Closing Monthly and Year-End Accounts
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Closing Monthly and Year-End Accounts Course
Introduction:
This program offers a comprehensive exploration of the "Fast Close" process, which refers to the ability of a modern, global organization to swiftly conclude its accounting procedures, gather, consolidate, and subsequently publish its financial statements. This process is widely recognized as an indicator of management's capability to execute its strategic plan while leveraging fast and reliable financial information. Moreover, it serves as a measure of sound and well-implemented corporate governance.
Additionally, this program will address the growing concerns and evidence suggesting that the "Fast Close" process, despite a prolonged period of improvement, is currently experiencing a decline. This decline can be attributed, in large part, to the impact of compliance requirements, new accounting and reporting standards, as well as the sheer increase in the volume and complexity of financial information that necessitates consolidation and review.
By participating in this program, you will gain an in-depth understanding of the "Fast Close" process, its significance within the realm of corporate governance, and the challenges faced in maintaining its effectiveness. You will also explore strategies and approaches to adapt and improve the process in light of evolving compliance and reporting demands. Ultimately, this program equips you with valuable insights and practical knowledge to navigate the complexities of the "Fast Close" process and enhance its efficiency within your organization.
Course Objectives:
At the end of this Closing Monthly and Year-End Accounts Course, learners will be able to do:
- Understand the importance of the fast close process on financial and operational decision-making within an organization
- Examine fast close processes, strategies, and best practices as well as consideration of organizational documentation policies and procedures
- Understand the importance of departmental requirements for financial reporting as well as the need for on-going improvements to the closing process
- Provide faster and more accurate data for monthly and year-end account closings with the goal of enhancing communication with internal and external financial statement users
Who Should Attend?
This course is beneficial for:
- Any professional involved in the preparation of financial statements, including financial controllers, finance managers, senior accountants, management accountants, general ledger accountants, and assistant accountants, and accounts receivable and accounts payable accountants and assistant accountants
- Operational professionals acting upon the financial decisions of others, who will gain an appreciation for the fast close process
- Financial systems analysts
- Financial and operational business re-engineering professionals
- Professionals who are held accountable for financial performance and the integrity
Course Outlines:
Introduction to Fast Close Concepts
- Different types and benefits
- Steps needed to achieve a fast close
- Analyzing and reviewing the current closing process
- Redesigning the closing cycle
- Finance function stakeholders, redesign and solutions
- Examining the needs of stakeholders
- Scope of problems for organizations
- Process improvement practices
- Process redesign tools and techniques
Developing a Fast Close Strategy
- Examining closing activities and requirements
- Best practices in attaining fast close, soft close, and virtual close
- Optimizing charts of accounts and journal entry requirements
- Organizing corporate resources to achieve fast close
- Identifying potential roadblocks
Managing Change and Utilizing Technology in Redesigning and Monitoring the Finance Function
- Standardization, customization, and centralization
- Reviewing paradigms and the difficulties of effecting changes
- Using technology to improve the organizational redesign
Operational Implementation of a Fast Close
- Examining the pre-close and fast close processes
- Adopting benchmark and other measurement standards, including key performance indicators
- Documenting fast close processes incorporating the utilization of checklists
Financial Reporting and On-Going 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 program