Financial standard operating procedures (SOPs) provide step-by-step instructions on how to perform important tasks in your business.
These steps are important so that we get complete, accurate and timely financial information needed to make better business decisions.
One of the best things you can do for your financial reporting is to write up a Month End Closing SOP.
The important steps include:
- Set deadlines for completion (for example, the 10th day of the month)
- Set cutoff dates (the date after which no more new transactions will be recorded)
- Create checklists to identify what needs to be done, who will do it, when it needs to be complete, and a big check mark when the task is done
Do this next:
- Watch the short video below: Month End Closing SOP
- Join the Beer Business Finance Association – we are a network of beer business owners and managers striving to improve financial results together
- Already a member? Log in to your membership dashboard to get the complete set of Wholesaler Standard Operating Procedures.
