Are You Ready for Month-End Checklist for SMEs ?

Essential Month-End Close Checklist for SMEs | Thinkcore

For SMEs, using checklist for month or year end is a top priority game.

A reliable month-end close process gives management confidence in the numbers and helps spot issues early. Use this checklist to make your closing fast, consistent and repeatable.

Month-end close checklist

• Bank reconciliations: Reconcile all bank and credit-card accounts.


• Accounts receivable: Age outstanding invoices and follow up on collections.


• Accounts payable: Verify vendor invoices and upcoming payments.


• Accruals & prepayments: Record salary accruals, rent and utilities.


• Inventory : Perform physical counts and reconcile to books (if applicable).


• Fixed assets: Post depreciation and reconcile additions/disposals.


• Payroll checks: Confirm payroll liabilities — PF/ESI/TDS.


• Management reports: Prepare P&L, balance sheet, cash flow and variance analysis.


• CA review: Final sign-off and statutory filings as required.

Speed-up tips

• Establish a Cut-Off Date: Set and strictly adhere to a firm deadline (e.g., the 3rd of the month) for all staff to submit expenses, invoices, and necessary documents.


• Segment by Complexity:Handle straightforward, high-volume tasks (like bank reconciliations) first, leaving complex journal entries or accruals for later.


• Utilize Cloud Collaboration: Use shared, cloud-based document storage (like Google Drive or SharePoint) for all supporting documents, ensuring your team and your accountant have instant, simultaneous access.

Streamline Your Financial Close with Confidence

A disciplined month-end close empowers your SME, transforming financial data into a real-time management tool. It ensures timely insights by providing accurate P&L and Cash Flow reports early, and guarantees statutory confidence through a final CA Review of all GST and TDS filings, keeping your books audit-ready and minimizing risk.

Conclusion:

A disciplined close process improves accuracy and delivers timely insights for better decisions.