Month-End and Year-End Closing Procedures
Presenters : Doubt Moyo
Overview
Month-end and year-end procedures are essential steps in the accounting cycle to ensure financial accuracy, compliance, and readiness for decision-making. These processes involve systematically recording transactions, reconciling accounts, preparing financial statements, and ensuring that records align with regulatory requirements. Proper execution of these procedures supports reliable reporting, smooth audits, effective tax compliance, and informed business planning.
Join Doubt Moyo (ACCA, ICTA) as he guides you through practical month-end and year-end workflows. He will highlight best practices, demonstrate how to avoid common pitfalls, and show you how structured processes can improve financial accuracy, efficiency, and compliance in your organisation.
Learning objectives
By attending this webinar you will gain the following competencies:
• Understand the purpose and importance of month-end and year-end procedures.
• Apply a structured workflow to record, reconcile, and close accounts.
• Prepare accurate financial statements for internal and external stakeholders.
• Ensure compliance with accounting standards, tax regulations, and audit requirements.
• Identify opportunities for process improvement and automation.
Content
The webinar will cover the following topics:
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Introduction to Month-End and Year-End Procedures
o Definition and importance in financial reporting and compliance
o Impact on accuracy, decision-making, and fraud prevention
o Frequency and scope of activities -
Month-End Procedures
o Recording transactions and reconciliations (bank, receivables, payables)
o Adjusting journal entries (depreciation, accruals, prepaid expenses)
o Inventory and fixed asset updates
o Preparation of management financial statements and review -
Year-End Procedures
o Closing income and expense accounts
o Balance sheet reviews and reconciliations
o Inventory counts and valuation methods
o Provision and accrual reviews (tax, bonuses, commissions)
o Preparation for audits and compliance filings -
Financial Reporting and Compliance
o Preparation of financial statements (Income Statement, Balance Sheet, Cash Flow, Changes in Equity)
o Tax compliance and audit readiness
o Stakeholder confidence and transparency -
Process Improvement and Automation
o Using technology to improve speed, accuracy, and efficiency
o Automation tools for reconciliations, reporting, and workflows
o Change management and transition to new financial years
