Month End Close Checklist: Essential for Creators and Influencers

For content creators, podcasters, filmmakers, photographers, designers, and other Influencers, managing finances can often take a backseat to creative work. However, keeping your finances organized is crucial to staying on top of your business. A month-end close checklist is an essential tool to ensure you're keeping track of your financials and preparing for a smooth start to the new month.

What is a Month End Close Checklist?

A month-end close checklist is a list of tasks that need to be completed at the end of each month to close out your business's financials. This process involves reviewing all transactions, balancing your accounts, and ensuring everything is up to date for accurate financial reporting.

Why Should Creators Use a Month End Close Checklist?

As a creator or Influencer, you’re managing multiple projects and revenue streams. From client payments to monthly expenses and taxes, keeping track of your finances can get overwhelming. A month-end close checklist helps you stay organized and ensures you don’t miss important steps in managing your finances.

Key Steps in a Month-End Close Process

Here’s a simplified month-end close process checklist to help you wrap up your financials:

1. Review All Income
   Ensure that all payments and invoices from clients, collaborations, or platforms are recorded accurately.
2. Update Expenses
   Record all your business expenses including software subscriptions, equipment purchases, and office supplies.
3. Check Bank Reconciliations
   Reconcile your bank accounts and credit cards to ensure your records match the bank’s.
4. Inventory and Asset Check
   If applicable, review your inventory, assets, or equipment and make adjustments as needed.
5. Prepare Financial Statements
   Generate your income statement, balance sheet, and cash flow statement for the month.
6. Review Tax Deductions
   Check for eligible tax deductions such as office supplies, software, and business travel expenses.
7. Prepare for Next Month’s Budget
   Based on your monthly report, prepare a budget for the next month, adjusting for any new income or expenses.

Example: Using a Month End Close Checklist Template

A month-end close checklist template can save you time by providing a structured outline for the tasks you need to complete. Many Influencers and creators use month-end close checklist templates in tools like Excel to track their financials.

Example Template (Excel):

You can adapt this month-end financial close checklist to fit your specific business needs and ensure nothing is missed.

Common Challenges Creators Face in the Month-End Close Process

• Tracking Inconsistent Payments: As a Influencer, you may face delayed payments from clients. Keeping track of this can be a challenge when closing the books for the month.
• Managing Multiple Revenue Streams: If you're a podcaster or visual artist, you might have different revenue sources, like sponsorships, merchandise sales, or digital downloads. Organizing these streams can be tricky without a clear process.
• Overlooking Small Expenses: Small purchases like subscriptions to editing software or music libraries can easily be overlooked, but they add up. A month-end close checklist will help you catch these expenses before they get missed.

Benefits of a Month-End Close Checklist

• Time-Saving: It helps you stay organized and complete all the necessary financial tasks without missing any steps.
• Accuracy: Ensures your financial records are accurate, preventing errors in tax filings or income reporting.
• Preparedness: Keeps you ready for audits, tax season, or any other financial checks that may come up.