Fast Closing Month End & Year End Accounts

Month and year-end closings are the ultimate processes of finance where the efforts spent during the period materialize in accurate and timely reports. It is important that such valuable information is developed at a cost that is justified by the benefits gained. Hence, organizations need to always identify inefficiencies in the closing process and apply continuous improvement. This course provides several tools for process analysis and improvements related to closing the books quickly and efficiently.

All accounting professionals involved in the preparation of financial statements Financial controllers, finance managers, financial systems analysts, senior accountants, financial accountants, management accountants, general ledger accountants, assistant accountants, accounts receivable accountants, accounts payable accountants, payroll accountants Management and Decision-makers who rely on timely and accurate financial information Operations, logistics, and procurement professionals Professionals who have responsibility and accountability for financial performance and the integrity of financial and information systems

Day One: Introduction to Fast Close Concepts Different types and benefits Steps needed to achieve a fast close Analysing and reviewing the current closing process Redesigning the closing cycle Finance function stakeholders, redesign and solutions Day Two: Developing A Fast Close Strategy Examining closing activities and requirements Best practices in attaining fast close, soft close and virtual close Optimising charts of accounts and journal entry requirements Organising corporate resources to achieve fast close Identifying potential roadblocks Day Three: Managing Change and Utilising Technology Standardisation, customisation and centralisation Reviewing paradigms and the difficulties of effecting changes Force field analysis Change management exercises Using technology to improve organisational re-design Day Four: Operational Implementation of a Fast Close Examining the pre-close and fast close processes Adopting benchmark and other measurement standards Key performance indicators (KPIs) Documenting fast close processes incorporating the utilisation of checklists Analytical case study Day Five: Financial Reporting and Ongoing Improvements to the Closing Process Design and implementation of controls needed for financial reporting Improving the closing process and adopting improvement measurements Identifying management reporting criteria Summary of the course