The typical month end closing process is when businesses come together to assess their overall financial performance and make necessary adjustments. This process can be time-consuming, but is essential in ensuring accuracy and integrity of a business’s financial data. During this process, all open accounts are reconciled and any discrepancies are identified and resolved. Additionally, net income is determined and profits are distributed accordingly. Lastly, all account balances are reset for the upcoming cycle of the fiscal year. By following these steps carefully, businesses can ensure informed decisions during their financial planning.