Month-end close and monthly financial statements
SF Business Solutions closes your books each month between the 5th and 15th of the following month, depending on when your documents arrive: every account reconciled, accruals and adjustments booked, and the period locked.
You get a profit and loss statement, balance sheet and cash flow statement that a lender or investor can use, and books ready for the tax return we can prepare and file.
What a month-end close includes
A close turns a month of transactions into numbers you can rely on. Once every account is reconciled, we book what the bank feed can't see: expenses incurred but not yet billed, prepaid insurance spread over the months it covers, depreciation, and loan interest. Then we lock the period so the numbers you received don't quietly change.
The three statements you get
The profit and loss statement shows revenue, costs and profit for the month and the year to date. The balance sheet shows cash, receivables, payables, loans and equity on the last day of the month. The cash flow statement connects the two, explaining how profit became, or didn't become, cash in the bank.
Prepared, compiled and reviewed statements
The statements we deliver are prepared statements: built from reconciled books, with no assurance report attached. A compilation or a review is a formal engagement performed by an independent CPA firm under AICPA standards; a review gives limited assurance, a compilation gives none but carries the CPA's report. If your lender asks for either, we get the books ready for the CPA firm doing it.
Statements for lenders and investors
Lenders reviewing an SBA loan application typically ask for recent profit and loss statements and balance sheets alongside tax returns, and they check that the two agree. Investors want accrual-basis statements with consistent categories month to month. Both come from the same thing: a clean, closed set of books.
How to start
Three steps. The first one is free.
- 1
Book a free consult
A 1-hour call about your books, your software and what you need.
- 2
Give us access
Invite us to QuickBooks Online or Xero and share your bank and card statements.
- 3
We take it from there
Cleanup first if you are behind. Then we close each month between the 5th and 15th of the following month, depending on your documents.
Great job, did everything we needed. Always works very hard to make sure everything is accurate. Thank you!!
Who prepares monthly financial statements for small businesses?
Usually an outside bookkeeping firm or an in-house accountant. We prepare them each month once the books are closed.
What is outsourced month-end close?
An outside team reconciles your accounts, books month-end adjustments and locks the period, then sends your statements. We finish between the 5th and 15th of the following month, depending on when your documents arrive.
What's the difference between prepared, compiled and reviewed financial statements?
Prepared statements carry no report. Compiled and reviewed statements are formal engagements by an independent CPA firm; a review gives limited assurance.
Which statements do you send every month?
A profit and loss statement, a balance sheet and a cash flow statement.
Can you get my books ready for an SBA loan application?
Yes. We clean up and close the books so your statements agree with your tax returns before the lender sees them.
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