Key points
A usable close checklist names one owner, one reviewer, and the evidence to save for every task.
Group tasks into phases that follow dependencies: cutoff, cash, revenue, accruals, reconciliations, then review.
Usage-based companies need extra rows: metering pulls, unbilled usage, prepaid credit drawdowns, and cloud cost accruals.
Review comes last and includes flux analysis, gross margin review, and approval of manual journal entries.
Scale the list to your stage: seed teams can run four phases well before adding formal policies.
How to use this checklist
This is a working month-end close checklist for a startup finance team of one to five people. Copy the tables into your close tracker. Give every row one owner, one reviewer, and a place to save evidence.
Day numbers are business days after month end. Day 0 is the last day of the month. If you also need the schedule view, see the close calendar page; this page is the task list.
Phase 1: cutoff and prep (day 0 to 1)
Task | Owner | Evidence to save |
|---|---|---|
Send the cutoff reminder: bills, expense reports, contracts signed this month | Controller | Message sent date |
Confirm last month is locked in the ledger | Controller | Period lock screenshot |
Collect new or amended customer contracts and order forms | Accountant | Contract list with signed dates |
Collect new vendor contracts and open purchase orders | Accountant | PO list |
Confirm integrations synced through the last day of the month | Accountant | Last-sync timestamps |
Phase 2: cash and spend (day 1 to 2)
Task | Owner | Evidence to save |
|---|---|---|
Reconcile every bank and money market account | Accountant | Statement, rec, reconciling items |
Reconcile corporate cards and spend platform | Accountant | Card statement tie-out |
Code all uncategorized transactions; clear suspense | Accountant | Suspense balance of zero |
Match payments processor payouts to bank deposits, net of fees | Accountant | Payout report tie-out |
Review AP aging; record bills received for this month | Accountant | AP aging report |
Phase 3: revenue and usage (day 1 to 3)
Task | Owner | Evidence to save |
|---|---|---|
Pull final usage for the month from the metering database | Accountant | Query and output, with run time |
Price usage at contract rates; book unbilled usage revenue | Accountant | Pricing calc tied to order forms |
Recognize subscription revenue; release deferred revenue | Accountant | Revenue schedule by contract |
Track prepaid credit and commit drawdowns; record breakage only under your documented policy | Controller | Credit balance roll-forward |
Review new contracts for non-standard terms | Controller | Contract review memo |
Tie billing system invoices to AR | Accountant | AR aging vs GL |
Phase 4: accruals and payroll (day 2 to 3)
Task | Owner | Evidence to save |
|---|---|---|
Accrue cloud and model-provider costs not yet billed, from usage consoles | Accountant | Console export |
Accrue other services received but not billed | Accountant | Accrual list with basis |
Book payroll, taxes, benefits; accrue unpaid wages and bonus | Accountant | Payroll register tie-out |
Amortize prepaids; book depreciation | Accountant | Schedules |
Record stock-based compensation expense | Controller | Equity system report |
Set accruals to auto-reverse on day 1 of next month | Accountant | Reversal flag list |
The entries in this phase are the period-end adjusting entries. Check that cloud and model costs land in cost of revenue, not operating expense.
Phase 5: reconciliations (day 3 to 4)
Account | Reconcile to | Frequency |
|---|---|---|
Accounts receivable | Billing system aging | Monthly |
Unbilled receivables | Priced usage not yet invoiced | Monthly |
Prepaid expenses | Prepaid schedule | Monthly |
Fixed assets | Asset register | Monthly |
Accounts payable and accruals | AP aging; accrual list | Monthly |
Deferred revenue and customer credits | Revenue schedule; credit roll-forward | Monthly |
Payroll liabilities | Payroll provider reports | Monthly |
Equity | Cap table | Quarterly, or when activity occurs |
Each reconciliation follows the same pattern described in account reconciliation: balance, support, difference, explanation, sign-off.
Phase 6: review and sign-off (day 4 to 5)
Task | Owner | Evidence to save |
|---|---|---|
Run flux analysis on P&L and balance sheet; write commentary above threshold | Controller | Flux file with comments |
Review gross margin by product line against last month | Controller | Margin bridge |
Review all manual journal entries above threshold | Controller | Approved JE list |
Confirm trial balance ties to statements | Controller | Tie-out |
Lock the period | Controller | Lock screenshot |
Send the management package to the CFO or CEO | Controller | Sent package |
Adapting the checklist by stage
Stage | Keep | Add |
|---|---|---|
Seed | Phases 1, 2, 4, and cash and AR in phase 5 | A short flux review of the P&L |
Series A | All six phases | Revenue schedules by contract; reviewer sign-off on every reconciliation |
Series B and later | All six phases | Written policies, materiality thresholds, separate preparer and reviewer, audit-ready evidence folders |
Why close checklists fail
Tasks without owners. "Reconcile AR" with no name next to it does not get done on time.
Checked boxes, no evidence. An auditor cannot test a checkmark. Save the file or link.
The list never changes. New pricing, a new entity, or a new vendor class should add rows the same month.
Usage is treated like subscription. Generic templates skip metering pulls, unbilled usage, and compute accruals, which are often the largest numbers in the close.
How Quanta handles the close
Quanta's in-house accounting team keeps the ledger and runs the close. Integrations into the customer's usage database, Stripe, Ramp, Rippling and cloud bills cover phases 2 to 4 from source data. Finance leads can ask questions of the closed books in Claude through the Quanta MCP, and each answer traces back to journal entries.
Quanta perspective
A close checklist is only as good as its revenue and cost rows, and those are the ones generic templates get wrong for usage-based companies. If the metering pull and the compute accrual are not on the list, gross margin is a guess. Put them in phase 3 and 4, with evidence, every month.
Frequently asked questions
How long should a month-end close take at a startup?
Many startup teams aim for five to ten business days. Speed matters less than consistency; a reliable seven-day close beats a three-day close that gets reopened.
What is the difference between a close checklist and a close calendar?
The checklist lists every task, owner, and piece of evidence. The calendar puts those tasks on specific days in dependency order.
Who should own the month-end close checklist?
The controller or most senior accountant owns the list and signs off. Individual tasks belong to whoever prepares them, with a different person reviewing.
Should every account be reconciled every month?
Balance sheet accounts with activity should be reconciled monthly. Low-activity accounts like equity can move to quarterly if nothing changed and the policy says so.
What evidence do auditors want from the close?
Auditors look for reconciliations with support, approved journal entries, and review sign-offs with dates. Saving these during the close is far easier than rebuilding them at year end.