Year-End (Closing) Review
The year-end closing process is a meticulous undertaking that involves a comprehensive review and adjustment of all accounts to guarantee their accurate reflection of the fiscal year’s activities. As the final step in the accounting cycle before preparing the financial statements, its ultimate objective is to present readers with the most precise and reliable financial picture possible.
Prior to commencing the year-end closing, we prioritize the meticulous examination of your accounting records, diligently scrutinizing the accuracy and completeness of the data contained within your financial statements. This critical step ensures a robust and well-rounded year-end closing, fostering a foundation of financial integrity.
Using your meticulously maintained accounting records, we embark on the compilation and analysis of essential year-end statements. These statements serve as vital components, including the Income Statement, Cash Flow Statement, and Balance Sheet. By leveraging these financial statements, we gain invaluable insights into your organization’s financial performance, cash flow, and overall financial health.
We meticulously assess the completeness and accuracy of your financial statements, leaving no stone unturned in our pursuit of precision. This entails a thorough examination of each statement’s components, cross-referencing data, verifying calculations, and validating the overall coherence of the financial information presented.
A critical facet of the year-end review is the meticulous scrutiny of your organization’s assets and liabilities as documented in the Balance Sheet. Through rigorous examination, we ensure that all assets and liabilities are appropriately recorded, accurately classified, and their valuations reflect the most up-to-date and relevant information.
Apart from assessing company financials, we conduct year-end evaluations to assess employee performance in achieving targets set within the Key Performance Indicators (KPIs) and other determined goals.