Description

COURSE OBJECTIVES

By the end of this course, participants will be able to:

• Identify fast close processes, strategies and best practices
• Consider organisational policies, procedures, and documentation related to fast close
• Appreciate the importance of the fast-close process on financial and operational decision-making
• Provide faster and more accurate data for month-end and year-end accounts closing
• Consider the departmental requirements for financial reporting

TARGET PARTICIPANTS

This course is suitable to a wide range of professionals but will greatly benefit:

• 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
• 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 CONTENT

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