Monthly Closing Procedures refer to the completion of all tasks that need to be performed before the start of a new month. These procedures are essential for ensuring accurate and consistent accounting records. They involve preparing trial balances, reviewing financial statements, reconciling accounts, approving invoices and other related activities. By conducting Monthly Closing Procedures regularly, businesses can ensure their financial data is up-to-date and reliable. Engaging in these tasks every month also helps promote fiscal responsibility and good decision-making in the future.