For a robust agency finance department to have a successful month-end, they need to start with an organized timing plan. Each agency department should be aware of its month-end responsibilities and the associated deadlines. There should be no ambiguity; everyone should be clear of the role they play at month-end.
For example, all staff should be responsible for having their timesheets done by the date finance stipulate. By doing so, Project Managers can complete their monthly job evaluations as part of their month-end responsibilities. So, every step in the process is necessary. Besides those all-important timesheets, Project Managers will also need to review estimates, purchase orders (POs), and invoices. Are all estimates up to date? Have all POs be raised against the job? Have invoices been raised etc?
Once they have gone through that process, one of the most important jobs for Project Managers is assessing job completion. In order to recognize the correct amount of revenue, this assessment is imperative. It is important at this stage not to overestimate your expected revenue.