Why Attend
Month and year-end closings are the ultimate processes of finance where the efforts spent during the period materialize in accurate and timely reports. It is important that such valuable information is developed at a cost that is justified by the benefits gained. Hence, organizations need to always identify inefficiencies in the closing process and apply continuous improvement. This course provides several tools for process analysis and improvements related to closing the books quickly and efficiently.
Course Methodology
This course focuses on exercises, case studies, and individual and group presentations based on the issues and challenges facing the participants.
Course Objectives
By the end of the course, participants will be able to:
Describe the different types of closing and list the main activities in the closing cycle Utilize assessment tools to pinpoint the disconnect between finance and internal users List the steps needed to carry on process improvements in finance and identify the need for closing process redesign Practice using process maps to identify closing inefficiencies and present improvement recommendations Apply best practices and enhance the monthly closing procedures
Target Audience
Accountants, finance managers, financial controllers, management accountants, general ledger accountants, accounts receivable and accounts payable accountants, senior accountants and assistant accountants.
Target Competencies
Process analysis Closing procedures Analytical skills Process mapping Applying month-end and year-end closing best practices
Course Outline
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 and 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 processes Accounts payable Travel and entertainment Inventory and cost Payroll process Costing and analysis Commissions and fees
Billing and collection process
Accounts receivable and billing Collections and cash management
Administration and reporting process
The general ledger Operational budgeting Fixed assets Financial reporting Elements of the close reporting package
INFORMATECH is the region’s leading provider of in-house custom-designed courses. We have been tailoring in-house solutions for our clients aimed at helping them achieve short term training wins or long term strategic requirements. In addition to being significantly cost effective, these courses are constantly in demand because they:
If you did not find the appropriate date or venue suitable for you, or you would like to join the course online, you can request a custom course from the link below.
We offer group and corporate discounts on many courses. These discounts are available for clients who want to maximize their return on investment.
We offer individual discounts on many courses for people who are self-sponsored and make their payment in full and upfront at the time of registration.
Nominations to our public courses are to be processed by the client’s HR/Training department except for self-nominations which are to be paid in advance using the “payment by self” option on the online registration form. A refund will be issued back to the client in the event of course cancellation or seat unavailability. Registration confirmation is subject to INFORMATECH's review of registration request and seat availability.
Clients are responsible for any type of tax levied in their country.
If you are interested in having a course custom-designed for your organization, please submit a request using the link below. Once we receive your duly completed request, one of our business development professionals or consultants will get in touch with you to understand your requirements with more detail and answer any relevant questions you may have. After all pertinent information has been exchanged, we will work on the custom-designed request and send you the proposal you require and work with you to identify the ideal period and place for delivering the custom-designed solution.