ELI5: Explain Like I'm 5

finance month end

At the end of each month, people and businesses who work with money have to do a series of tasks to manage their finances. This includes calculating how much money they have made, how much money they have spent, and how much money they have left over. They also have to record this information so that people like their bank or the government can look at it and make sure that taxes and other payments are made on time. In addition, people who manage their money have to pay bills, budget for upcoming expenses, and save some of their money for future use. Doing these tasks at the end of the month helps people and businesses stay on top of their finances and make sure they are making the most of their money.