Accounting
What is Month-End Close?
Month-end close is the process accounting teams perform at the end of each month to finalize all transactions, reconcile accounts, post adjusting entries, and produce accurate financial statements.
Explanation
Month-end close is notoriously time-consuming and stressful. It involves completing all outstanding transaction processing, reconciling every account, investigating discrepancies, posting accruals and adjusting entries, and assembling financial statements — all under deadline pressure. The biggest delays typically come from document processing backlogs (invoices that haven't been keyed, bank statements that haven't been reconciled) and the manual investigation of reconciling items. Automating the high-volume document processing steps (invoice extraction, bank reconciliation, expense coding) directly compresses the close timeline. Companies with automated document workflows consistently achieve faster closes than those relying on manual processing.
How Rima relates
Rima reduces month-end close time by automating the document processing backlog — invoices, bank statements, and expense reports are processed throughout the month, not in a rush at close.
Learn about accounting automationRelated Terms
Bank Reconciliation
The process of matching a company's internal records to its bank statement to identify discrepancies.
Journal Entry
A record of a financial transaction in the accounting system, showing which accounts are debited and credited.
Accounts Reconciliation
The process of verifying that two sets of records agree — typically an internal account balance against an external statement.
Audit Trail
A chronological record that traces every action taken on a document or transaction back to its source.
See it in action
Rima automates the manual document workflows accounting teams spend hours on every week.