The FSCP is the process by which we finalize and close the accounting records
Typically done at the end of each month – often referred to as ‘month-end close’
Qs: What is the financial statement close process? Has anyone had experience in this before?
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It is important that the month-end close is completed on a timely basis because monthly financial statements are used by management for planning purposes and decision making
We need more than speed, we also need accuracy
Timely financials are meaningless if the numbers are not accurate
Accuracy begins at the inception of every single transaction, through the processes we’ve been reviewing over the past week
At month-end, we are only validating what we know should be 95%-99% accurate