, but is much harder to implement and will never truly be completed. This is a continuous process that changes with the changes in the business. In this article, we lay out some basic expectations that every business owner should expect from their accounting department.

Every accounting team has a close process, but simply reconciling bank accounts is not enough. An accurate system requires a repeatable, disciplined financial statement close process that covers the full balance sheet. As a company scales, it becomes increasingly important to formalize and document this process.

Reconciliation should extend to all balance sheet accounts—not just cash. Each account should have an assigned owner responsible for reviewing and explaining fluctuations. A central dashboard or checklist helps track the reconciliation status of every account, ensuring that nothing slips through the cracks. Analytical procedures, such as month-over-month flux analysis, add an additional layer of review to catch misstatements or unusual activity before the books are finalized.

Timeliness in reporting should be aligned with the cadence of business decisions. Some high-growth companies require real-time data to make operational choices by the hour. Others may function well with a more traditional 5–10 day close. The key is to define a timeline that supports your leadership team's ability to make informed decisions without compromising accuracy.

That timeline should be clearly communicated across the accounting and finance team. Closing faster is not just about working harder—it's about improving structure and removing inefficiencies. With each cycle, the team should look for ways to shorten the timeline without cutting corners, reinforcing the idea that speed follows process and keeping a mindset of continuous improvement.

Creating a team-owned, documented close calendar transforms the month-end process from reactive to predictable. This calendar should lay out every task in the close process, from pre-close activities to final financial review, along with due dates and owners.

Tasks like accrual entries, subledger tie-outs, bank reconciliations, and intercompany eliminations should be sequenced logically. Responsibilities should be clearly assigned, and progress should be visible to all team members. This transparency allows the team to collaborate more effectively and avoids bottlenecks caused by missed handoffs.

Including a scheduled analytical review phase—where financials are reviewed holistically for reasonableness and consistency—can further enhance accuracy before reports are distributed to leadership or external stakeholders.

Without accurate and timely financial reporting, companies are flying blind. KPIs may be misleading. Cash forecasts may be off. And leadership may delay or avoid decisions due to lack of confidence in the numbers.

But when the accounting team delivers reports that are both reliable and timely, the entire company gains leverage. Leaders can hire more confidently, allocate capital with greater clarity, and communicate with investors from a position of strength.