What it is
Close is locking a reporting period’s numbers so reporting and commentary have a stable base. In SaaS FP&A, close is more than GL close — ARR, pipeline policy, cash, and workforce metrics must land in one period state.
How it works
Load sources, validate reconciliations, certify metrics, freeze the pack inputs, then allow narrative. Re-opening ARR after MD&A is drafted is how board trust dies.
Where it breaks
Close breaks when operating metrics keep moving after finance “closed,” when CRM and billing never reconcile, or when every team has a private close checklist.
In the board pack
The board pack should state the close as-of date and which metrics are certified vs still outlook.
Keep the written definition stable across close, the board pack, and diligence so the same word never means two math models.