Fast Closing Monthly and Year-End Accounts
Fast Closing Monthly and Year-End Accounts
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Program Objectives:
By the end of the program, participants will be able to:
- Describe the impact of fast closing on company-wide operations.
- Develop closing process improvement plan.
- Identify departmental requirements for financial reporting.
- Provide faster and more accurate data for monthly and year-end closing.
- Enhance communication with internal and external customers.
- Apply Best Practices and enhance the monthly closing Procedures.
Who should attend:
Accountants, finance managers, financial controllers, management accountants, general ledger accountants, accounts receivable and accounts payable accountants, senior accountants and assistant accountants.
Program Outline
Fast Closing Defined
- Importance and Benefits of Fast Close
- Hard, Soft and Virtual Close
- Elements of Soft Close
- Vision of Finance and Accounting Function
- Activities and Purposes of Finance and Accounting
The Finance Function as an Added Value
- Usefulness of Financial Information
- Defining the Finance Function Stakeholders
- Disconnect between Finance and Internal Users
- Tools to Identify Needs Assessment and Report User Satisfaction
Redesign of the Finance Function
- The Paradigm Shift
- Top Information Deficiencies
- Tools to Identify the Need for a Redesign
- Reasons for Process Redesign
- Three Steps to Carry on Process Improvement and Finance Function Redesign
Planning the Fast Close Process
- Setting Up a Plan for a Fast Close
- Pre-Close Process and Activities
- Implementing the Plan and Staying in Control
- Finance Process Redesign Tools and Techniques
- Cost/Cycle Time Charts
- Process Maps and Value Analysis
- Identifying Process Bottlenecks
- Organizing Fast Close Resources Needed
- Shifting Close Activities
- Selecting Key Performance Indicators (KPIs)
- Continuous Improvements in Closing Process
Applying Best Practices in the Close Process
- Enhancing the Operating Cycle
- Procurement and Disbursement Process
- Accounts Payable
- Travel and Entertainment
- Inventory
- Payroll
- Costing
- Commissions
- Blling and Collection Process
- Accounts Receivable and Billing
- Collections and Cash Management
- Administration and Reporting Process
- The General Ledger
- Budgeting
- Fixed Assets
- Financial Reporting
- Elements of the Close Reporting Package
