A slow close is rarely a capacity problem. It is usually a sequencing problem: tasks waiting on other tasks, receipts waiting on people, and nobody owning the calendar. Here is a close that finishes by the tenth business day, and what makes it hold.
Before month end
Categorise transactions weekly, not monthly, so the close starts with a clean ledger
Chase missing receipts and vendor bills in the last week of the month
Confirm cut-off: which invoices and bills belong to this month
Days 1–3: cash and sales
Reconcile every bank, credit-card and payment-processor account
Issue any remaining sales invoices and recognise revenue according to your policy
Post payroll and benefits entries; reconcile payroll liabilities
Days 4–6: costs and balance sheet
Record vendor bills, accruals for known costs and prepayment releases
Update fixed-asset and loan schedules; post depreciation and interest
Reconcile every balance-sheet account to supporting evidence
Days 7–8: review
A second person reviews the balance sheet reconciliations and the P&L for anomalies
Compare to budget and prior month; write one paragraph on each significant variance
Days 9–10: report
Produce the pack: statements, KPIs, cash position, commentary
Send it on the same day every month, whether or not anyone asks
Three habits that keep the close on schedule
Name an owner for every line. A close that depends on someone remembering is not a process yet.
Batch questions. One message a week to the founder with every open question, rather than a trickle of Slack messages.
Close the close. A ten-minute retrospective each month: what slipped, why, and what changes next month.
Companies that adopt this calendar typically see the close settle within two or three cycles. The first month is the hardest; by the third, the tenth business day feels early.
Note: Demo article for the Folistead template. Replace it with your firm’s own close calendar, owners and deadlines.
