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  1. March 10, 2011 3:41 pm

    If you are in a transaction based business, you can really work to smooth and accelerate your close process. First, adopt a weekly period based accounting calendar – not a calendar month. Many businesses in sectors like retail, food service, and some healthcare services, run a weekly based accounting calendar – for instance- a 4,4,5 (weeks in each month) and 13 weeks in a very quarter. This allows you to have comparative results and consistent closing calendars. When the month always ends on a Monday – you always have a full first week of close.
    There are also 13 period accounting calendars where every month has four seven day weeks – they really make things efficient and forecasting much easier! It can get a little weird; however, when you are in June and talking about the 7th period! You get used to it.
    Additionally, because of transactions are available each week, you should plan to book this activity each week as it occurs. Then also analyze key accounts and correct problems week to week as well. Therefore your monthly ‘close process’ doesn’t become packed with 4 weeks of activity.

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