4 vital steps in end-of-month accounting

When it comes to accounting, a wide and vast array of people know that the end of the month is a very important and critical time associated with accounting. However there are some vital steps that can be taken when it comes to the act of the end of the month accounting. This article offers you the insight and a more in depth look into four vital steps in end of the month accounting.

Key Takeaways:

• Whether you physically count inventory once a month (always a good idea) or rely on your inventory management system, you need to adjust your cost of goods sold depending on the change in inventory.
• While you do not necessarily need to hunt down every single invoice, you should at least talk to your employees or vendors to make sure there are no large invoices that have been missed or not sent into the office.
• Accounting pulls together vast amounts of information to give a business owner/operator insights into the business. Without the proper accounting processes and procedures, the reports generated by the accounting system could be incorrect.

“Accounting pulls together vast amounts of information to give a business owner/operator insights into the business. Without the proper accounting processes and procedures, the reports generated by the accounting system could be incorrect.”

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