Recruiter's Glossary

Examples: Purchase Cycle • Accrual Basis • Chart of Accounts

Year-End Close

Term from Accounting industry explained for recruiters

Year-End Close is a crucial process that accountants and finance professionals perform at the end of a company's fiscal year. It involves checking and finalizing all financial records to ensure they are accurate and complete before creating annual financial statements. Think of it like balancing a giant checkbook for an entire company – accountants need to make sure every transaction is recorded correctly, all accounts match up, and everything follows proper accounting rules. This process is also sometimes called "Year-End Closing," "Annual Close," or "Fiscal Year-End."

Examples in Resumes

Led Year-End Close process for a $50M revenue company, reducing completion time by 5 days

Managed Year-End Closing procedures for 3 subsidiary companies

Successfully completed Annual Close for multiple departments while meeting all deadlines

Supervised team of 4 accountants during Fiscal Year-End processes

Typical job title: "Accountants"

Also try searching for:

Accountant Senior Accountant Staff Accountant Financial Analyst Controller Accounting Manager Finance Manager

Where to Find Accountants

Professional Associations

Online Communities

Job Resources

Example Interview Questions

Senior Level Questions

Q: How would you handle a year-end close for a company with multiple international subsidiaries?

Expected Answer: A senior accountant should explain their experience coordinating between different time zones, handling various currencies, managing different accounting standards, and ensuring all consolidations are done accurately and on time.

Q: Describe a situation where you improved the year-end close process.

Expected Answer: They should provide examples of implementing better procedures, automating manual processes, or reducing the time needed to complete the close while maintaining accuracy.

Mid Level Questions

Q: What steps do you take to prepare for year-end close?

Expected Answer: Should describe creating checklists, reviewing prior period adjustments, coordinating with different departments, and ensuring all reconciliations are up to date.

Q: How do you ensure accuracy in the year-end close process?

Expected Answer: Should mention double-checking figures, using reconciliation tools, performing reviews with supervisors, and following internal control procedures.

Junior Level Questions

Q: What are the basic components of a year-end close?

Expected Answer: Should be able to list basic tasks like reconciling accounts, checking for accuracy, ensuring all transactions are recorded, and preparing basic financial statements.

Q: How do you organize your work during year-end close?

Expected Answer: Should discuss using checklists, meeting deadlines, asking questions when needed, and maintaining organized documentation.