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.
3. Who we are
Left Brain Professionals is a boutique accounting firm that serves
government contractors. We specialize in accounting system design
& implementation, audit support, training, and cybersecurity
compliance.
4. Our Services
ACCOUNTING
• Accounting
Systems
• Monthly Support
Services
• CFO & Controller
Services
• Software
AUDIT SUPPORT
• DCAA Audit
Support
• DCMA Audit
Support
CYBERSECURITY
• CMMC
Compliance
TRAINING/TOOLS
• GovCon Training
• FCCM Calculator
• Indirect Rate
Calculator
• Proposal
Adequacy
Checklist
5. Our Team
Robert E. Jones
Government Contracts &
Accounting Expert
CPA, CPCM, NCMA Fellow
Melissa Metzger
Government Accounting &
Finance Advisor
MAFM, CPA Candidate
Steven Bressler
Government Contract
Associate
steve@LeftBrainPro.commelissa@LeftBrainPro.comrobert@LeftBrainPro.com
6. Learning
Objectives
• 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
How long does it take you to perform month-end close?
A. Less than 3 days.
B. 3-7 days.
C. 7-10 days.
D. 10+ days.
20. Develop Schedule of Tasks
Balance sheet reconciliations should be on a rolling schedule.
Cont…
Monthly Quarterly Annually
Bank & Credit Cards A/P Fixed Assets*
PTO A/R Inventory*
Commissions Payroll Taxes Profit Sharing
Job Cost Recon Retirement Review P&P
Indirect Rates Bonus Prepaid Expenses*
941 Recon Budgets
Budget/Billing Rate Adjustments Standard Costs
*Schedule is partially dependent on volume of transactions in each category and should be
adjusted to match your organization.
21. Schedule, Continued…
• Inventory – every item should be touched at least once per year as part
of an ABC counting plan. Many accountants recommend formal full
count annually or bi-annually.
• Fixed Assets – annually is sufficient for many companies with few asset
transactions. Quarterly might make more sense for companies with
high transaction volume.
• Prepaid Expenses – key is to get appropriate portion of expense in
proper period when multiple periods involved.
Some of these reconciliations can occur before the end of the period –
focus is simply on completing them on a regular basis.
22. Poll
Which is a monthly balance sheet reconciliation?
A. Commissions
B. Payroll Taxes
C. Bonus
D. Inventory
29. Evaluate the Steps
• Is every step necessary? Why?
• Have you carried over unnecessary steps
from an old system?
30. Evaluate the Series of Steps
• Are you always waiting on someone or
something else? Why?
• Can you put your tasks into the categories of
Pre-Closing, Closing and Post-Closing?
• Are there multiple layers or reviews and
approvals? Why?
• Can they be combined?
31. Align Steps to the Order
Information is needed
• List all steps
• Put steps in order
• Assign time frame (Day 1 AM, Day 2 PM, etc.)
Is someone reconciling fixed assets while
you’re waiting on the A/P accrual?
32. Evaluate Quality of Inputs
• Is it a task they should perform?
• Have they been trained?
• Do you have a feedback loop?
Are you constantly fixing errors from other
departments? Why?
33. Poll
How much help do you need closing periods?
A. None – we've got this.
B. A few small tweaks would help.
C. I’m still unclear on what to do.
D. HELP!
34. Streamline Your Month-End/Year-End Process
Small businesses often struggle to close
their books in a timely manner, a casualty
typically attributed to limited staff and
disorganized processes. Commonly,
companies 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. Timely
and efficient closing of books can speed up
cash flow and help streamline your period
closing costs.
35. Connect
with us
Download the presentation
Left Brain
Professionals Inc.
@LeftBrainPro
Email us
Support@LeftBrainPro.com
@LeftBrainPro
Left Brain Pro
LeftBrainPro
www.LeftBrainPro.com/presentations
36. For information on our upcoming webinars, visit us at
LeftBrainPro.com/events for more details.
