End of Month Bookkeeping

How this usually works

A reliable month-end close follows a clear checklist so nothing is missed and your BAS is supported by solid records. For most Australian small and medium businesses the flow looks like this:

• Kick-off and review: confirm cut-off date, deadlines, bank feed issues and any unusual items for the month.
• Transaction capture: sync or import all bank, card and payment gateway data; collect missing bills and receipts.
• Coding and GST: apply correct GST treatment (including out-of-scope, GST-free and import GST) and fix errors.
• Reconciliations: reconcile bank, card, loans, clearing accounts, payroll liabilities and suspense accounts.
• AR/AP: match invoices, apply credits, review aged reports, flag overdues and duplicate suppliers/customers.
• Payroll and super: verify STP submissions, super accruals, leave provisions and PAYG W balances.
• Journals and adjustments: post accruals, prepayments, depreciation and inventory or WIP movements.
• Reviews and locks: investigate variances, attach notes, lock the period in Xero/MYOB/QBO to prevent drift.
• Reporting and handover: deliver P&L, Balance Sheet, Cash Flow, BAS figures and an action list.

Typical timing: 2–5 business days for a straightforward business; 5–10 days if you have payroll, inventory, projects or multiple entities.

Australian context to keep in view

• Month-end bookkeeping supports BAS—correct GST coding, valid tax invoices and reconciled ledgers reduce BAS errors.
• Single Touch Payroll (STP) and super guarantee require monthly checks to avoid quarter-end corrections and penalties.
• Businesses lodging monthly BAS need faster close cycles and tighter document workflows than quarterly lodgers.
• Software: Xero, MYOB and QuickBooks Online all support checklists, period locks, recurring journals and GST reporting.

What to compare before you commit

Pricing and typical inclusions

Actual pricing depends on transaction volume, payroll headcount, number of bank feeds, inventory/projects and whether you need AR/AP management. As a general guide (ex GST):

• Micro business (up to ~100 transactions): $250–$550 per month
• Small business (~100–400 transactions): $550–$1,200 per month
• Growing/complex (~400–1,000+ transactions or payroll/inventory/projects): $1,200–$2,500+ per month
• Common add-ons: payroll processing, AR collections, AP scheduling, catch-up/cleanup, BAS lodgement, management packs

Expect a one-off setup or cleanup fee if your books need work before a steady monthly close can run smoothly.

Month-end checklist you can use

• All bank and card feeds up to date and reconciled to statements
• Supplier bills entered and matched; customer payments applied
• Review uncoded transactions, suspense and clearing accounts
• GST review by exceptions report; correct NCG/CAF/EXP treatments
• Payroll/STP reconciled to GL; super and PAYG W balances correct
• Post accruals, prepayments, depreciation and inventory/WIP moves
• Investigate material variances month-on-month and to budget
• Generate and save P&L, Balance Sheet, Cash Flow and AR/AP ageds
• Lock the period; note any adjustments needed next month

Best next steps

Clarify your outcome first: BAS-ready books, faster reporting, better cash flow visibility, or simply less time in Xero/MYOB/QBO. Then shortlist providers who can describe their month-end process, give you timelines and show sample reports.

If you suspect deeper issues (messy coding, unreconciled loans, old AR/AP), review cleanup options first so your monthly close starts on solid ground.