A disciplined month-end close is the difference between numbers you can act on and numbers you discover at audit time. This checklist gets most SMEs to a reliable MIS by the 10th of each month.
Days 1 to 3: get the data in
- Record all sales invoices, credit notes and receipts.
- Record purchase bills, expenses and payments, with GST and TDS coded correctly.
- Collect bank and card statements for every account.
Days 4 to 6: reconcile
- Bank and cards: match every line and clear old unreconciled items.
- GST: match purchases with GSTR-2B and list missing supplier invoices.
- TDS: compare TDS deducted with challans paid and Form 26AS.
- Receivables and payables: review ageing and confirm balances with key parties.
- Inventory: reconcile stock records to a physical count or cycle count.
Days 7 to 8: adjust
- Book accruals for expenses incurred but not billed, and prepaid expenses.
- Book depreciation.
- Record salary, PF, ESI and professional tax.
Days 9 to 10: report
Prepare a one-page MIS with profit against budget, cash position, receivables over 60 days, payables due, and the three points management should act on.
Statutory dates to keep in view
| Date | What is due |
|---|---|
| 7th | TDS deposit for the previous month |
| 11th | GSTR-1 (monthly filers) |
| 15th | PF and ESI payments |
| 20th | GSTR-3B (monthly filers) |
Ask us to run your monthly close.
Frequently asked questions
For most SMEs, 7 to 10 working days is realistic. Larger teams with good systems close in 3 to 5.
Profit against budget, cash position, receivables and payables ageing, and the few actions management should take.
