Month-End Close
A subset of financial close specifically focused on finalizing the books at the end of each calendar month, typically involving reconciliation, accrual adjustments, and reporting preparation.
Key Details
- Most fintechs run month-end close processes to provide regular financial snapshots.
- Common steps include bank reconciliation, revenue recognition review, and expense accruals.
- Manual month-end close processes often take 5-10 business days; automated systems can reduce this to 1-3 days.
- Delays in month-end close can impact investor reporting, board meetings, and operational decision-making.