This checklist is designed to ensure that all necessary financial documentation and processes are completed and reviewed at the end of the financial year, facilitating an accurate and thorough financial review and preparation for the upcoming year.
Gather all financial statements including balance sheets, income statements, and cash flow statements for the year.
Ensure all accounts have been reconciled, including bank accounts and major asset accounts, to verify accuracy.
Check that all financial activities and statements comply with organizational financial policies and regulations.
Make any necessary adjustments to account balances and financial statements based on the year-end review findings.
Analyze and document any significant variances from budgeted figures to understand financial performance.
Create a comprehensive report discussing the financial results, significant changes, and future outlook based on the year-end review.
Disseminate the final financial reports to stakeholders, including management and board members, for review and acknowledgment.
Develop strategies and financial goals for the next year based on the insights gathered from the year-end review.