Fast Closing Monthly and Year-End Accounts

1. Describe the impact of fast closing on company-wide operations.
2. Develop closing process improvement plan.   
3. Identify departmental requirements for financial reporting.
4. Provide faster and more accurate data for monthly and year-end closing.
5. Enhance communication with internal and external customers.
6. Apply Best Practices and enhance the monthly closing Procedures.

Accountants, finance managers, financial controllers, management accountants, general ledger accountants, accounts receivable and accounts payable accountants, senior accountants and assistant accountants. Define fraud and recognize internal auditor’s responsibility upon fraud detection.

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

• The Training lectures.
• The Group discussions.
• The Training Workshops.