Closings are the time of month you dread the most. Many enterprises form businesses to govt entities dislike the time as they need to put in extra time & energy to close their books. The public as well as other stakeholders rely on receiving reliable financial information on a monthly basis. An accountant is the only person responsible for preparation of management accounts & information required for various stakeholders on a timely basis. This is where a work in process sheet is essential.
The goal of monthly WIP sheets are to:-
- Use it as a tool to plan & allocate your available resources.
- Tool for timely completion of monthly tasks in hand.
- Outline due dates.
- Document responsibility of each resource person for achieving the targets / completion of tasks.
- Keep the whole practice on course.
It should be used as planning tool to determine available resources vice versa the time required to complete the tasks in hand. In terms of shortfall of resources you might feel to postpone the important tasks to a later date & vice versa in case of excess of resources postpone some tasks for next month. Needless to say that monthly WIP sheets play an important role in ensuring your practice stays on course.