Monthly Close Timing and Required Information
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      3. Monthly Close Timing and Required Information

      Monthly Close Timing

      What are the options for close timing?

      There are two bookkeeping cadences (frequency) available for the Basic and Advanced service offerings. They both correspond with a monthly closing date and carry a different monthly cost. The bookkeeping cadence is selected during your client scoping: 

      Cadence

      Date Books Closed

      Daily* 

      5th day of the following month close or first business day after, if the 5th falls on a weekend or holiday**

      Weekly 

      10th day of the following month close or first business day after, if the 10th falls on a weekend or holiday**

      *The above cadence offerings have the following requirements to qualify:

      1. Daily cadence does not support manually uploaded transactions
      2. Bank and credit card feeds are connected to to Smart Connect or general ledger (monitored for disconnects)

      ** The first monthly close & ongoing close timing are driven by the date a client leaves the deployment phase and enters the ongoing service phase. In order to achieve an on time first month close, the client must leave deployment by the 15th of the current month.  If a client leaves deployment after the 15th the client will have a delayed close.  This close date will be reflected DEPLOYMENT COMPLETE NOTIFICATION.

      Client Bookkeeping Cadence & Close
      Cadence What to expect Close date options What we need from you

      WEEKLY

       

      Your bank and credit cards are connected via SmartConnect or you can provide us direct access to them

       OR

      Your bank and credit cards are not connected, but you can upload your transactions to the BOS client portal on a weekly basis

      10th of the following month

       All required information completed or uploaded to your portal 6 business days prior to the 10th of the following month

      15th of the following month

      All required information completed or uploaded to your clients' portal 6 business days prior to the 15th of the following month

      DAILY

      Your bank and credit cards are connected via smart connect or you can provide us direct access to them

      5th of the following month

      All required information completed or uploaded to your clients' portal 2 business days prior to the 5th of the following month

      10th of the following month

      All required information completed or uploaded to your clients' portal 6 business days prior to the 10th of the following month

      15th of the following month

      All required information completed or uploaded to your clients' portal 6 business days prior to the 15th of the following month

      Required Information - First & Ongoing Month End

      First Monthly Close Timing

      In order to ensure a timely first close, all required information* should be provided no later than 2 business days prior to the 15th day of the same-start month. Note, there will be a potential closing delay up to 1 business day for each business day the required information is overdue.

      # of Months         Deployed Prior to 15th          Deployed After 15th

      1 (Current Month only) 

      On Time

      Up to a 2 Week Delay

      2+ (Current Month + 1+ Prior Months)

      Up to 2 week delay for First Monthly Close**

      Up to 4 Week Delay for First Monthly Close**
      • A client is considered “deployed” within 2 business days of receipt and approval of all required information* pertinent to the scoped service for each client.
      • Once a scoped entity is accepted, automated deployment tasks will be assigned to the partner in their client portal. The required information requested in these tasks is conditional and dependent on the scoped service, bank/credit card accounts, and settings provided during scope for that specific client.
      • If additional information is required for deployment, the partner will be assigned tasks in the portal to provide what’s needed.  
      • The partner will mark tasks as completed (where applicable) and leave a comment on a specific task for @deployment if they require assistance.

      * All required information listed in the next section “Ongoing Month End Close” must be provided to us based on the above timetable to support an on-time first month close

      ** Dependent on the clean-up/catch-up policy


      Ongoing Month End Close

      Bookkeeping
      Cadence

      Services Close Date

      Information Cutoff Date

      Requirements

      Exceptions

      WEEKLY

      Once per week**

       

       Financials ready for Firm review on the 10th or first business day after

      6 business days prior to the close

      Smart connect (Autopush) or General ledger bank feed (non- Autopush)

      Manually uploaded transactions***

          DAILY 

      Once per day**

      Financials ready for Firm review on the 5th or first business day after

      2 business days prior to the close

      Smart connect (Autopush) or General ledger bank feed (non- Autopush). No manually uploaded transactions

      n/a

       

      *To ensure a timely ongoing close, all required information listed in the “Required Information” section must be provided to us based on this cutoff date

      **We may increase the frequency the books are being serviced, but this is not a guarantee

      ***Transaction details and bank statement availability may result in extended close times