Course Objectives
Fast Closing Monthly and Year-End Accounts
Course Methodology
This course focuses on exercises, case studies, and individual and group presentations based on the issues and challenges facing the participants.
Course Objectives
By the end of the course, participants will be able to:
Describe the different types of closing and list the main activities in the closing cycle
Utilize assessment tools to pinpoint the disconnect between finance and internal users
List the steps needed to carry on process improvements in finance and identify the need for closing process redesign
Practice using process maps to identify closing inefficiencies and present improvement recommendations
Apply best practices and enhance the monthly closing procedures
Target Audience
Accountants, finance managers, financial controllers, management accountants, general ledger accountants, accounts receivable and accounts payable accountants, senior accountants and assistant accountants.
Target Competencies
Process analysis
Closing procedures
Analytical skills
Process mapping
Applying month-end and year-end closing best practices
Course 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 and 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 processes
Accounts payable
Travel and entertainment
Inventory and cost
Payroll process
Costing and analysis
Commissions and fees
Billing and collection process
Accounts receivable and billing
Collections and cash management
Administration and reporting process
The general ledger
Operational budgeting
Fixed assets
Financial reporting
Elements of the close reporting package
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 and 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 processes
Accounts payable
Travel and entertainment
Inventory and cost
Payroll process
Costing and analysis
Commissions and fees
Billing and collection process
Accounts receivable and billing
Collections and cash management
Administration and reporting process
The general ledger
Operational budgeting
Fixed assets
Financial reporting
Elements of the close reporting package