Fiscal Year End 2023: How to Prepare and What to Consider? - Expat Community

Fiscal Year End 2023: How to Prepare and What to Consider?

Dec 8, 2023 | Costa Rica, News & Articles | 0 comments

With the end of the fiscal year approaching, accountants are gearing up to guide businesses and individuals through this process.


To ensure regulatory compliance and task optimization, the firm shares crucial aspects that should be taken into account.


The fiscal year closure is the process by which a company concludes its accounting and financial activities at the end of a 12-month fiscal period, which in Costa Rica usually coincides with the calendar year.


The process, once considered tedious and manual in the past, is undergoing a revolution in Latin America thanks to the adoption of advanced technologies.


According to the study “Profile of the Accounting Professional in Latin America,” developed by, intelligent accounting has positioned itself as a fundamental resource to enhance efficiency and accuracy in accounting tasks. This tool empowers accounting professionals to assume a strategic role in organizations by automating up to 85% of daily accounting tasks.


Jahzeel Cordero, strategic leader of in Costa Rica, shared three recommendations that accountants and business owners should consider to digitize and make the fiscal year 2023 closure more intelligent.


  1. Automation of routine tasks. Digital solutions allow accountants to automate basic fiscal year closure processes, such as data entry, bank reconciliation, tax calculations, and the generation of financial and tax reports, among others. This not only saves time but also significantly reduces the risk of human errors.
  2. Data integration. The ability to integrate data from different sources is essential for the fiscal year closure. Accountants often work with information from various sources, such as electronic invoicing, business management systems, banks, among others, which should be able to integrate seamlessly and quickly in one place.
  3. Selection of appropriate tools. Accountants should carefully evaluate accounting software and other technological solutions available in the market. They should look for solutions that fit their specific needs and those of their clients. The fiscal year closure provides an opportunity to assess the needs of each client and find the right solution.


“The optimization of tasks through digitization is not just an option; it is a necessity for accountants today, as it not only simplifies the fiscal year closure process but also allows accounting professionals to do more and better tasks in less time,” emphasized Cordero.”



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