Fast Closing Month End & Year End Accounts
Course Overview
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.
Course Objectives
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.
Course Audience
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
Course Methodology
This Fast Closing Month-End & Year-End Accounts training course is interactive and challenges one to think. It is presented in a very user-friendly way to suit individuals with varying levels of financial knowledge and business experience. Discussion of current issues, policies and procedures, together with formal presentations, numerous worked examples, interactive team case studies and exercises, and videos reinforce the application of each of the learning points and topics covered. The Instructor’s own commercial and industrial experience plus many other real-world business scenarios are shared throughout this course to reinforce the use of the various tools and techniques.
Course Outline
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