Course details

Overview ?

The Course

This program provides an in-depth overview of the “Fast Close” process, which is the ability of a modern, global organization to rapidly close the accounting books, collect, consolidate and, then, publish its financial statements. This process is widely viewed not only as an indicator of management’s abilities to execute its strategic plan in light of the availability of fast, reliable financial information, but also a proxy for good, well-implemented corporate governance. This program will also review the mounting concerns and evidence that the “Fast Close” process, after a long period of sustained improvement, is now in a period of decline, due in large part to the impact of compliance, new accounting and reporting standards and the sheer increase in the volume and complexity of financial information that needs to be consolidated and reviewed.

Pre-Requisites

Delegates should have an understanding of the construction of financial statements and be familiar with the financial closing processes of their own organizations.

The Goals

By attending and participating in this program, delegates will be provided with an overview of the concepts and methodologies associated with the fast close process and gain insightful practical knowledge by being able to:

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

The Process

Delegates will gain a practical understanding and comprehension of the program topics through a combination of instruction, illustrations, group discussions and other practical, real-life examples.

The Programme Content

Day One

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 needs of stakeholders
- Scope of problems for organizations
- Process improvement practices
- Process redesign tools and techniques

Day Two

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

Day Three

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 organizational redesign

Day Four

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

Day Five

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 programme

Day 1

Day 2

Day 3

Day 4

Day 5

Training Methodology

Course name

Duration

City

Price