Who This Is For
If you run a small to mid-size professional services firm on Microsoft 365 and QuickBooks Online (QBO), you already own most of what you need to streamline month-end. This post outlines a practical 12-step checklist that turns the close into a reliable, decision-ready rhythm. It sits inside Client Accounting Services (CAS). It is not tax, audit, or assurance work.
The 12-Step Month-End Checklist
Week 1 (Days 1–5 of the new month):
Step 1: Bank Feed Reconciliation
Confirm all bank feeds are connected and current. Review and categorize any uncategorized transactions. This should take 30–45 minutes if your rules are set up correctly.
Step 2: Credit Card Reconciliation
Same process for credit cards. Match transactions to receipts. Flag any unusual items for review.
Step 3: Accounts Receivable Review
Pull the AR aging report. Follow up on any invoices over 30 days. Update collection notes.
Step 4: Accounts Payable Review
Review open bills. Confirm any bills due in the next 30 days are scheduled for payment.
Step 5: Payroll Reconciliation
Confirm payroll entries match the payroll register. Verify payroll tax liabilities are recorded correctly.
Step 6: Recurring Entry Review
Confirm all recurring journal entries have posted (depreciation, prepaid amortization, accruals).
Week 2 (Days 6–10):
Step 7: Balance Sheet Review
Review all balance sheet accounts. Confirm cash matches bank statements. Review any unusual balances.
Step 8: P&L Review
Compare current month P&L to prior month and prior year. Flag any significant variances for explanation.
Step 9: Intercompany Reconciliation (if applicable)
If you have multiple entities, confirm intercompany balances are in agreement.
Step 10: Adjusting Journal Entries
Post any adjusting entries identified during the review process.
Step 11: Financial Package Preparation
Compile the monthly financial package: P&L, balance sheet, cash flow statement, and any KPI dashboards.
Step 12: Management Review
Walk through the financial package with the business owner or management team. Discuss variances, trends, and action items.
How Microsoft 365 Accelerates This Process
Power Query: Automates the data import from QBO into Excel. Instead of manually exporting and reformatting reports, Power Query connects directly to your data source and refreshes with one click.
Power Automate: Automates the workflow — sending reminders, routing approvals, and notifying the team when steps are complete.
SharePoint: Centralizes document storage so receipts, bank statements, and supporting documents are organized and accessible.
Teams: Keeps all communication in one place. No more hunting through email for approval threads.
The Result
With this system in place, a typical month-end close takes days instead of weeks. The automation handles the repetitive work, and the review process focuses on exceptions and analysis rather than data entry.
That's the difference between a close that's a burden and a close that's a competitive advantage.
