How long should a year-end close take?

The time required for a year-end close varies based on the company's size, accounting complexity, transaction volume, reporting requirements, and condition of its financial records. A company with consistent monthly closes and well-defined processes may be able to complete its year-end close relatively quickly, while businesses with unresolved reconciliations or inconsistent accounting practices may require significantly more time.

What is the difference between a month-end close and a year-end close?

A month-end close reviews and finalizes financial activity for a single month, while a year-end close completes the accounting cycle for the full fiscal year and typically involves additional reviews, adjustments, reporting, tax preparation, audit support, and planning for the next year.

How can an outsourced CFO help with year-end closing?

An outsourced CFO can provide strategic financial oversight before, during, and after the year-end close. Preferred CFO can help improve monthly closing processes, financial reporting, forecasting, cash flow management, internal controls, and financial systems. This can help businesses identify problems earlier and enter year-end with more accurate and reliable financial information.

What should a company do after completing its year-end close?

After the year-end close, leadership should review the completed financial statements, analyze financial and operational performance, update budgets and forecasts, identify areas for improvement, and establish priorities for the upcoming year. Preferred CFO can help businesses turn year-end financial information into a strategic plan for the year ahead.

How can a company prepare for its next year-end close?

The best preparation starts immediately after the current close. Establish a recurring monthly close process, maintain accurate supporting documentation, reconcile accounts consistently, monitor financial controls, automate repetitive tasks where appropriate, and maintain a current financial forecast. Preferred CFO can help establish these processes so the next year-end close is more predictable, efficient, and accurate.

Anna Bissell Bio

Anna Bissell is an experienced finance professional with a track record of improving performance and processes in organizations ranging from $5M to over $500M. She has a particular talent for strategic growth, process improvement, financial controls, and asset protection.

Anna’s experience includes multi-million LOC management, cash flow forecasting, budgeting, KPI tracking, fixed asset management and financial analysis. Her love for technology has proven effective in having led various company-wide software migrations that streamlined processes and gathered relevant data for measuring performance. Anna has assembled and led financial teams with unparalleled success, as well as worked directly with business leadership to optimize company performance, profitability, and forecasting.

Her industry experience includes finance and private equity, including performing due diligence in acquisition, overseeing audits, performing financial modeling and forecasting, developing banking relationships, and improving reporting & processes.

Education

Master’s of Professional Accounting, Colorado State University
Bachelor’s of Economics, Colorado State University
Associates of Business Administration, Colorado State University
Quarterly Guest Speaker, Rocky Mountain High School
Treasurer for Nonprofit Board, Sound Affects
Committee Member of Racial & Intersectional Equity Advancement Team,
Bohemian Foundation
President of International Association of Administrative Professionals, IBMC
Member of Chief, Female Executive Networking Group

Financial Forecasting & Reporting

Systems & Operations

Cash Flow Management

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Anna Bissell

Industry Experience

Areas of Expertise