Financial Close
The process of finalizing all financial transactions and records for a specific accounting period, ensuring accuracy and completeness before producing financial statements.
Key Details
- Financial close occurs at the end of each accounting period (monthly, quarterly, annually).
- Involves reconciling accounts, reviewing adjusting entries, and ensuring all transactions are recorded.
- A faster close cycle improves decision-making by providing timely financial visibility.
- Modern fintech operations aim for continuous close capabilities to reduce the traditional close period from weeks to days.