Recruiter's Glossary

Examples: Reconciliation • Materiality • Lease Accounting

Financial Close

Term from Accounting industry explained for recruiters

Financial Close is the important process of finishing and checking all accounting tasks at the end of a month, quarter, or year. It's like closing a book after making sure all the pages are in order. This process includes checking all money coming in and going out, making sure all transactions are recorded correctly, and creating financial reports that show how well a company is doing. Companies need people who understand this process because it's crucial for accurate financial reporting and following accounting rules. When you see this term in resumes, it usually means the person knows how to manage this end-to-end process and can help ensure everything is reported accurately and on time.

Examples in Resumes

Led team of 5 accountants in monthly Financial Close process, reducing completion time by 2 days

Automated Financial Close procedures using Excel macros, improving accuracy by 40%

Managed quarterly Financial Close and Period End Close activities for multiple subsidiaries

Streamlined Month End Close and Financial Close processes through implementation of new software

Typical job title: "Financial Close Specialists"

Also try searching for:

Financial Accountant Close Accountant Month End Close Specialist Financial Close Manager Accounting Manager Close Process Manager Financial Reporting Specialist

Where to Find Financial Close Specialists

Professional Associations

Online Communities

Job Boards

Example Interview Questions

Senior Level Questions

Q: How would you improve a company's financial close process that's currently taking 15 days to complete?

Expected Answer: A senior candidate should discuss creating a detailed close calendar, identifying bottlenecks, implementing automation tools, standardizing procedures, and training staff effectively. They should mention specific examples from past experience.

Q: How do you handle complex accounting issues discovered during the financial close?

Expected Answer: Look for answers that demonstrate leadership in problem-solving, knowledge of accounting principles, and ability to communicate with stakeholders. They should mention documenting issues and creating new procedures to prevent future problems.

Mid Level Questions

Q: What steps do you take to ensure accuracy in the financial close process?

Expected Answer: Candidate should mention reconciliations, review procedures, checklists, and verification steps. They should also discuss how they catch and correct errors.

Q: Describe your experience with financial close software tools.

Expected Answer: Should be able to discuss common accounting software, Excel skills, and any specific close management tools they've used, along with how these tools help improve efficiency.

Junior Level Questions

Q: Can you explain the basic steps in a monthly financial close process?

Expected Answer: Should be able to list main activities like reconciling accounts, recording adjusting entries, and preparing basic financial statements. Understanding of the timeline is important.

Q: How do you prioritize tasks during the close process?

Expected Answer: Should demonstrate understanding of close calendar, ability to manage deadlines, and knowledge of which tasks must be completed in what order.