Your company's finances run continuously day by day, but it's a good practice to reconcile your books periodically to get a "you are here" overview of its financial health. Your quarterly and annual reports are the most important, but usually you'll also do a month end close. 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. To ensure that the monthly financial statements are accurate and timely, companies will use standard journal entries, recurring journal entries, and checklists for the tasks that must be completed. As the owners of their P&Ls, they should have to own explaining it as well. As you can see, everything starts with the prior period’s balance sheet. This is the starting point for all of the reports because it shows the asset, liability, and equity accounts at the beginning of the period.