If vendors offer discounts for early payment, you may want to take advantage of that if you have the cash available. 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. 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. I have several Paypal/Ebay clients that I save for last since they involve a lot of downloads of reports and data manipulation. Restaurants I cannot finish until their psychical month end closes so I can tie out their POS to the bank accounts and file sales taxes. Month-end close responsibilities should also be incorporated into the annual performance goals.