--- title: Streamline the Month-End Closing Process description: Month-end closing can be a smooth process, especially if you're organized. To ensure nothing falls through the cracks, start with a checklist. image: https://blog.gotoadvantage.com/hubfs/Photo%202%20bw-1.jpg --- [![Simplifi_Advantage_White](https://blog.gotoadvantage.com/hubfs/Simplifi_Advantage_White.svg "Simplifi_Advantage_White")](https://gotoadvantage.com/) - [Finance and Accounting](https://gotoadvantage.com/finance-accounting) - [Project Management](https://gotoadvantage.com/project-management) - [Media Planning and Buying](https://gotoadvantage.com/media-planning-buying) - [Service and Support](https://gotoadvantage.com/service-support) - [Request a Demo](https://info.gotoadvantage.com/demo-request) # Take Advantage ![](https://blog.gotoadvantage.com/hubfs/Photo%202%20bw-1.jpg) # Streamline the Month-End Closing Process Published by [Carol Robinson](https://blog.gotoadvantage.com/author/carol-robinson) on 3/12/2024 Month-end closing can be a smooth process, especially if you're organized. To ensure nothing falls through the cracks, start with a checklist: • Complete Media and Production billing • Close jobs and orders • AR and other cash entry • AP check payments • Update to summary • Bank Reconciliation • Print Trial Balance and Sub Ledger reports • Close Posting Period • Print Financial Reports   Some tasks on the checklist rely on the completion of AP processing and timesheets. That's where deadlines are necessary. Without clear deadlines, tasks can easily fall behind, creating bottlenecks and inaccuracies in the month-end close process. Setting specific deadlines for tasks such as accounts payable entry and time entry can help your agency stay on track and ensure smoother month-end close procedures.   **Accounts Payable** One key area to consider implementing deadlines is in accounts payable processing. By setting a clear deadline, such as the 5th business day of each month for entering accounts payable, you can ensure ample time for receiving and entering invoices from vendors. After the 5th business day of the month, you can close the posting period for accounts payable.    **Time Entry** Similarly, establishing a deadline for time entry can significantly streamline the month end closing process. By requiring employees to complete time sheets by the 3rd business day of each month, agencies can ensure that all necessary data is available for accurate billing and revenue recognition.   Employee time entry is a universal issue among agencies, so making it as easy as possible is important. Training employees and showing them easy ways to enter time is surprisingly helpful.    For busy employees, reminders to complete time sheets can be very effective. Implementing tools like Advantage’s Missing Time Alert feature can notify both employees and supervisors of missing time entries, allowing for prompt resolution and preventing delays in the month-end close process.   Setting clear and specific deadlines for transactions such as accounts payable entry and time tracking can greatly benefit agencies in maintaining a smooth month-end close.    About Advantage Advantage is the leading provider of enterprise-level software specifically designed for advertising agencies and marketing companies. Advantage automates all aspects of accounting, billing, project management, digital asset management, creative proofing, and media management with the specific needs of agencies and their clients in mind. Robust and customizable modules are fully integrated to streamline processes, ensure accuracy, and deliver excellent management reporting. [Back to Blog](https://blog.gotoadvantage.com) - [Tweet](https://twitter.com/share) ## Related Articles ## [Is it Time to Review Your Workflows and Processes?](https://blog.gotoadvantage.com/is-it-time-to-review-your-workflows-and-processes) Let’s think about your agency’s processes and workflows. Simply put, the way your team works and... [Read More](https://blog.gotoadvantage.com/is-it-time-to-review-your-workflows-and-processes) ## [Are You Underbilling due to Messy Time Tracking?](https://blog.gotoadvantage.com/are-you-underbilling-due-to-messy-time-tracking) Do these examples describe time-keeping in your agency? [Read More](https://blog.gotoadvantage.com/are-you-underbilling-due-to-messy-time-tracking) ## [Cookieless Madness: Choosing A Winning Strategy](https://blog.gotoadvantage.com/cookieless-madness-choosing-a-winning-strategy) A brief summary of an article by our DSP partner, Simpli.fi. 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