Closing the Books in a Work from Home Environment.

Here is a summary of best practices for closing the books – including important concepts for closing remotely in today’s WFH environment.

  • Team video meetings are indispensable - Twice daily meetings seem a good place to start.
  • Formally assign teammates or “buddies” within your group to help relieve the WFH syndrome.
  • File sharing in real time is a major bonus.
  • Formalize a team review meeting before managerial/financial reports are released.
  • Leaders – check in individually with each team member at least once per day.
  • Leaders – keep the management team abreast of where you are at.
  • Perfect is too much to expect. Let good enough be what it means.

Start planning for next month as soon as practical:

  • Expect More From Your Close dives into three outdated beliefs about balance sheet account reconciliations, a key component of the Financial Close, that may be driving low management expectations on quality, productivity and cost.
  • Identify all closing processes that can be completed before month end and do them pre-close.
  • Further reduce the closing work bottleneck by reconciling all the accounts you can pre-close.

Have a safe, WFH, fairy tale month end close!


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