Financial close management

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.

  1. ^ "Markets". The Wall Street Journal. September 17, 2019.
  2. ^ "LINKING NUMBERS AND NARRATIVES: Correlating Quantitative Reports with Qualitative Analysis" (PDF). CFO Magazine. August 2012.
  3. ^ "Technology Speeds Up Timeline on Quarterly Close". The Wall Street Journal. August 14, 2017. Tasks such as account reconciliation were previously left to the end of ...
  4. ^ "Beginners' Guide to Financial Statement". SEC.gov. February 5, 2007.