Fast Closing Monthly and Year-End Accounts
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Fast Closing Monthly and Year-End Accounts Course
Introduction:
Year-end – also known as an accounting reference date – is the completion of an accounting period. At this time, businesses need to carry out specific procedures to close their books.
Month and year-end closings are the ultimate processes of finance where the efforts spent during the period materialize in accurate and timely reports. Such valuable information must be 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.
The Fast Closing Monthly and Year-End Accounts training course focuses on helping you achieve effectiveness and accuracy in fast closing monthly and year-end accounts.
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
- Enhancing the Operating Cycle
- Procurement and Disbursement Process
- Accounts Payable
- Travel and Entertainment
- Inventory
- Payroll
- Costing
- Commissions
