The Last Step of the Accounting Cycle is a process that involves bringing all of your accounting data and transactions together to ensure the accuracy and completeness of your financials. This is a critical step in the accounting cycle, as it encompasses the entire lifecycle of the financial records, from initiation to completion. During the Last Step, the accounts are examined and adjustments are made for any discrepancies found. Any changes needed to ensure accuracy must be made, then the accounting books are readied for the next cycle to begin. By taking this extra step, organizations can ensure their books are kept up-to-date, accurate, and reliable.