In this episode, we discuss a number of closing activities that can be completed prior to the end of a reporting period. Doing so can greatly increase the speed with which financial statements are created. The following points are made:
Review employee hours to be billed out, and clean up any errors found. This task could be done on a weekly basis.
Complete financial statement schedules in advance, such as operational reports.
Create a separate subdirectory in the computer to store each month’s reports; doing so tends to avoid confusion with using the wrong reports.