Description Small businesses often struggle to close their books in a timely manner, a casualty typically attributed to limited staff and disorganized processes. Commonly, the companies we work with do not have a comprehensive and well-organized list of closing tasks, do not utilize templates, or have not considered how the timing and sequence of tasks can accelerate the process. In this webinar, we’ll discuss how the timely and efficient closing of books can speed up cash flow and the steps you can take to streamline your period closing costs. Learning Objectives 1. Develop a comprehensive checklist with responsible parties and due dates. 2. Design templates for common or repeated tasks. 3. Categorize tasks as pre-closing, closing, and post-closing. 4. Eliminate wasted time, steps, forms, routings, etc. www.leftbrainpro.com

1. Copyright © 2014-2022 Left Brain Professionals Inc.
Month-End Closing

2. Copyright © 2014-2022 Left Brain Professionals Inc.
We Know Government
Contract Accounting

3. Who We Are
Left Brain Professionals is a boutique accounting firm that serves
government contractors. We specialize in accounting systems and
strategic services.

4. Copyright © 2014-2022 Left Brain Professionals Inc.
Our Practice Areas
ACCOUNTING SYSTEMS
• Accounting System Design &
Implementation
• Monthly Support Packages
STRATEGIC SERVICES
• DCAA Audit Support
• CFO & Controller Services

5. Our Team
Robert E. Jones
Principal GovCon
Accounting Advisor
CPA, CPCM, NCMA Fellow
Steven Bressler
GovCon
Accounting Associate
Steve@LeftBrainPro.com
Robert@LeftBrainPro.com
Copyright © 2014-2022 Left Brain Professionals Inc.
Suzanne@LeftBrainPro.com
Suzanne Camden
Sr. GovCon
Accounting Advisor
CPCM, NCMA Fellow

6. Learning
Objectives
Copyright © 2014-2022 Left Brain Professionals Inc.
• Develop a comprehensive checklist
with responsible parties and due
dates.
• Design templates for common or
repeated tasks.
• Categorize tasks as pre-closing,
closing, and post-closing.
• Eliminate wasted time, steps, forms,
routings, etc.

7. Poll
Copyright © 2014-2022 Left Brain Professionals Inc.
How long does it take you to close each month?
A. 1-3 days
B. 4-6 days
C. 7-9 days
D. 10+ days

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Comprehensive Checklist
Identify responsible parties
Assign due dates and times
We had to close by noon of the 3rd
business day so timing of individual tasks
was critical

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Comprehensive Checklist
Time phased steps
Create a process flowchart
Which tasks can be performed in parallel?
Which tasks have dependencies?
Have you aligned the tasks?

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Categorize Tasks
Pre-Closing
Closing
Post-Closing

11. Copyright © 2014-2022 Left Brain Professionals Inc.
Categorize Tasks
Pre-Closing
Payroll JE
Customer invoicing
Partial bank recon
Balance sheet recons
Prepaid recon
PTO recon
Fixed asset recon and
depreciation
Lease accruals

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Categorize Tasks
Closing
Customer invoicing
Revenue recognition
Bank recon
Labor distribution & payroll accrual

13. Copyright © 2014-2022 Left Brain Professionals Inc.
Categorize Tasks
Post-Closing
Financial statements
Indirect rate reports
Analysis
Reversals

14. Poll
Copyright © 2014-2022 Left Brain Professionals Inc.
What keeps you from closing in a more timely manner?
A. Customer invoicing
B. Timesheets and payroll
C. Expense reports
D. Credit card and bank reconciliations
E. Something else

15. Copyright © 2014-2022 Left Brain Professionals Inc.
Sample Checklist
Day 0
(Planning and preliminary items that are
not closing date sensitive)
Complete pre-closing items

16. Copyright © 2014-2022 Left Brain Professionals Inc.
Sample Checklist
Day 1
(Ensure everything is entered and ready for customer invoices)
Timesheets
Expense reports
Bank recon
AP accruals (received not invoiced)

17. Copyright © 2014-2022 Left Brain Professionals Inc.
Sample Checklist
Day 2
(Prepare customer invoices and recognize
revenue)
Recon job ledger to general ledger
Customer invoices
Revenue recognition
AR accruals (revenue in excess of
billings)

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Sample Checklist
Day 3
(Final reviews and validations)
Preliminary financial statements (minus notes)
High-level presentation to owners & senior management

19. Copyright © 2014-2022 Left Brain Professionals Inc.
Common Issues
Missing AP
Missing AR
Missing Accruals
AP and AR in the wrong month

20. Poll
Copyright © 2014-2022 Left Brain Professionals Inc.
Do you use any of the following tools?
A. Import time for automated invoice generation?
B. Import expenses for automated credit card reconciliation?
C. Mock payroll in QB for labor distribution?
D. Automated AP and payments
E. Automated AR and receipts

21. Copyright © 2014-2022 Left Brain Professionals Inc.
Templates
Common or repeated tasks
Reconciliations
Journal Entries
Payroll
Labor distribution

22. Copyright © 2014-2022 Left Brain Professionals Inc.
Eliminate Waste
Closing steps out of sequence
Focusing on the wrong tasks
Block calendar for focus
Ignoring materiality
Manual vs automation

23. Poll
Copyright © 2014-2022 Left Brain Professionals Inc.
Would you like help closing faster each month?
A. Yes
B. No

24. Copyright © 2014-2022 Left Brain Professionals Inc.

25. Connect
with us
Download the presentation
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Professionals Inc.
@LeftBrainPro
Email us
Support@LeftBrainPro.com
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