Published: April, 2021
Finance teams have had to adapt to closing the books remotely as the COVID-19 pandemic continues, piling pressure on this crucial process. It's been a learning experience, but best practices are emerging. Given the level of detail involved, closing the books even under normal circumstances can be complex and cumbersome. Sometimes, companies have data in multiple systems which adds even more complexity. Now, finance workers remain in separate places because of the COVID-19 pandemic. Closing the books remotely adds another layer of challenge.
Most companies have a documented monthly close process in place. The Covid-19 pandemic has changed the way accounting departments can close the books for the month. With companies employing a combination of a remote workplace, with a hybrid workplace, there can be a disconnect among the members of the accounting team regarding the best methods to use to close the books monthly.
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Certified Public Accountant (CPA), Samuel Monastra
Samuel A. Monastra, CPA has spent his career as a public accountant. As a client-facing professional, Mr. Monastra has excellent experience working with publicly held companies and large privately held companies. Industry focus includes: healthcare; life sciences and technology; manufacturing and distribution; and real estate and construction.
Sam has held executive level positions with “Big Four” and Top 10 international accounting firms, including KPMG, RSM, and BDO. Sam served as a member of the Editorial Board of the Pennsylvania CPA Journal and is a frequent speaker for a variety of national organizations including the AICPA, State CPA societies, the Institute of Internal Auditors, and the Institute of Management Accountants. Principal speaking topics include: Revenue Recognition, Lease Accounting, Income Tax Accounting, Business Combinations, Fair Value, Inventory, Internal Controls, and Auditing Issues & Techniques