Episode information
Episode Number: 20
Date: February 5, 2024
Host: Justin Deese
Website: JustinDeese.com
Contact: Justin@JustinDeese.com
Guest: Chris Gist
Duration: 21.07
Guest: Kristen Deese, Virtual CFO
Summary
In this episode, Justin Deese and Kristen Deese discuss the importance of closing your books in a timely manner. They explain the process of closing the books and why it is important for financial accuracy and decision-making. They also provide tips and a month-end checklist to help business owners close their books efficiently. Kristen offers her services as a virtual CFO to assist with bookkeeping and financial management.
Takeaways
- Closing your books in a timely manner is crucial for financial accuracy and decision-making.
- The process of closing the books involves reconciling accounts, reviewing financial statements, and ensuring data accuracy.
- Closing the books within 10 days is a reasonable goal to have up-to-date financial information.
- Having a month-end checklist and doing a little bit every day can help streamline the closing process.
Chapters
[00:00] – Introduction
[01:02] – The Importance of Closing Your Books
[04:51] – Closing Your Books in 10 Days
[06:17] – The Process of Closing the Books
[10:24] – Challenges in Closing the Books
[13:26] – Tips for Closing the Books
[18:09] – Month-End Checklist
[19:19] – Getting Help with Closing the Books
[20:15] – Closing Thoughts