The Importance of a Month-End Close with Jay Holmes
The practice financials are sometimes a headache, right?
In this episode of the MedMan Podcast Jesse and Jay discuss how important it is to have a month-end close. These practices are decisive before taking any decisions on the business. Decision-makers only review the P&L, but what is behind it is also important. Taking into account balance sheets, comp models and overhead budgets give more insight to make decisions. Watch out for those unreconciled transactions too before they mess up your whole work!
Dive deep into Jay’s accounting experience and advice, it all comes down to being organized with data and accounts.
The stronger the processes the lower the risk of diverging information.
A month-end close is a way to hold data accountable, accurate and consistent before making any decisions.
P&L stands for Profit and Loss Statement.
The first step in a month-end close is going through the balance sheet.
Look for a 90-95% accuracy level on the data on the spreadsheets.
Data should be consistent before accurate.
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