The Financial Statement Close Process is a critical step in the overall accounting cycle. It involves the gathering, recording, and summarization of financial data in order to accurately report an organization’s financial performance. This process requires tremendous organization, as data must be collected from many different sources and accurately compiled. Financial statement close processes also serve to ensure compliance with Generally Accepted Accounting Principles (GAAP) regulations. A well-crafted financial statement close process is essential for any successful business as accurate financial information is vital for decision making.