Financial Services Close Checklist

Financial Services Close Checklist Walkthrough

Who is this for?

‍Accounting departments in financial services firms of all sizes, as well as external accountants managing multiple financial services clients.

What is the template for?

‍This template is built to meet the needs of a financial services firm and includes unique closing procedures for a financial services business model. It recommends timing for an efficient close and offers flexibility to add or remove steps as necessary for your organization. The checklist includes items such as:

• Reconciling account balances and financial instruments.
• Reviewing and posting all journal entries.
• Tracking payroll records and expenses.
• Managing income recognition adjustments for investments.
• Reviewing receivables and payables.
• Preparing financial statements.
• Complying with financial regulations and filings.
• Monitoring risk management measures.
• Verifying client and regulatory reporting.
• Finalizing the period close and beginning the new period in the accounting system.

How do you use this template

You can get started using this template for your next close in just a few minutes by following these steps:

1. Customize: Start by adapting the checklist to suit the specific needs of your organization or client. This involves adding specific tasks related to your business or industry.
2. ‍Share: Assign work to the appropriate parties on your team. This could include, but is not limited to, your accounting team, finance team, external partners, and business partners.
3. ‍Start: Begin using the checklist for your next close.‍
4. Iterate: Adjust as you go. Numeric is designed to be user-friendly, allowing you to make modifications as you identify additional information that should be tracked as part of your close.

Why teams should use a collaborative close management product

1. Efficiency: By automatically calculating business day due dates, adjusting for holidays, automating email reminders, and managing complex financial workflows, close management software enables teams to spend less time on time-consuming, repetitive tasks and more time on strategic work. Faster closing times lead to quicker financial reporting, faster decision making, and happier teams.
2. Visibility: Close management software ensures that all team members have a clear understanding of their roles, responsibilities, and deadlines, and enables team members to easily share information and coordinate their tasks. Real-time dashboards and reporting tools provide managers with an instant overview of the process status, including any bottlenecks or pending tasks, enabling quick and informed decision-making.
3. Collaboration: Comments, review notes, and assessments can be easily tracked, maintaining a full audit trail and reducing the need for lengthy email threads. This fosters a culture of transparency and teamwork.
4. Accuracy: By centralizing and standardizing the close process, the risk of human error is reduced, leading to more accurate financials. Issues can be identified faster and addressed promptly.
5. Control: With best practices as a default and a controlled environment, close management software improves the team's compliance with financial reporting standards and regulations. The system creates an audit trail, detailing who did what and when, which is particularly valuable during audits and regulatory checks.