AP Automation

Accounts payable fiscal year-end close: a 10-step checklist

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The end of the year always brings excitement but also a whirlwind of work to wrap things up before heading on holiday. In accounts payable, the end of the year is a hectic time, where professionals, CFOs, controllers, and corporate finance analysts work together to analyze the spending and business activities of the past year.

Your AP team needs access to timely and accurate data. Without it, you’ll struggle to fulfill many internal and external reporting and audit requirements. Not only does this data help you to deliver the best information to your AP team, but it also can help to create a more efficient fiscal closing process. However, in the stress of the start of a new year, it can be easy to overlook a step or two in the process.

That’s why we’ve created a checklist to help you along the way.

When you download your free copy of our Fiscal Year End Close checklist, you’ll start the year off strong and on the right footing.

Your checklist for fiscal year end close

Every enterprise needs a consolidated strategy for tackling the financial close process. Your team needs to be on the same page regarding what data to collect, how to analyze and store this data, and who the information is sent to. Without a clear directive, you risk your organization falling trap of errors and mistakes. When you download your copy of our checklist, you’ll gain clarity on:

    • The different roles your team plays during the AP financial close
    • What responsibilities each department has in consolidating the year-end information
    • Strategies for properly occurring expenses and reconciling accounts
    • Methods for dealing with reporting data variances
    • Key metrics, controls, processes, and policies to adhere to

Tackle the fiscal year end close the right way

At Tradeshift, we know that the end of the year can be a hectic time. That’s why we’re committed to helping you ensure you follow all the right steps to make your closing process simple and effective. As part of our fiscal year-end close resources, we’ve created a checklist to assist you in each step of the process. This checklist includes:

    • Roles and Responsibility
    • Financial Close Sample Schedule
    • Corporate Transaction Checklist
    • Consolidation Checklist
    • Journal Entry Checklist

With the support of Tradeshift, the fiscal year-end close doesn’t need to be stressful or scary. Armed with the right resources and knowledge, you can set a clear objective for your team, ensure you’re consolidating the right information and data, and prepare for the new fiscal year efficiently. To learn more about how Tradeshift can help you and your AP department, reach out to our team of experts and see Tradeshift in action.

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