Fast Closing Monthly and Year-End Accounts Course

Accounting, Finance and Budgeting Training

Corporate Finance, Banking and Auditing

Select Other "city & date"

Fast Closing Monthly and Year-End Accounts Course

Course Overview:

The Fast Closing Monthly and Year-End Accounts is a workshop for financial specialists that focus on the month-end and year closing activities.

This is achieved by introducing process enhancements such as better planning, pre- closing measures, locating process constraints and developing appropriate KPIs.

The course covers streamlining the structure of the chart of accounts, enhancing relations with internal and external partners, and reorganising the finance division’s duties for a shortened closing time. Available for accountants, finance managers and financial controllers, most of the practical approach adopted in the course is aimed at introducing innovative process improvements and standardization of the closing process at various departments- accounts payable, payroll, inventory and procurement.

Course Objectives:

At the end of this Fast Closing Monthly and Year-End Accounts training course, you will be able to:

Describe the impact of fast closing on company-wide operations
Develop a closing process improvement plan
Identify departmental requirements for financial reporting
Provide faster and more accurate data for monthly and year-end closing
Enhance communication with internal and external customers

Who Should Attend?

Fast Closing Monthly and Year-End Accounts training course, is ideal for:

Accountants, finance managers, financial controllers, management accountants, general ledger accountants, accounts receivable and accounts payable accountants, senior accountants, and assistant accountants.

Course Outlines:

Introduction to Fast Close Concepts

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

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
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

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 the Closing Process

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
Administration and Reporting Process (General Ledger – Budgeting - Fixed Assets- Financial Reporting)

Applying Best Practices in the Close Process