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Free Checklist

Monthly Financial Analysis Checklist

The exact close-and-analysis checklist a fractional CFO works through every month, from reconciliation to the board narrative.

  • The reconciliation checks that must tie out
  • The analysis a CFO runs every month
  • Cash, covenant, and risk checks
  • What goes into the monthly narrative

Built from real work in the CFO seat — through a company sale, an acquisition, and a debt workout.

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Monthly Financial Analysis Checklist

The exact close-and-analysis checklist a fractional CFO works through every month, from reconciliation to the board narrative.

1. Reconciliations tie out

  • Cash equals the bank reconciliation
  • AR equals the AR aging
  • AP equals the AP aging
  • Inventory equals the count or cycle-count roll-forward
  • Debt equals the lender statement

2. Profitability analysis

  • Gross margin vs. last month and budget — investigate any move over 2%
  • EBITDA margin trend
  • Operating-expense ratio — which categories are creeping?
  • Revenue explained: volume vs. price vs. mix

3. Variance analysis

  • Budget vs. actual on every material line
  • Dollar and percent variance, favorable vs. unfavorable
  • Only chase variances over 5% or your dollar threshold
  • A one-line "why" next to each flagged variance

4. Cash and liquidity

  • 13-week cash forecast refreshed
  • Current and quick ratio vs. covenant minimums
  • DSO, DIO, DPO and the cash conversion cycle

5. Debt and covenants

  • DSCR and leverage vs. covenant limits, with headroom
  • Flag anything within 15% of a limit
  • Forecast covenants forward, not just trailing

6. The narrative

  • What happened this month, in plain English
  • The two or three things that need a decision
  • What is coming next quarter

Run this every month and problems surface weeks before they become crises. Want it run for you? Book an intro call.