Slow closes are rarely caused by slow accountants. They are caused by tasks that could have run in parallel waiting on each other, and by a review step that only starts once everything else is finished. This checklist sequences the close by dependency rather than by habit. Pair it with our software category guides to see which tools fit your team. Once you have a shortlist, check the vendor profiles and the finance glossary for unfamiliar terms, then use our head-to-head comparisons before your first demo.
Built for: Controller, Accounting manager, Senior accountant
Move everything you can before day one. Fill the pre-close section first. Accruals with known amounts, recurring journals, and standing reconciliations rarely need to wait for the period to end, and every task moved earlier shortens the critical path.
Record dependencies, not just dates. For each task, note what must finish before it can start. Tasks with no dependency can run in parallel on day one. Most close plans schedule them sequentially out of habit.
Keep preparer and reviewer separate. The reconciliation tracker has two columns for a reason. A reconciliation reviewed by the person who prepared it is a control that does not exist, and it is the first thing an auditor will test.
Log the metrics every month. Record business days to close and the number of post-close adjustments. Without both, a close that feels faster may simply be pushing errors into the next period.
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Everything here shortens the critical path. Revisit it each quarter. The list usually grows.
| Task | Owner | Target day | Status | Notes |
|---|---|---|---|---|
| Post recurring journals | -3 | Not started | Amounts known in advance | |
| Confirm intercompany balances with counterparties | -3 | Not started | Chase early; this blocks elimination |
More free templates finance teams use alongside this one.
An accrual is only as good as the reasoning behind the number. Auditors do not object to estimates, they object to estimates nobody can explain. This schedule records the basis for every accrued expense next to the amount, tracks prepaid amortization with live formulas, and compares last month's accruals to the actual invoices so your estimates get better over time.
Flux analysis is a close control, not a reporting exercise. Its job is to catch errors before the numbers leave accounting: a missed accrual, a misclassified invoice, a reversal that did not run. That only works if the thresholds are set in advance and the explanations say why a number moved, not just that it moved. This template flags variances automatically and sets a standard for commentary.
A bank reconciliation has two halves and most mistakes come from mixing them up. Deposits in transit and outstanding checks adjust the bank side because the bank has not seen them yet. Fees, interest, and returned items adjust the book side because you have not recorded them yet, and only book-side items need a journal entry. This template keeps the two sides apart and calculates both adjusted balances.
Pre-close tasks that can run before period end, the close task plan with owners and dependencies, a reconciliation tracker separating preparer from reviewer, and close metrics. Dependencies matter more than dates. They show which tasks could run in parallel.
It varies widely by company size and system maturity, so any single benchmark is misleading. The more useful measure is your own trend: business days to close alongside post-close adjustments. A close that gets faster while adjustments rise is not actually improving.
A reconciliation reviewed by whoever prepared it provides no independent check, so the control effectively does not exist. Auditors test segregation of duties early, and self-reviewed reconciliations are a common finding.
