'Close' in accounting signifies the activities and procedures performed at the end of a financial period to ensure that all financial transactions are accurately accounted for and the financial statements are prepared correctly. For example, a finance team may perform reconciliations and verify balance sheet accounts during the 'close' process. It often involves tasks such as finalizing expenses, revenues, and adjustments, ensuring compliance, and preparing key reports such as the cash flow statement or the balance sheet. Businesses perform these activities regularly, often monthly, hence terms such as 'Month End Close' become relevant. A well-organized 'close' process is critical for ensuring the accuracy and reliability of financial reporting.