Monthly service
Month end close
Month end close is checking and finalising the books for a month so the numbers can be trusted. LanceIQ closes your books every month with every account reconciled, then gives you a profit and loss, balance sheet and cash flow statement.
What is included
- Bank, cash and card accounts reconciled
- GST and TDS ledgers matched to the returns
- Customer and supplier balances reviewed
- Accruals, prepaid expenses and depreciation recorded
- Stock movements and closing stock recorded where you hold inventory
- Profit and loss, balance sheet and cash flow statement
- Year end close with schedules ready for the audit
Who it is for
For founders and finance heads who need reliable monthly numbers for decisions, investors or lenders, and for companies preparing for an audit or a fundraise.
What you provide
- Any bills or statements still missing at month end
- Closing stock figures if you count stock yourself
Everything else is done for you.
When it happens
| When | What |
|---|---|
| By the 10th | Previous month reconciled |
| By the 15th | Month closed and reports ready |
| After 31 March | Year end close and audit schedules |
Common questions
What does closing the books mean?
It means every account for the month has been checked and reconciled, adjustments are recorded, and the month is locked so the reports do not change afterwards.
Do you prepare a cash flow statement?
Yes. A cash flow statement comes with every month end close, alongside the profit and loss and balance sheet.
Can a closed month be changed?
Yes, when something genuine comes up. Every change is logged with who made it and when.
How long does a month end close take?
Most companies have their month closed by the 15th of the next month. Companies with clean bank feeds and few open items often close sooner.
Do you handle the year end close too?
Yes. After 31 March we close the financial year, record year end adjustments, and prepare the schedules your audit and income tax return need.