Having a month-end close checklist for accounting is essential for businesses to remain compliant with laws and regulations, as well as to ensure accuracy in their financial reporting. A thorough checklist should be completed at the end of each month to ensure that all necessary tasks have been completed, including verifying that all transactions are properly recorded, reconciling bank and credit card accounts, closing inventory records, performing accruals, and adjusting journal entries, and preparing monthly financial statements. This process helps maintain consistency in the financial statements of an organization as well as ensuring accurate calculations of profit and losses throughout the year.