Financial close management[1] (FCM)[2] is a recurring process in management accounting by which accounting teams verify and adjust account balances at the end of a designated period[3] in order to produce financial reports representative of the company's true financial position[4] to inform stakeholders such as management, investors, lenders, and regulatory agencies. The process starts with recording transactions as journal entries and end with preparing the financial reports for the period.
Tasks such as account reconciliation were previously left to the end of ...