The beginning of the month is a good time to send out overdue reminder statements to customers, clients and anyone else who owes you money. Close the books with less runaround. Share this sheet with your accounting team to easily manage your financial month end process and keep everyone on schedule. Use the sheet for monthly, quarterly, and annual tasks. The Quick Ratio, also referred to as an Acid-Ratio-Test, gives a more conservative view on the liquidity situation and does not include inventory and other less liquid assets as part of the short-term assets to meet the liabilities. If your current assets include a lot of inventory, your Acid Test Ratio will be much lower than your Current Ratio. There are three parts to the Cash Flow Projection. The first part details your Cash Revenues. The first step to take when completing the end-of-the-month accounting procedures of a small business is to account for any necessary financial adjustments. Throughout the month, revenue is collected and expenses are deducted.