—Guide
Setting Up a Monthly Finance Rhythm: Close, MIS and Cash Review
How to set up a monthly finance rhythm for a growing business: a disciplined close, a short MIS pack, a cash review, and a compliance check.
Good finance functions run on rhythm. Every month, the books close, numbers are reported, cash is reviewed, and compliance is checked — on the same days, in the same way. This guide shows how to set up that rhythm.
Week 1: Close the Books
- Record all transactions for the month.
- Reconcile bank accounts and cards.
- Record accruals, prepayments and depreciation.
- Reconcile key balances — receivables, payables, GST, TDS.
Aim to close within five to seven working days.
Week 2: Report
Prepare a short MIS pack:
- Profit and loss for the month and year to date, against budget.
- Cash position and runway.
- Receivables and payables ageing.
- A handful of KPIs.
- A few lines of commentary.
Week 2: Review Meeting
Hold a monthly finance review with the founders or management. Discuss variances, cash, risks and actions, and record decisions.
Weekly: Cash
Update the cash forecast weekly if cash is tight, otherwise monthly. Plan payments around statutory dates.
Monthly: Compliance Check
- GST returns filed and tax paid.
- TDS deposited by the 7th.
- PF, ESI and Professional Tax paid.
- Upcoming ROC and income-tax deadlines noted.
Quarterly and Annually
- Board packs and investor updates.
- Budget reforecast.
- Year-end close and audit preparation.
Getting Help
Think Filing sets up monthly finance rhythms for growing businesses, as part of bookkeeping or virtual CFO services.