Why is month end such a hassle?

Photo by Waldemar Brandt on Unsplash

“Well, you know, it is month end”, I say, and colleagues nod sympathetically and steer clear for a while. For most non-finance types, it’s a mysterious process that seems to cause a lot of stress. For finance types, it is a beast to be tamed.

By “month end” or “month end close”, I’m referring to the process by which a month (or other period) is brought to an end in the financial system. This means trying to get the numbers as accurate as possible for some sort of eventual output. This could be management accounts, a report for a funder, a VAT return or just the sense of achievement and closure.

It means making sure you have accounted for all the expenditure and income for that month. Depending on the organisation you may also carry out certain “month end” tasks such as calculating depreciation, reconciling the bank and other balance sheet accounts.

In this post I set out a few things to consider which might make a month end less stressful.

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Process Improvement: the weekly shop

Business process improvement - post-it notes and mapping exercises.
Photo by UX Indonesia on Unsplash

Sometimes external circumstances force process improvement upon you.

Businesses across the world are changing rapidly to deal with the enormity of the changes that the plague has thrust upon us. Customer interactions and supply chains have transformed overnight.

Meanwhile, in the domestic sphere, I have achieved a reduction in a routine task from approx 3 hours a week to just half an hour. The task?


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