oboloo Glossary

Financial Close And Reporting Process

oboloo Glossary

Financial Close And Reporting Process

The Financial Close and Reporting Process is the set of activities that take place after a company’s financial reporting period ends. This process involves collecting all necessary financial data and documents, reconciling accounts, processing journals and adjusting entries, preparing required reports, and presenting the entire package to management or stakeholders for review. It is an essential component of any business’s operations, as accurate financial records provide a basis for business decisions and external reporting requirements. The goal of effective Financial Close and Reporting Processes is to ensure accuracy and completeness of information and adhere to statutory disclosure requirements.