A group close checklist that actually holds

Every finance team has a close checklist. Most of them are a spreadsheet that was accurate two years ago. The close still works, because the people who run it remember what the checklist forgot.

Four things a checklist needs

1. An owner for every task, by name, not by team.
2. A due date in close days, so day 3 means the same thing every month.
3. Dependencies, so the consolidation does not start before the intercompany reconciliation is signed.
4. Sign-off with evidence, so the reviewer can see what was done, not only that it was ticked.

A typical group close, day by day

• Day 1: trial balances in, bank and intercompany matching starts, accruals posted.
• Day 2: balance sheet reconciliations prepared; intercompany differences resolved.
• Day 3: reconciliations reviewed and signed; consolidation run; translation reserve proof produced.
• Day 4: flux review, with explanations drafted and approved.
• Day 5: notes and management pack reviewed; late journals processed and the consolidation re-run.
• Day 6: sign-off, period lock and evidence filed in the repository.

The point is not the number of days. It is that each day has a definition, an owner and a test for done. Once the checklist holds, shortening it is a matter of automating the tasks that take longest.