In many ways, performing an effective monthly financial period closing is similar to carrying out a successful implementation project. Each closing requires a good plan, effective communication among participants, someone that can control activities and risks, and ideally, a review at the end to learn from mistakes and identify opportunities for improvement. Like a project, a closing must adhere to a defined schedule and meet quality objectives for the deliverables, that is, financial statements that accurately portray results and are free of material errors. The personnel, systems, and processes are equally essential.
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