Successful monthly (or other periodic e.g. It also means processes and procedures that are well thought out, documented, and incorporate internal controls such as segregation of duties across all appropriate departments. This result requires controlled and coordinated activities throughout the month. Accurate and timely statements provide key data to support fiscal monitoring and decision making, prevent costly mistakes, and prepare you for tax time.īut financial statements are only valuable when they are prepared accurately using a sound basis of accounting such as Generally Accepted Accounting Principles (GAAP) and are produced within a reasonable period of time after the month has ended. Arguably, monthly financial statements are the most important strategic tool for an organization.
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