To ensure accuracy and reduce the risk of fraud, it is a best practice to have someone with greater knowledge of accounting principles review the documentation supporting the month end close along with the prepared financial statements. This can be the administrator/manager if the clinic has a bookkeeper role or it may be an outside accountant with this as a narrow-scoped service.
2. Update accounts payable
7. Organize and review financial statements
8. Check revenue and expense accounts
9. Review information before closing
10. Prepare for next month